Pure Storage, Inc. (PSTG) Rating Increased to Hold at BidaskClub
Pure Storage, Inc. (NYSE:PSTG) was upgraded by equities research analysts at BidaskClub from a “sell” rating to a “hold” rating in a report released on Tuesday.
A number of other analysts also recently weighed in on PSTG. Vetr upgraded Pure Storage from a “buy” rating to a “strong-buy” rating and set a $15.00 price target on the stock in a research note on Tuesday, May 30th. Robert W. Baird restated a “hold” rating and issued a $14.00 price target on shares of Pure Storage in a research note on Wednesday, June 14th. Susquehanna Bancshares Inc restated a “positive” rating and issued a $16.00 price target on shares of Pure Storage in a research note on Wednesday, June 14th. Morgan Stanley restated an “equal weight” rating and issued a $13.00 price target (up from $12.00) on shares of Pure Storage in a research note on Wednesday, June 14th. Finally, BMO Capital Markets restated a “buy” rating on shares of Pure Storage in a research note on Wednesday, June 14th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Pure Storage currently has a consensus rating of “Buy” and an average target price of $15.65.
Pure Storage (NYSE PSTG) opened at 15.52 on Tuesday. The stock’s 50 day moving average price is $13.63 and its 200-day moving average price is $12.13. Pure Storage has a 12 month low of $9.12 and a 12 month high of $15.85. The stock’s market cap is $3.28 billion.
Pure Storage (NYSE:PSTG) last posted its quarterly earnings results on Thursday, August 24th. The technology company reported ($0.11) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.31) by $0.20. Pure Storage had a negative return on equity of 46.12% and a negative net margin of 29.55%. The firm had revenue of $224.50 million for the quarter, compared to the consensus estimate of $217.97 million. During the same period in the previous year, the business earned ($0.16) earnings per share. The company’s revenue for the quarter was up 37.6% compared to the same quarter last year. Equities research analysts predict that Pure Storage will post ($0.21) EPS for the current year.
In other news, President David Hatfield sold 30,000 shares of the company’s stock in a transaction on Monday, September 18th. The stock was sold at an average price of $14.66, for a total value of $439,800.00. Following the sale, the president now directly owns 215,190 shares in the company, valued at $3,154,685.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Timothy Riitters sold 5,000 shares of the company’s stock in a transaction on Friday, September 8th. The shares were sold at an average price of $14.56, for a total value of $72,800.00. Following the completion of the sale, the chief financial officer now owns 282,200 shares in the company, valued at $4,108,832. The disclosure for this sale can be found here. Insiders sold 105,761 shares of company stock worth $1,529,634 over the last 90 days. Company insiders own 41.47% of the company’s stock.
Large investors have recently modified their holdings of the company. Ameritas Investment Partners Inc. lifted its position in shares of Pure Storage by 38.8% in the second quarter. Ameritas Investment Partners Inc. now owns 8,171 shares of the technology company’s stock valued at $105,000 after acquiring an additional 2,284 shares in the last quarter. BNP Paribas Arbitrage SA lifted its position in shares of Pure Storage by 641.5% in the second quarter. BNP Paribas Arbitrage SA now owns 11,649 shares of the technology company’s stock valued at $149,000 after acquiring an additional 10,078 shares in the last quarter. Amalgamated Bank purchased a new stake in shares of Pure Storage in the second quarter valued at $151,000. Principal Financial Group Inc. purchased a new stake in shares of Pure Storage in the second quarter valued at $166,000. Finally, First Trust Advisors LP purchased a new stake in shares of Pure Storage in the first quarter valued at $135,000. 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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