Pure Storage Inc (NYSE:PSTG) has been assigned an average recommendation of “Buy” from the twenty-two brokerages that are covering the stock, Marketbeat.com reports. Eight investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating on the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $25.10.
A number of analysts have weighed in on the company. Cowen reiterated an “outperform” rating and issued a $28.00 target price (down previously from $30.00) on shares of Pure Storage in a research note on Wednesday, May 22nd. Stifel Nicolaus set a $154.00 target price on argenx and gave the stock a “buy” rating in a research note on Wednesday, May 22nd. Wells Fargo & Co reiterated a “hold” rating and issued a $175.00 target price on shares of Advance Auto Parts in a research note on Wednesday, May 22nd. ValuEngine lowered Valero Energy from a “hold” rating to a “sell” rating in a research note on Wednesday, May 8th. Finally, Oppenheimer set a $13.00 target price on Alpine Immune Sciences and gave the stock a “buy” rating in a research note on Tuesday, March 19th.
In other Pure Storage news, Director Scott Dietzen sold 33,000 shares of the firm’s stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $22.43, for a total value of $740,190.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Timothy Riitters sold 10,420 shares of the firm’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $16.03, for a total value of $167,032.60. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 164,260 shares of company stock worth $3,537,743. 10.00% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of PSTG. FMR LLC lifted its holdings in shares of Pure Storage by 15.4% during the first quarter. FMR LLC now owns 18,219,508 shares of the technology company’s stock worth $397,003,000 after purchasing an additional 2,428,068 shares during the period. Vanguard Group Inc lifted its holdings in shares of Pure Storage by 14.4% during the third quarter. Vanguard Group Inc now owns 15,371,526 shares of the technology company’s stock worth $398,892,000 after purchasing an additional 1,933,591 shares during the period. William Blair Investment Management LLC lifted its holdings in shares of Pure Storage by 27.9% during the first quarter. William Blair Investment Management LLC now owns 12,650,885 shares of the technology company’s stock worth $275,663,000 after purchasing an additional 2,761,026 shares during the period. Champlain Investment Partners LLC lifted its holdings in shares of Pure Storage by 14.1% during the first quarter. Champlain Investment Partners LLC now owns 9,854,855 shares of the technology company’s stock worth $214,737,000 after purchasing an additional 1,215,665 shares during the period. Finally, Deutsche Bank AG lifted its holdings in shares of Pure Storage by 32.9% during the fourth quarter. Deutsche Bank AG now owns 6,071,763 shares of the technology company’s stock worth $97,627,000 after purchasing an additional 1,503,341 shares during the period. 79.10% of the stock is owned by institutional investors and hedge funds.
Shares of NYSE PSTG traded up $0.17 during midday trading on Friday, reaching $15.93. 2,623,703 shares of the stock traded hands, compared to its average volume of 3,105,456. 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 company has a market capitalization of $3.99 billion, a PE ratio of -22.76 and a beta of 1.81. Pure Storage has a one year low of $13.99 and a one year high of $29.14. The stock has a 50 day moving average of $15.73.
Pure Storage (NYSE:PSTG) last released its quarterly earnings results on Tuesday, May 21st. The technology company reported ($0.37) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.29) by ($0.08). Pure Storage had a negative net margin of 14.99% and a negative return on equity of 25.55%. The company had revenue of $326.70 million for the quarter, compared to analysts’ expectations of $333.83 million. On average, equities research analysts forecast that Pure Storage will post -0.79 earnings per share for the current fiscal year.
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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