Lake Street Capital Reiterates “$21.00” Price Target for Pure Storage (PSTG)
Pure Storage (NYSE:PSTG) received a $21.00 price target from research analysts at Lake Street Capital in a research report issued on Wednesday. The brokerage currently has a “buy” rating on the technology company’s stock. Lake Street Capital’s price target would suggest a potential upside of 10.41% from the company’s previous close. The analysts noted that the move was a valuation call.
PSTG has been the subject of a number of other research reports. Summit Redstone upgraded Pure Storage from a “hold” rating to a “buy” rating in a report on Friday, August 25th. BidaskClub upgraded Pure Storage from a “sell” rating to a “hold” rating in a report on Tuesday, October 17th. KeyCorp reiterated a “buy” rating on shares of Pure Storage in a report on Wednesday, November 1st. Wells Fargo & Company assumed coverage on Pure Storage in a report on Tuesday, November 14th. They issued an “outperform” rating and a $22.00 price objective for the company. Finally, Maxim Group reiterated a “hold” rating and issued a $20.00 price objective (up previously from $15.00) on shares of Pure Storage in a report on Wednesday. One research analyst has rated the stock with a sell rating, eight have given a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $17.55.
Shares of Pure Storage (NYSE:PSTG) traded up $0.52 during trading on Wednesday, hitting $19.02. The company had a trading volume of 5,555,600 shares, compared to its average volume of 1,728,893. Pure Storage has a one year low of $9.12 and a one year high of $19.27.
Pure Storage (NYSE:PSTG) last announced its earnings results on Tuesday, November 28th. The technology company reported ($0.01) EPS for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.02. The company had revenue of $277.70 million during the quarter, compared to the consensus estimate of $272.07 million. Pure Storage had a negative return on equity of 46.12% and a negative net margin of 29.55%. The firm’s revenue for the quarter was up 41.0% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.10) earnings per share. research analysts expect that Pure Storage will post -0.97 EPS for the current year.
In related news, President David Hatfield sold 130,000 shares of the stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $18.05, for a total transaction of $2,346,500.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Timothy Riitters sold 55,000 shares of the stock in a transaction on Friday, September 1st. The shares were sold at an average price of $14.82, for a total value of $815,100.00. Following the sale, the chief financial officer now directly owns 332,200 shares in the company, valued at $4,923,204. The disclosure for this sale can be found here. Insiders have sold 372,028 shares of company stock worth $6,119,735 over the last ninety days. 41.47% of the stock is currently owned by insiders.
Several institutional investors have recently added to or reduced their stakes in the stock. First Trust Advisors LP boosted its position in shares of Pure Storage by 14.0% during the second quarter. First Trust Advisors LP now owns 15,607 shares of the technology company’s stock valued at $200,000 after buying an additional 1,919 shares during the last quarter. Ameritas Investment Partners Inc. boosted its position in shares of 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 last quarter. New York State Common Retirement Fund boosted its position in shares of Pure Storage by 4.5% during the second quarter. New York State Common Retirement Fund now owns 99,500 shares of the technology company’s stock valued at $1,275,000 after buying an additional 4,278 shares during the last quarter. American International Group Inc. boosted its position in Pure Storage by 8.1% in the third quarter. American International Group Inc. now owns 62,411 shares of the technology company’s stock worth $998,000 after purchasing an additional 4,666 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its position in Pure Storage by 8.9% in the second quarter. JPMorgan Chase & Co. now owns 75,274 shares of the technology company’s stock worth $964,000 after purchasing an additional 6,169 shares during the last quarter. 38.46% of the stock is currently owned by institutional investors.
About Pure Storage
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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