Pure Storage, Inc. (NYSE:PSTG) was downgraded by stock analysts at BidaskClub from a “buy” rating to a “hold” rating in a research report issued on Tuesday, July 25th.
A number of other equities analysts have also recently commented on PSTG. Oppenheimer Holdings, Inc. set a $15.00 price target on Pure Storage and gave the stock a “buy” rating in a report on Monday, April 3rd. UBS AG raised Pure Storage from a “neutral” rating to a “positive” rating in a report on Tuesday, April 4th. Susquehanna Bancshares Inc raised Pure Storage from a “neutral” rating to a “positive” rating and boosted their price target for the stock from $12.00 to $15.00 in a report on Tuesday, April 4th. CIBC reaffirmed a “buy” rating and issued a $15.00 target price on shares of Pure Storage in a report on Tuesday, April 4th. Finally, William Blair reaffirmed an “outperform” rating on shares of Pure Storage in a report on Thursday, April 6th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $15.61.
Pure Storage (PSTG) traded up 0.94% during midday trading on Tuesday, hitting $12.82. 1,086,520 shares of the company’s stock traded hands. Pure Storage has a 52 week low of $9.12 and a 52 week high of $15.14. The company has a 50 day moving average of $13.06 and a 200-day moving average of $11.60. The company’s market capitalization is $2.68 billion.
Pure Storage (NYSE:PSTG) last announced its quarterly earnings data on Wednesday, May 24th. The technology company reported ($0.14) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.22) by $0.08. The firm had revenue of $182.60 million during the quarter, compared to analysts’ expectations of $176.13 million. Pure Storage had a negative return on equity of 44.04% and a negative net margin of 31.62%. The company’s quarterly revenue was up 30.5% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.22) EPS. Equities research analysts predict that Pure Storage will post ($0.27) earnings per share for the current year.
In other news, CFO Timothy Riitters sold 10,248 shares of the stock in a transaction that occurred on Thursday, July 6th. The stock was sold at an average price of $12.81, for a total value of $131,276.88. Following the completion of the sale, the chief financial officer now directly owns 227,200 shares of the company’s stock, valued at $2,910,432. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Michelangelo Volpi sold 1,425,000 shares of the stock in a transaction that occurred on Friday, June 16th. The shares were sold at an average price of $13.15, for a total value of $18,738,750.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,312,246 shares of company stock worth $30,410,081. 46.58% of the stock is owned by company insiders.
Several hedge funds have recently modified their holdings of PSTG. State Street Corp increased its stake in shares of Pure Storage by 4.4% in the fourth quarter. State Street Corp now owns 1,129,901 shares of the technology company’s stock worth $12,779,000 after buying an additional 47,633 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in shares of Pure Storage during the fourth quarter worth approximately $2,503,000. GSA Capital Partners LLP acquired a new stake in shares of Pure Storage during the fourth quarter worth approximately $228,000. Norges Bank acquired a new stake in shares of Pure Storage during the fourth quarter worth approximately $1,697,000. Finally, Quadrature Capital Ltd increased its stake in shares of Pure Storage by 233.9% in the fourth quarter. Quadrature Capital Ltd now owns 111,295 shares of the technology company’s stock worth $1,260,000 after buying an additional 77,964 shares during the last quarter. 34.41% of the stock is owned by institutional investors.
About Pure Storage
Pure Storage, Inc provides a data platform. The Company is focused on delivering software-defined all-flash solutions that are fast and cloud-capable for customers, enabling customers to put data to work for their businesses. Its data platform replaces storage systems designed for mechanical disk with all-flash systems optimized end-to-end for solid-state memory.
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