Pure Storage, Inc. (NYSE:PSTG) had its target price lifted by stock analysts at BMO Capital Markets from $15.00 to $16.00 in a research report issued on Friday. The brokerage presently has an “outperform” rating on the technology company’s stock. BMO Capital Markets’ target price suggests a potential upside of 27.39% from the company’s current price.
A number of other analysts have also issued reports on PSTG. KeyCorp lifted their price target on shares of Pure Storage from $17.00 to $18.00 and gave the stock an “overweight” rating in a research note on Friday. Morgan Stanley lifted their price target on shares of Pure Storage from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Friday. Robert W. Baird set a $14.00 price objective on shares of Pure Storage and gave the stock a “hold” rating in a report on Monday, August 14th. Summit Redstone raised shares of Pure Storage from a “hold” rating to a “buy” rating in a report on Friday. Finally, BidaskClub raised shares of Pure Storage from a “sell” rating to a “hold” rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. Pure Storage has an average rating of “Buy” and a consensus price target of $15.52.
Pure Storage (NYSE:PSTG) traded up 12.66% on Friday, hitting $14.15. 3,691,681 shares of the company’s stock were exchanged. Pure Storage has a 12-month low of $9.12 and a 12-month high of $15.14. The company’s market cap is $2.95 billion. The company’s 50-day moving average price is $12.87 and its 200-day moving average price is $11.72.
Pure Storage (NYSE:PSTG) last issued its quarterly earnings results on Thursday, August 24th. The technology company reported ($0.11) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.20. The business had revenue of $224.50 million during the quarter, compared to analyst estimates of $217.97 million. Pure Storage had a negative net margin of 31.62% and a negative return on equity of 44.04%. The business’s revenue was up 37.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.16) earnings per share. Analysts forecast that Pure Storage will post ($0.28) earnings per share for the current year.
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In related news, CFO Timothy Riitters sold 5,000 shares of the company’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $13.12, for a total value of $65,600.00. Following the completion of the sale, the chief financial officer now owns 245,703 shares of the company’s stock, valued at $3,223,623.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michelangelo Volpi sold 1,425,000 shares of the company’s stock in a transaction dated Friday, June 16th. The stock was sold at an average price of $13.15, for a total transaction of $18,738,750.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,312,246 shares of company stock valued at $30,410,081. Corporate insiders own 46.58% of the company’s stock.
A number of large investors have recently bought and sold shares of the company. BlackRock Inc. increased its stake in Pure Storage by 18,167.3% in the first quarter. BlackRock Inc. now owns 13,649,176 shares of the technology company’s stock valued at $134,172,000 after buying an additional 13,574,457 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in Pure Storage by 3,403.9% in the first quarter. Goldman Sachs Group Inc. now owns 1,738,819 shares of the technology company’s stock valued at $17,093,000 after buying an additional 1,689,194 shares during the last quarter. Vanguard Group Inc. increased its stake in Pure Storage by 26.7% in the second quarter. Vanguard Group Inc. now owns 7,059,059 shares of the technology company’s stock valued at $90,427,000 after buying an additional 1,489,008 shares during the last quarter. Think Investments LP bought a new stake in Pure Storage during the first quarter valued at $13,187,000. Finally, Renaissance Technologies LLC increased its stake in Pure Storage by 91.7% in the second quarter. Renaissance Technologies LLC now owns 2,461,000 shares of the technology company’s stock valued at $31,525,000 after buying an additional 1,177,000 shares during the last quarter. 34.86% of the stock is owned by institutional investors and hedge funds.
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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