Pure Storage (NYSE:PSTG) Raised to “Buy” at StockNews.com

StockNews.com upgraded shares of Pure Storage (NYSE:PSTGGet Rating) from a hold rating to a buy rating in a research note released on Wednesday.

A number of other equities analysts also recently commented on PSTG. UBS Group cut their target price on shares of Pure Storage from $36.00 to $32.00 and set a neutral rating on the stock in a research note on Tuesday. Northland Securities raised their target price on shares of Pure Storage from $42.00 to $44.00 and gave the company an outperform rating in a research note on Thursday, June 2nd. Cowen cut their target price on shares of Pure Storage to $30.00 in a research note on Friday, May 27th. Evercore ISI cut their target price on shares of Pure Storage from $40.00 to $33.00 and set an outperform rating on the stock in a research note on Tuesday, June 28th. Finally, KeyCorp cut their target price on shares of Pure Storage from $43.00 to $34.00 in a research note on Thursday, June 2nd. Five research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $35.71.

Pure Storage Stock Up 0.4 %

NYSE:PSTG opened at $29.63 on Wednesday. The company has a market cap of $8.77 billion, a P/E ratio of -118.52 and a beta of 1.37. Pure Storage has a fifty-two week low of $18.75 and a fifty-two week high of $36.71. The firm’s 50 day moving average is $26.44 and its two-hundred day moving average is $28.00.

Pure Storage (NYSE:PSTGGet Rating) last posted its quarterly earnings results on Wednesday, June 1st. The technology company reported $0.01 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.24. The company had revenue of $620.41 million for the quarter, compared to the consensus estimate of $521.81 million. Pure Storage had a negative net margin of 2.96% and a positive return on equity of 4.26%. Pure Storage’s revenue was up 50.3% on a year-over-year basis. During the same quarter last year, the firm posted ($0.22) earnings per share. Research analysts forecast that Pure Storage will post -0.14 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. CWM LLC grew its holdings in Pure Storage by 31.9% during the 1st quarter. CWM LLC now owns 1,813 shares of the technology company’s stock worth $64,000 after acquiring an additional 438 shares in the last quarter. Robeco Institutional Asset Management B.V. boosted its holdings in shares of Pure Storage by 5.8% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 8,650 shares of the technology company’s stock valued at $222,000 after buying an additional 471 shares during the period. Los Angeles Capital Management LLC boosted its holdings in shares of Pure Storage by 5.7% in the 1st quarter. Los Angeles Capital Management LLC now owns 8,894 shares of the technology company’s stock valued at $314,000 after buying an additional 477 shares during the period. Xponance Inc. boosted its holdings in shares of Pure Storage by 1.8% in the 4th quarter. Xponance Inc. now owns 28,604 shares of the technology company’s stock valued at $931,000 after buying an additional 505 shares during the period. Finally, CIBC Asset Management Inc boosted its holdings in shares of Pure Storage by 4.5% in the 4th quarter. CIBC Asset Management Inc now owns 11,894 shares of the technology company’s stock valued at $387,000 after buying an additional 508 shares during the period. 80.13% of the stock is owned by institutional investors and hedge funds.

Pure Storage Company Profile

(Get Rating)

Pure Storage, Inc provides data storage technologies, products, and services in the United States and internationally. The company's Purity software is shared across its products and provides enterprise-class data services, such as data reduction, data protection, and encryption, as well as storage protocols, including block, file, and object.

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Analyst Recommendations for Pure Storage (NYSE:PSTG)

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