Pure Storage Inc. (NYSE:PSTG) was downgraded by research analysts at Vetr from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday. They currently have a $14.72 price target on the stock. Vetr‘s price target suggests a potential upside of 0.34% from the stock’s current price.
Several other brokerages have also recently commented on PSTG. Wells Fargo & Co. assumed coverage on Pure Storage in a report on Tuesday, August 2nd. They set a “market perform” rating on the stock. Robert W. Baird reaffirmed a “hold” rating on shares of Pure Storage in a report on Friday, September 9th. Morgan Stanley reaffirmed a “buy” rating and issued a $21.00 price target on shares of Pure Storage in a report on Monday, September 12th. William Blair reaffirmed an “outperform” rating on shares of Pure Storage in a report on Friday, August 26th. Finally, Jefferies Group upped their price target on Pure Storage from $11.00 to $13.00 and gave the company a “hold” rating in a report on Friday, August 26th. Eleven investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $17.47.
Pure Storage (NYSE:PSTG) traded down 1.54% during midday trading on Tuesday, hitting $14.67. The stock had a trading volume of 562,572 shares. Pure Storage has a one year low of $9.62 and a one year high of $20.60. The stock’s market cap is $2.88 billion. The firm has a 50 day moving average price of $12.96 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 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 firm 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 company earned ($0.33) earnings per share. The firm’s quarterly revenue was up 92.8% compared to the same quarter last year. Equities analysts expect that Pure Storage will post ($0.63) EPS for the current year.
In other news, CFO Timothy Riitters sold 3,231 shares of the company’s stock in a transaction dated Wednesday, September 21st. The shares were sold at an average price of $13.50, for a total transaction of $43,618.50. Following the completion of the transaction, the chief financial officer now owns 31,769 shares of the company’s stock, valued at $428,881.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 46.58% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. FMR LLC raised its position in shares of Pure Storage by 65.5% in the second quarter. FMR LLC now owns 7,701,276 shares of the company’s stock worth $83,944,000 after buying an additional 3,049,278 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Pure Storage by 258.0% in the second quarter. Vanguard Group Inc. now owns 3,539,596 shares of the company’s stock valued at $38,581,000 after buying an additional 2,550,935 shares in the last quarter. BlackRock Advisors LLC boosted its stake in shares of Pure Storage by 53.8% in the second quarter. BlackRock Advisors LLC now owns 4,364,173 shares of the company’s stock valued at $47,569,000 after buying an additional 1,527,300 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of Pure Storage by 177.5% in the first quarter. Franklin Resources Inc. now owns 2,299,005 shares of the company’s stock valued at $31,473,000 after buying an additional 1,470,420 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. boosted its stake in shares of Pure Storage by 323.8% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 1,431,020 shares of the company’s stock valued at $15,598,000 after buying an additional 1,093,356 shares in the last quarter. 49.35% of the stock is owned by institutional investors and hedge funds.
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.