Several other brokerages have also commented on PSTG. BTIG Research increased their price objective on Pure Storage from $14.00 to $20.00 and gave the company a buy rating in a report on Thursday, October 19th. BidaskClub upgraded Pure Storage from a sell rating to a hold rating in a report on Tuesday, October 17th. JMP Securities increased their price objective on Pure Storage from $16.00 to $22.00 and gave the company an outperform rating in a report on Friday, October 13th. Susquehanna Bancshares Inc reiterated a positive rating and set a $20.00 price objective (up previously from $18.00) on shares of Pure Storage in a report on Thursday, October 5th. Finally, Morgan Stanley reiterated an equal weight rating on shares of Pure Storage in a report on Saturday, September 23rd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Pure Storage presently has a consensus rating of Buy and a consensus target price of $16.36.
Shares of Pure Storage (NYSE PSTG) traded down $0.01 during midday trading on Wednesday, reaching $16.49. The company’s stock had a trading volume of 928,457 shares, compared to its average volume of 1,214,170. Pure Storage has a 1-year low of $9.12 and a 1-year high of $16.64.
Pure Storage (NYSE:PSTG) last announced its earnings results on Thursday, August 24th. The technology company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.31) by $0.20. The business had revenue of $224.50 million for the quarter, compared to analysts’ expectations of $217.97 million. Pure Storage had a negative return on equity of 46.12% and a negative net margin of 29.55%. The business’s revenue for the quarter was up 37.6% on a year-over-year basis. During the same quarter last year, the firm earned ($0.16) EPS. equities research analysts forecast that Pure Storage will post -0.97 earnings per share for the current fiscal year.
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In other Pure Storage news, President David Hatfield sold 30,000 shares of Pure Storage stock in a transaction dated Monday, September 18th. The stock was sold at an average price of $14.66, for a total transaction of $439,800.00. Following the completion of the transaction, the president now owns 215,190 shares in the company, valued at approximately $3,154,685.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Timothy Riitters sold 55,000 shares of Pure Storage stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $14.82, for a total value of $815,100.00. Following the transaction, the chief financial officer now owns 332,200 shares of the company’s stock, valued at approximately $4,923,204. The disclosure for this sale can be found here. Insiders have sold a total of 242,028 shares of company stock valued at $3,773,235 in the last quarter. Company insiders own 46.58% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in PSTG. Wells Fargo & Company MN raised its stake in shares of Pure Storage by 0.3% during the 1st quarter. Wells Fargo & Company MN now owns 57,389 shares of the technology company’s stock valued at $564,000 after buying an additional 150 shares during the last quarter. First Trust Advisors LP purchased a new position in shares of Pure Storage during the 1st quarter valued at about $135,000. Bank of New York Mellon Corp raised its stake in shares of Pure Storage by 9.4% during the 1st quarter. Bank of New York Mellon Corp now owns 276,581 shares of the technology company’s stock valued at $2,718,000 after buying an additional 23,682 shares during the last quarter. UBS Asset Management Americas Inc. raised its stake in shares of Pure Storage by 52.3% during the 1st quarter. UBS Asset Management Americas Inc. now owns 26,500 shares of the technology company’s stock valued at $260,000 after buying an additional 9,100 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its stake in shares of Pure Storage by 32.7% during the 1st quarter. Ameriprise Financial Inc. now owns 26,350 shares of the technology company’s stock valued at $259,000 after buying an additional 6,500 shares during the last quarter. Institutional investors and hedge funds own 35.45% of the company’s stock.
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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