Vetr upgraded shares of Pure Storage Inc. (NYSE:PSTG) from a hold rating to a buy rating in a research note published on Tuesday. Vetr currently has $14.72 price objective on the stock.
Other equities analysts have also recently issued research reports about the company. JMP Securities reiterated a buy rating on shares of Pure Storage in a report on Sunday, July 17th. Wells Fargo & Co. began coverage on Pure Storage in a report on Tuesday, August 2nd. They set a market perform rating on the stock. Summit Research reiterated a hold rating and set a $10.00 price objective on shares of Pure Storage in a report on Thursday, June 23rd. William Blair restated an outperform rating on shares of Pure Storage in a research note on Friday, August 26th. Finally, Robert W. Baird started coverage on Pure Storage in a research note on Tuesday, June 28th. They issued a neutral rating and a $12.00 target price on the stock. Ten investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Pure Storage has a consensus rating of Buy and an average target price of $17.24.
Shares of Pure Storage (NYSE:PSTG) opened at 13.17 on Tuesday. The firm’s market cap is $2.59 billion. The stock has a 50 day moving average of $13.21 and a 200 day moving average of $12.88. Pure Storage has a 52 week low of $9.62 and a 52 week high of $19.95.
Pure Storage (NYSE:PSTG) last released its quarterly earnings data on Thursday, August 25th. The company reported ($0.16) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.23) by $0.07. Pure Storage had a negative return on equity of 38.48% and a negative net margin of 38.27%. The business had revenue of $163.21 million for the quarter, compared to analysts’ expectations of $155.14 million. During the same quarter in the previous year, the business posted ($0.33) EPS. Pure Storage’s revenue for the quarter was up 92.8% on a year-over-year basis. Equities analysts forecast that Pure Storage will post ($0.63) earnings per share for the current year.
In other Pure Storage news, CFO Timothy Riitters sold 3,231 shares of the company’s stock in a transaction on Wednesday, September 21st. The stock was sold at an average price of $13.50, for a total value of $43,618.50. Following the transaction, the chief financial officer now directly owns 31,769 shares of the company’s stock, valued at approximately $428,881.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 46.58% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of PSTG. California State Teachers Retirement System raised its position in shares of Pure Storage by 110.1% in the second quarter. California State Teachers Retirement System now owns 128,016 shares of the company’s stock worth $1,395,000 after buying an additional 67,099 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Pure Storage by 140.8% in the second quarter. Bank of New York Mellon Corp now owns 217,941 shares of the company’s stock worth $2,375,000 after buying an additional 127,444 shares during the last quarter. Gradient Investments LLC bought a new stake in Pure Storage during the second quarter worth $330,000. Squarepoint Ops LLC increased its stake in Pure Storage by 83.8% in the first quarter. Squarepoint Ops LLC now owns 49,800 shares of the company’s stock worth $682,000 after buying an additional 22,700 shares during the last quarter. Finally, Westend Capital Management LLC bought a new stake in Pure Storage during the first quarter worth $488,000. 49.35% of the stock is currently owned by hedge funds and other institutional investors.
Pure Storage Company Profile
Pure Storage, Inc provides an enterprise data storage platform. The Company’s storage platform consists of approximately three integrated components, including the Purity Operating Environment, which is its flash-optimized software; FlashArray, which is its modular and scalable all-flash array hardware, and Pure1, which is its cloud-based management and support.