Maxim Group restated their hold rating on shares of Pure Storage (NYSE:PSTG) in a report issued on Wednesday, MarketBeat Ratings reports. Maxim Group currently has a $20.00 price target on the technology company’s stock, up from their prior price target of $15.00.
“Strong results and guidance, especially within the context of DSOs four days below seasonal levels… …But multiple other data points keep us on the sidelines. Maintaining Hold rating as risk remains relating to FlashBlade ramping as prescribed, and R&D bets panning out, though raising 12-month price target to $20, from $15.”,” the firm’s analyst commented.
Several other equities research analysts have also recently issued reports on PSTG. BidaskClub cut shares of Pure Storage from a hold rating to a sell rating in a research report on Tuesday, August 1st. Robert W. Baird set a $14.00 target price on shares of Pure Storage and gave the stock a hold rating in a research report on Monday, August 14th. Summit Redstone raised shares of Pure Storage from a hold rating to a buy rating in a research report on Friday, August 25th. KeyCorp raised their target price on shares of Pure Storage from $17.00 to $18.00 and gave the stock an overweight rating in a research report on Friday, August 25th. Finally, Morgan Stanley reissued an equal weight rating and issued a $15.00 target price (up from $13.00) on shares of Pure Storage in a research report on Friday, August 25th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. Pure Storage has a consensus rating of Buy and an average target price of $18.57.
Pure Storage (NYSE:PSTG) last released its quarterly earnings results on Tuesday, November 28th. The technology company reported ($0.01) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.03) by $0.02. Pure Storage had a negative net margin of 22.86% and a negative return on equity of 44.86%. The company had revenue of $277.70 million for the quarter, compared to analysts’ expectations of $272.07 million. During the same period last year, the company earned ($0.10) EPS. The firm’s revenue for the quarter was up 41.0% compared to the same quarter last year. equities research analysts anticipate that Pure Storage will post -0.97 earnings per share for the current year.
In other news, President David Hatfield sold 40,000 shares of Pure Storage stock in a transaction that occurred on Wednesday, September 27th. The shares were sold at an average price of $16.00, for a total transaction of $640,000.00. Following the sale, the president now owns 225,190 shares in the company, valued at $3,603,040. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Timothy Riitters sold 5,000 shares of Pure Storage stock in a transaction that occurred on Friday, September 8th. The shares were sold at an average price of $14.56, for a total transaction of $72,800.00. Following the sale, the chief financial officer now owns 282,200 shares in the company, valued at approximately $4,108,832. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 317,028 shares of company stock worth $5,304,635. 46.58% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. raised its stake in shares of Pure Storage by 6.3% during the second quarter. BlackRock Inc. now owns 14,513,166 shares of the technology company’s stock valued at $185,913,000 after purchasing an additional 863,990 shares during the period. Vanguard Group Inc. raised its stake in shares of Pure Storage by 26.7% during the second quarter. Vanguard Group Inc. now owns 7,059,059 shares of the technology company’s stock valued at $90,427,000 after purchasing an additional 1,489,008 shares during the period. FMR LLC raised its stake in shares of Pure Storage by 10.9% during the second quarter. FMR LLC now owns 6,359,676 shares of the technology company’s stock valued at $81,467,000 after purchasing an additional 622,600 shares during the period. Okumus Fund Management Ltd. raised its stake in shares of Pure Storage by 4.1% during the third quarter. Okumus Fund Management Ltd. now owns 5,299,197 shares of the technology company’s stock valued at $84,734,000 after purchasing an additional 206,943 shares during the period. Finally, Franklin Resources Inc. raised its stake in shares of Pure Storage by 5.0% during the second quarter. Franklin Resources Inc. now owns 3,097,439 shares of the technology company’s stock valued at $39,679,000 after purchasing an additional 146,411 shares during the period. Institutional investors own 38.46% of the company’s stock.
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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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