BidaskClub Lowers Pure Storage, Inc. (NYSE:PSTG) to Hold

Pure Storage, Inc. (NYSE:PSTG) was downgraded by BidaskClub from a “buy” rating to a “hold” rating in a research report issued on Tuesday, July 25th.

Several other brokerages also recently weighed in on PSTG. Pacific Crest restated an “overweight” rating and set a $17.00 target price on shares of Pure Storage in a research note on Friday, June 16th. Wells Fargo & Company restated a “market perform” rating on shares of Pure Storage in a research note on Friday, June 16th. ValuEngine upgraded Pure Storage from a “sell” rating to a “hold” rating in a research note on Friday, June 16th. Vetr upgraded Pure Storage from a “buy” rating to a “strong-buy” rating and set a $15.00 price objective for the company in a research report on Tuesday, May 30th. Finally, JMP Securities set a $16.00 price objective on Pure Storage and gave the stock a “buy” rating in a research report on Friday, May 26th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $15.61.

Pure Storage (NYSE PSTG) traded up 1.04% during mid-day trading on Tuesday, hitting $12.67. 926,347 shares of the company were exchanged. The stock’s market cap is $2.64 billion. The firm has a 50 day moving average price of $12.98 and a 200 day moving average price of $11.65. Pure Storage has a 12 month low of $9.12 and a 12 month high of $15.14.

Pure Storage (NYSE:PSTG) last announced its earnings results on Wednesday, May 24th. The technology company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.22) by $0.08. Pure Storage had a negative return on equity of 44.04% and a negative net margin of 31.62%. The firm had revenue of $182.60 million during the quarter, compared to the consensus estimate of $176.13 million. During the same quarter in the prior year, the company earned ($0.22) EPS. The firm’s revenue for the quarter was up 30.5% compared to the same quarter last year. Analysts anticipate that Pure Storage will post ($0.27) EPS for the current fiscal year.

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In other news, Director Michelangelo Volpi sold 19,086 shares of the firm’s stock in a transaction on Friday, June 9th. The stock was sold at an average price of $13.00, for a total value of $248,118.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Timothy Riitters sold 10,248 shares of the firm’s stock in a transaction 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 transaction, the chief financial officer now owns 227,200 shares in the company, valued at $2,910,432. The disclosure for this sale can be found here. Insiders sold a total of 2,312,246 shares of company stock valued at $30,410,081 over the last three months. Insiders own 46.58% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. American National Insurance Co. TX bought a new position in Pure Storage during the first quarter valued at about $150,000. Thompson Investment Management Inc. raised its position in Pure Storage by 40.5% in the first quarter. Thompson Investment Management Inc. now owns 19,875 shares of the technology company’s stock valued at $195,000 after buying an additional 5,725 shares in the last quarter. Stoneridge Investment Partners LLC bought a new position in Pure Storage during the first quarter valued at about $433,000. Wells Fargo & Company MN raised its position in Pure Storage by 0.3% in the first quarter. Wells Fargo & Company MN now owns 57,389 shares of the technology company’s stock valued at $564,000 after buying an additional 150 shares in the last quarter. Finally, Wesbanco Bank Inc. bought a new position in Pure Storage during the first quarter valued at about $462,000. Institutional investors and hedge funds own 34.45% of the company’s stock.

Pure Storage Company Profile

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.

Analyst Recommendations for Pure Storage (NYSE:PSTG)

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