Vetr upgraded shares of Pure Storage Inc. (NYSE:PSTG) from a buy rating to a strong-buy rating in a report issued on Monday. The brokerage currently has $14.72 price target 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 issued a market perform rating for the company. Summit Research reiterated a hold rating and issued a $10.00 target price on shares of Pure Storage in a report on Thursday, June 23rd. William Blair reiterated an outperform rating on shares of Pure Storage in a report on Friday, August 26th. Finally, Robert W. Baird began coverage on Pure Storage in a report on Tuesday, June 28th. They issued a neutral rating and a $12.00 target price for the company. Eleven analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of Buy and an average target price of $17.07.
Shares of Pure Storage (NYSE:PSTG) opened at 12.38 on Monday. The stock’s market capitalization is $2.43 billion. Pure Storage has a 52 week low of $9.62 and a 52 week high of $19.86. The company has a 50-day moving average price of $13.26 and a 200 day moving average price of $12.86.
Pure Storage (NYSE:PSTG) last announced its earnings results on Thursday, August 25th. The company reported ($0.16) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.23) by $0.07. The firm earned $163.21 million during the quarter, compared to analysts’ expectations of $155.14 million. Pure Storage had a negative return on equity of 38.48% and a negative net margin of 38.27%. The company’s quarterly revenue was up 92.8% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.33) EPS. Equities analysts forecast that Pure Storage will post ($0.63) EPS for the current fiscal year.
In related news, CFO Timothy Riitters sold 3,231 shares of the business’s stock in a transaction on Wednesday, September 21st. The stock was sold at an average price of $13.50, for a total transaction of $43,618.50. Following the transaction, the chief financial officer now directly owns 31,769 shares in the company, valued at approximately $428,881.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 46.58% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. California State Teachers Retirement System increased 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 valued at $1,395,000 after buying an additional 67,099 shares during the period. Bank of New York Mellon Corp increased its position in shares of 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 valued at $2,375,000 after buying an additional 127,444 shares during the period. Gradient Investments LLC acquired a new position in shares of Pure Storage during the second quarter valued at $330,000. Squarepoint Ops LLC increased its position in shares of Pure Storage by 83.8% in the first quarter. Squarepoint Ops LLC now owns 49,800 shares of the company’s stock valued at $682,000 after buying an additional 22,700 shares during the period. Finally, Westend Capital Management LLC acquired a new position in shares of Pure Storage during the first quarter valued at $488,000. Hedge funds and other institutional investors own 49.38% of the company’s stock.
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.