Pure Storage Inc. (PSTG) Downgraded by Vetr Inc.
Vetr lowered shares of Pure Storage Inc. (NYSE:PSTG) from a buy rating to a hold rating in a report issued on Tuesday. The brokerage currently has $14.72 price objective on the stock.
A number of other equities analysts have also weighed in on PSTG. Summit Research reiterated a hold rating and set a $10.00 target price on shares of Pure Storage in a research note on Thursday, June 23rd. BTIG Research restated a buy rating and set a $17.00 price objective on shares of Pure Storage in a research note on Monday, June 27th. Robert W. Baird initiated coverage on Pure Storage in a research note on Tuesday, June 28th. They set a neutral rating and a $12.00 price objective on the stock. Macquarie initiated coverage on Pure Storage in a research note on Wednesday, June 29th. They set an outperform rating and a $15.00 price objective on the stock. Finally, JMP Securities restated a buy rating on shares of Pure Storage in a research note on Sunday, July 17th. Eleven analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. The company presently has a consensus rating of Buy and an average target price of $17.24.
Pure Storage (NYSE:PSTG) opened at 14.67 on Tuesday. The stock’s 50 day moving average price is $12.96 and its 200 day moving average price is $12.86. Pure Storage has a 52 week low of $9.62 and a 52 week high of $20.60. The firm’s market cap is $2.88 billion.
Pure Storage (NYSE:PSTG) last announced its earnings results on Thursday, August 25th. The company reported ($0.16) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.23) by $0.07. The company had revenue of $163.21 million for the quarter, compared to analyst estimates of $155.14 million. Pure Storage had a negative return on equity of 38.48% and a negative net margin of 38.27%. The firm’s quarterly revenue was up 92.8% compared to the same quarter last year. During the same quarter last year, the company earned ($0.33) earnings per share. On average, equities research analysts predict that Pure Storage will post ($0.63) EPS for the current year.
In other Pure Storage news, CFO Timothy Riitters sold 3,231 shares of Pure Storage stock in a transaction dated Wednesday, September 21st. The stock was sold at an average price of $13.50, for a total transaction of $43,618.50. Following the transaction, the chief financial officer now directly owns 31,769 shares of the company’s stock, valued at approximately $428,881.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 46.58% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in PSTG. Franklin Resources Inc. increased its position in shares of Pure Storage by 177.5% in the first quarter. Franklin Resources Inc. now owns 2,299,005 shares of the company’s stock worth $31,473,000 after buying an additional 1,470,420 shares in the last quarter. BlackRock Inc. increased its position in shares of Pure Storage by 48.9% in the first quarter. BlackRock Inc. now owns 43,223 shares of the company’s stock worth $592,000 after buying an additional 14,197 shares in the last quarter. BlackRock Group LTD increased its position in shares of Pure Storage by 38.6% in the first quarter. BlackRock Group LTD now owns 1,109,042 shares of the company’s stock worth $15,183,000 after buying an additional 308,673 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Pure Storage by 146.8% in the first quarter. JPMorgan Chase & Co. now owns 84,475 shares of the company’s stock worth $1,156,000 after buying an additional 50,243 shares in the last quarter. Finally, Marcus Capital LLC acquired a new position in shares of Pure Storage during the first quarter worth about $685,000. 49.35% of the stock is currently owned by institutional investors.
About Pure Storage
Pure Storage, Inc provides an enterprise data storage platform. The Company’s storage platform consists of approximately three integrated components, including the Purity Operating Environment, which is its flash-optimized software; FlashArray, which is its modular and scalable all-flash array hardware, and Pure1, which is its cloud-based management and support.
To view Vetr’s full report, visit Vetr’s official website.
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