Pure Storage (PSTG) Shares Gap Down to $21.78
Pure Storage Inc (NYSE:PSTG)’s share price gapped down prior to trading on Friday . The stock had previously closed at $23.74, but opened at $21.78. Pure Storage shares last traded at $21.38, with a volume of 5688525 shares.
PSTG has been the subject of a number of recent research reports. Robert W. Baird reiterated a “neutral” rating and issued a $22.00 target price (up previously from $20.00) on shares of Pure Storage in a report on Friday. Barclays upgraded Pure Storage from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $19.00 to $22.00 in a report on Wednesday, January 17th. Oppenheimer reiterated a “buy” rating and issued a $21.00 target price on shares of Pure Storage in a report on Wednesday, November 29th. TheStreet upgraded Pure Storage from a “d” rating to a “c-” rating in a report on Thursday. Finally, BMO Capital Markets lifted their target price on Pure Storage from $22.00 to $25.00 and gave the stock an “outperform” rating in a report on Friday. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and fifteen have issued a buy rating to the stock. Pure Storage has an average rating of “Buy” and a consensus price target of $21.31.
Pure Storage (NYSE:PSTG) last issued its quarterly earnings results on Thursday, March 1st. The technology company reported $0.13 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.07 by $0.06. Pure Storage had a negative return on equity of 38.70% and a negative net margin of 17.36%. The firm had revenue of $338.30 million during the quarter, compared to analyst estimates of $331.80 million. During the same period last year, the company earned ($0.02) EPS. Pure Storage’s quarterly revenue was up 48.4% compared to the same quarter last year. research analysts forecast that Pure Storage Inc will post -0.78 EPS for the current fiscal year.
Hedge funds and other institutional investors have recently modified their holdings of the business. Voya Investment Management LLC raised its position in Pure Storage by 64.7% during the 2nd quarter. Voya Investment Management LLC now owns 43,164 shares of the technology company’s stock valued at $553,000 after purchasing an additional 16,955 shares in the last quarter. Picton Mahoney Asset Management bought a new stake in Pure Storage during the 4th quarter valued at $7,131,000. AXA raised its position in Pure Storage by 9.4% during the 3rd quarter. AXA now owns 346,700 shares of the technology company’s stock valued at $5,544,000 after purchasing an additional 29,700 shares in the last quarter. Fox Run Management L.L.C. bought a new stake in Pure Storage during the 4th quarter valued at $613,000. Finally, First Trust Advisors LP raised its position in Pure Storage by 1,923.2% during the 3rd quarter. First Trust Advisors LP now owns 315,754 shares of the technology company’s stock valued at $5,049,000 after purchasing an additional 300,147 shares in the last quarter. 43.82% of the stock is owned by institutional investors and hedge funds.
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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