Pure Storage, Inc. (PSTG) Receives Equal Weight Rating from Morgan Stanley
Pure Storage, Inc. (NYSE:PSTG)‘s stock had its “equal weight” rating reaffirmed by Morgan Stanley in a research note issued to investors on Saturday.
Several other research firms have also recently weighed in on PSTG. Jefferies Group LLC reaffirmed a “hold” rating and issued a $13.50 price target on shares of Pure Storage in a report on Friday, August 25th. JMP Securities set a $16.00 price target on shares of Pure Storage and gave the stock a “buy” rating in a report on Friday, May 26th. ValuEngine raised shares of Pure Storage from a “sell” rating to a “hold” rating in a report on Saturday, August 26th. BidaskClub raised shares of Pure Storage from a “hold” rating to a “buy” rating in a report on Tuesday, June 27th. Finally, Maxim Group reaffirmed a “hold” rating and issued a $15.00 price target on shares of Pure Storage in a report on Friday, August 25th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $15.61.
Shares of Pure Storage (NYSE:PSTG) traded up 4.13% during midday trading on Friday, hitting $15.64. The company’s stock had a trading volume of 3,088,812 shares. Pure Storage has a 52-week low of $9.12 and a 52-week high of $15.66. The stock’s 50 day moving average is $13.63 and its 200-day moving average is $12.13. The firm’s market cap is $3.31 billion.
Pure Storage (NYSE:PSTG) last released its quarterly earnings results on Thursday, August 24th. The technology company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.20. The firm had revenue of $224.50 million for the quarter, compared to analysts’ expectations of $217.97 million. Pure Storage had a negative net margin of 29.55% and a negative return on equity of 46.12%. The business’s quarterly revenue was up 37.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.16) earnings per share. Equities analysts predict that Pure Storage will post ($0.21) EPS for the current fiscal year.
In other Pure Storage news, President David Hatfield sold 30,000 shares of the company’s stock in a transaction dated Monday, September 18th. The shares were sold at an average price of $14.66, for a total transaction of $439,800.00. Following the completion of the sale, the president now directly owns 215,190 shares in the company, valued at $3,154,685.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Timothy Riitters sold 55,000 shares of the company’s stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $14.82, for a total transaction of $815,100.00. Following the sale, the chief financial officer now owns 332,200 shares of the company’s stock, valued at $4,923,204. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 105,761 shares of company stock valued at $1,529,634. Company insiders own 46.58% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of PSTG. Ameritas Investment Partners Inc. boosted its position in Pure Storage by 38.8% during the second quarter. Ameritas Investment Partners Inc. now owns 8,171 shares of the technology company’s stock valued at $105,000 after buying an additional 2,284 shares during the period. First Trust Advisors LP purchased a new stake in Pure Storage during the first quarter valued at about $135,000. Point72 Asia Hong Kong Ltd boosted its position in Pure Storage by 34.7% during the first quarter. Point72 Asia Hong Kong Ltd now owns 13,815 shares of the technology company’s stock valued at $136,000 after buying an additional 3,557 shares during the period. BNP Paribas Arbitrage SA boosted its position in Pure Storage by 641.5% during the second quarter. BNP Paribas Arbitrage SA now owns 11,649 shares of the technology company’s stock valued at $149,000 after buying an additional 10,078 shares during the period. Finally, Amalgamated Bank purchased a new stake in Pure Storage during the second quarter valued at about $151,000. Institutional investors and hedge funds own 35.30% of the company’s stock.
Pure Storage Company Profile
Pure Storage, Inc provides a data platform. The Company is focused on delivering software-defined all-flash solutions that are fast and cloud-capable for customers, enabling customers to put data to work for their businesses. Its data platform replaces storage systems designed for mechanical disk with all-flash systems optimized end-to-end for solid-state memory.
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