Barclays Reaffirms “Hold” Rating for Pure Storage (PSTG)

Barclays reiterated their hold rating on shares of Pure Storage (NYSE:PSTG) in a report issued on Wednesday morning. The brokerage currently has a $19.00 price objective on the technology company’s stock.

PSTG has been the topic of several other research reports. Summit Redstone raised Pure Storage from a hold rating to a buy rating in a research note on Friday, August 25th. BidaskClub raised Pure Storage from a sell rating to a hold rating in a research note on Tuesday, October 17th. KeyCorp reaffirmed a buy rating on shares of Pure Storage in a research note on Wednesday, November 1st. Wells Fargo & Company initiated coverage on Pure Storage in a research note on Tuesday, November 14th. They issued an outperform rating and a $22.00 price target on the stock. 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 analyst has rated the stock with a sell rating, eight have assigned a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of Buy and a consensus target price of $18.57.

Shares of Pure Storage (NYSE:PSTG) traded down $1.51 during trading on Wednesday, hitting $16.97. The stock had a trading volume of 4,845,960 shares, compared to its average volume of 2,067,545. Pure Storage has a twelve month low of $9.12 and a twelve month high of $19.27.

Pure Storage (NYSE:PSTG) last announced its quarterly earnings results on Tuesday, November 28th. The technology company reported ($0.01) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.03) by $0.02. Pure Storage had a negative return on equity of 44.86% and a negative net margin of 22.86%. The business had revenue of $277.70 million for the quarter, compared to analyst estimates of $272.07 million. During the same quarter in the prior year, the company posted ($0.10) EPS. The company’s quarterly revenue was up 41.0% on a year-over-year basis. sell-side analysts expect that Pure Storage will post -0.93 earnings per share for the current year.

In other Pure Storage news, President David Hatfield sold 30,000 shares of the company’s 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 sale, the president now owns 215,190 shares in the company, valued at approximately $3,154,685.40. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Timothy Riitters sold 25,000 shares of the company’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $15.85, for a total value of $396,250.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 317,028 shares of company stock worth $5,304,635. 46.58% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. Ameritas Investment Partners Inc. increased its holdings in Pure Storage by 38.8% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 8,171 shares of the technology company’s stock worth $105,000 after purchasing an additional 2,284 shares during the period. BNP Paribas Arbitrage SA increased its holdings in Pure Storage by 641.5% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 11,649 shares of the technology company’s stock worth $149,000 after purchasing an additional 10,078 shares during the period. Amalgamated Bank purchased a new stake in Pure Storage during the 2nd quarter worth about $151,000. Principal Financial Group Inc. purchased a new stake in Pure Storage during the 2nd quarter worth about $166,000. Finally, Great West Life Assurance Co. Can increased its holdings in Pure Storage by 151.3% during the 3rd quarter. Great West Life Assurance Co. Can now owns 11,310 shares of the technology company’s stock worth $180,000 after purchasing an additional 6,810 shares during the period. Institutional investors own 38.46% of the company’s stock.

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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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