Pure Storage (PSTG) Lifted to Hold at ValuEngine

Pure Storage (NYSE:PSTG) was upgraded by research analysts at ValuEngine from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Friday.

A number of other research analysts have also recently weighed in on the stock. Vetr raised shares of Pure Storage from a “buy” rating to a “strong-buy” rating and set a $23.17 price target on the stock in a research report on Thursday. Barclays raised shares of Pure Storage from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $19.00 to $22.00 in a research report on Wednesday, January 17th. KeyCorp reissued a “buy” rating and set a $24.00 target price on shares of Pure Storage in a research report on Wednesday, November 29th. Robert W. Baird reissued a “hold” rating and set a $20.00 target price on shares of Pure Storage in a research report on Wednesday, November 29th. Finally, Oppenheimer reissued a “buy” rating and set a $21.00 target price on shares of Pure Storage in a research report on Wednesday, November 29th. Eight research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $19.08.

Pure Storage (NYSE:PSTG) opened at $19.78 on Friday. The firm has a market cap of $4,290.00 and a P/E ratio of -19.20. Pure Storage has a 12-month low of $9.12 and a 12-month high of $21.23.

Pure Storage (NYSE:PSTG) last announced its quarterly earnings results on Tuesday, November 28th. The technology company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.02. The firm had revenue of $277.70 million for the quarter, compared to analysts’ expectations of $272.07 million. Pure Storage had a negative net margin of 15.00% and a negative return on equity of 36.94%. Pure Storage’s revenue was up 41.0% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.10) earnings per share. research analysts predict that Pure Storage will post -0.93 EPS for the current fiscal year.

In related news, President David Hatfield sold 130,000 shares of Pure Storage stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $18.05, for a total value of $2,346,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Timothy Riitters sold 11,749 shares of Pure Storage stock in a transaction on Wednesday, December 13th. The stock was sold at an average price of $16.74, for a total transaction of $196,678.26. The disclosure for this sale can be found here. In the last 90 days, insiders sold 877,362 shares of company stock valued at $15,556,864. Insiders own 46.58% of the company’s stock.

Several large investors have recently modified their holdings of PSTG. Vanguard Group Inc. increased its stake in shares of Pure Storage by 26.7% in the second quarter. Vanguard Group Inc. now owns 7,059,059 shares of the technology company’s stock worth $90,427,000 after buying an additional 1,489,008 shares during the last quarter. Renaissance Technologies LLC increased its stake in shares of Pure Storage by 91.7% in the second quarter. Renaissance Technologies LLC now owns 2,461,000 shares of the technology company’s stock worth $31,525,000 after buying an additional 1,177,000 shares during the last quarter. BlackRock Inc. increased its stake in shares of Pure Storage by 6.3% in the second quarter. BlackRock Inc. now owns 14,513,166 shares of the technology company’s stock worth $185,913,000 after buying an additional 863,990 shares during the last quarter. Maple Rock Capital Partners Inc. bought a new stake in shares of Pure Storage in the third quarter worth $12,792,000. Finally, FMR LLC increased its stake in shares of Pure Storage by 10.9% in the second quarter. FMR LLC now owns 6,359,676 shares of the technology company’s stock worth $81,467,000 after buying an additional 622,600 shares during the last quarter. Institutional investors and hedge funds own 37.50% 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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Pure Storage (NYSE:PSTG)

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