Lake Street Capital Analysts Give Pure Storage (NYSE:PSTG) a $19.00 Price Target

Pure Storage (NYSE:PSTG) received a $19.00 price target from analysts at Lake Street Capital in a note issued to investors on Thursday, The Fly reports. The brokerage presently has a “buy” rating on the technology company’s stock. Lake Street Capital’s target price points to a potential upside of 20.56% from the stock’s current price.

PSTG has been the subject of several other research reports. Barclays assumed coverage on shares of Pure Storage in a research note on Wednesday, August 7th. They issued an “overweight” rating and a $18.00 price target for the company. Wells Fargo & Co lowered their price objective on shares of Pure Storage from $30.00 to $26.00 and set an “outperform” rating for the company in a research report on Wednesday, May 22nd. Credit Suisse Group lowered their price objective on shares of Pure Storage from $23.00 to $18.00 and set a “neutral” rating for the company in a research report on Wednesday, May 22nd. KeyCorp lowered their price objective on shares of Pure Storage from $25.00 to $22.00 and set an “overweight” rating for the company in a research report on Thursday. Finally, Maxim Group raised shares of Pure Storage from a “hold” rating to a “buy” rating and increased their price objective for the stock from $18.00 to $20.00 in a research report on Thursday. Seven analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $21.71.

Shares of Pure Storage stock traded up $0.13 during mid-day trading on Thursday, hitting $15.76. The stock had a trading volume of 4,413,693 shares, compared to its average volume of 3,749,489. The firm has a 50-day moving average of $14.79 and a two-hundred day moving average of $18.30. Pure Storage has a 12-month low of $12.68 and a 12-month high of $29.14. The company has a quick ratio of 3.25, a current ratio of 3.35 and a debt-to-equity ratio of 0.75. The firm has a market cap of $3.96 billion, a P/E ratio of -22.51 and a beta of 1.80.

Pure Storage (NYSE:PSTG) last posted its quarterly earnings results on Wednesday, August 21st. The technology company reported ($0.23) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.05. Pure Storage had a negative net margin of 14.51% and a negative return on equity of 25.30%. The business had revenue of $396.30 million during the quarter, compared to analysts’ expectations of $392.34 million. During the same quarter in the prior year, the company posted $0.01 EPS. The business’s revenue for the quarter was up 28.3% on a year-over-year basis. Sell-side analysts expect that Pure Storage will post -0.79 earnings per share for the current year.

In other Pure Storage news, CFO Timothy Riitters sold 10,420 shares of the stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $15.59, for a total transaction of $162,447.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last quarter, insiders have sold 31,260 shares of company stock worth $492,553. 10.00% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Dimensional Fund Advisors LP lifted its holdings in shares of Pure Storage by 33.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 446,035 shares of the technology company’s stock valued at $7,172,000 after buying an additional 112,438 shares during the period. Norges Bank bought a new position in shares of Pure Storage during the 4th quarter valued at $18,708,000. Geode Capital Management LLC lifted its holdings in shares of Pure Storage by 2.5% during the 4th quarter. Geode Capital Management LLC now owns 1,556,348 shares of the technology company’s stock valued at $25,026,000 after buying an additional 37,773 shares during the period. CWM LLC lifted its holdings in shares of Pure Storage by 21.7% during the 1st quarter. CWM LLC now owns 140,907 shares of the technology company’s stock valued at $3,070,000 after buying an additional 25,081 shares during the period. Finally, Oppenheimer Asset Management Inc. lifted its holdings in shares of Pure Storage by 466.3% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 9,361 shares of the technology company’s stock valued at $204,000 after buying an additional 7,708 shares during the period. Institutional investors and hedge funds own 81.14% of the company’s stock.

Pure Storage Company Profile

Pure Storage, Inc engages in building a data platform that enables businesses to enhance performance and reduce complexity and costs worldwide. The company delivers its data platform through Purity Operating Environment, an optimized software for solid-state memory that offers enterprise-class storage and protocol services; FlashArray and FlashBlade optimized hardware products for solid-state memory to enhance the performance and density of flash, optimize its advanced software services, and reduce solution cost for customers; Pure1, a cloud-based management and support software; and FlashStack and Artificial Intelligence Ready Infrastructure converged infrastructure solutions.

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Analyst Recommendations for Pure Storage (NYSE:PSTG)

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