Vetr Inc. Upgrades Pure Storage Inc. (PSTG) to Buy
Pure Storage Inc. (NYSE:PSTG) was upgraded by equities research analysts at Vetr from a “hold” rating to a “buy” rating in a report released on Tuesday. The brokerage currently has a $14.72 price objective on the stock. Vetr‘s price objective would suggest a potential upside of 4.92% from the stock’s current price.
Other equities analysts have also issued research reports about the company. JMP Securities reaffirmed a “buy” rating on shares of Pure Storage in a research report on Sunday, July 17th. Wells Fargo & Co. initiated coverage on Pure Storage in a research report on Tuesday, August 2nd. They issued a “market perform” rating for the company. Summit Research reissued a “hold” rating and issued a $10.00 target price on shares of Pure Storage in a research report on Thursday, June 23rd. William Blair reissued an “outperform” rating on shares of Pure Storage in a research report on Friday, August 26th. Finally, Robert W. Baird initiated coverage on Pure Storage in a research report on Tuesday, June 28th. They issued a “neutral” rating and a $12.00 target price for the company. Ten research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $17.24.
Shares of Pure Storage (NYSE:PSTG) traded down 4.04% during midday trading on Tuesday, hitting $14.03. 1,086,377 shares of the stock were exchanged. The stock’s market cap is $2.76 billion. The firm’s 50 day moving average price is $13.11 and its 200-day moving average price is $12.87. Pure Storage has a 52-week low of $9.62 and a 52-week high of $20.60.
Pure Storage (NYSE:PSTG) last posted its quarterly earnings results on Thursday, August 25th. The company reported ($0.16) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.23) by $0.07. The firm earned $163.21 million during 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%. Pure Storage’s quarterly revenue was up 92.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.33) EPS. On average, equities research analysts expect that Pure Storage will post ($0.63) earnings per share for the current fiscal year.
In related news, CFO Timothy Riitters sold 3,231 shares of the business’s stock in a transaction that occurred on Wednesday, September 21st. The stock was sold at an average price of $13.50, for a total value 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 46.58% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Raymond James & Associates purchased a new stake in shares of Pure Storage during the second quarter valued at about $133,000. State Board of Administration of Florida Retirement System purchased a new stake in shares of Pure Storage during the second quarter valued at about $140,000. Menta Capital LLC purchased a new stake in shares of Pure Storage during the first quarter valued at about $149,000. Royal Bank of Canada boosted its stake in shares of Pure Storage by 5,486.4% in the second quarter. Royal Bank of Canada now owns 13,966 shares of the company’s stock valued at $152,000 after buying an additional 13,716 shares during the period. Finally, UBS Asset Management Americas Inc. purchased a new stake in shares of Pure Storage during the second quarter valued at about $195,000. 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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