BidaskClub Lowers Pure Storage, Inc. (PSTG) to Sell

BidaskClub downgraded shares of Pure Storage, Inc. (NYSE:PSTG) from a hold rating to a sell rating in a report published on Wednesday.

A number of other equities analysts have also issued reports on PSTG. Morgan Stanley lowered Pure Storage from an overweight rating to an equal weight rating and cut their target price for the company from $17.00 to $12.00 in a research report on Thursday, May 18th. Jefferies Group LLC upped their target price on Pure Storage from $10.00 to $11.50 and gave the company a hold rating in a research report on Thursday, May 25th. Maxim Group reaffirmed a buy rating and issued a $20.00 target price on shares of Pure Storage in a research report on Thursday, May 25th. BMO Capital Markets upped their target price on Pure Storage from $13.00 to $15.00 and gave the company a buy rating in a research report on Thursday, May 25th. Finally, Robert W. Baird reaffirmed a hold rating on shares of Pure Storage in a research report on Thursday, May 25th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of Buy and a consensus target price of $15.61.

Pure Storage (PSTG) opened at 14.68 on Wednesday. The firm has a 50-day moving average of $13.49 and a 200 day moving average of $12.05. Pure Storage has a 52 week low of $9.12 and a 52 week high of $15.14. The stock’s market capitalization is $3.10 billion.

Pure Storage (NYSE:PSTG) last announced its earnings results on Thursday, August 24th. The technology company reported ($0.11) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.31) by $0.20. Pure Storage had a negative return on equity of 46.12% and a negative net margin of 29.55%. The company had revenue of $224.50 million for the quarter, compared to analyst estimates of $217.97 million. During the same period in the prior year, the company posted ($0.16) EPS. Pure Storage’s quarterly revenue was up 37.6% on a year-over-year basis. On average, analysts anticipate that Pure Storage will post ($0.21) EPS for the current year.

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In other news, Director Michelangelo Volpi sold 412,514 shares of the stock in a transaction on Wednesday, June 21st. The stock was sold at an average price of $13.02, for a total value of $5,370,932.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Timothy Riitters sold 5,000 shares of the stock in a transaction on Friday, September 8th. The stock was sold at an average price of $14.56, for a total value of $72,800.00. Following the completion of the transaction, the chief financial officer now directly owns 282,200 shares of the company’s stock, valued at approximately $4,108,832. The disclosure for this sale can be found here. In the last three months, insiders sold 923,160 shares of company stock valued at $12,245,513. Company insiders own 46.58% of the company’s stock.

Large investors have recently added to or reduced their stakes in the company. Ameritas Investment Partners Inc. grew its stake in shares of Pure Storage by 38.8% in the second quarter. Ameritas Investment Partners Inc. now owns 8,171 shares of the technology company’s stock worth $105,000 after purchasing an additional 2,284 shares in the last quarter. First Trust Advisors LP bought a new position in shares of Pure Storage in the first quarter worth $135,000. Point72 Asia Hong Kong Ltd grew its stake in shares of Pure Storage by 34.7% in the first quarter. Point72 Asia Hong Kong Ltd now owns 13,815 shares of the technology company’s stock worth $136,000 after purchasing an additional 3,557 shares in the last quarter. BNP Paribas Arbitrage SA grew its stake in shares of Pure Storage by 641.5% in the second quarter. BNP Paribas Arbitrage SA now owns 11,649 shares of the technology company’s stock worth $149,000 after purchasing an additional 10,078 shares in the last quarter. Finally, Amalgamated Bank bought a new position in shares of Pure Storage in the second quarter worth $151,000. 35.77% of the stock is owned by institutional investors.

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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