Pure Storage Inc. (NYSE:PSTG) was downgraded by Vetr from a “buy” rating to a “hold” rating in a research report issued on Tuesday. They presently have a $14.72 price objective on the stock. Vetr‘s price objective indicates a potential downside of 0.74% from the stock’s current price.
A number of other research firms have also weighed in on PSTG. Wells Fargo & Co. began coverage on Pure Storage in a research note on Tuesday, August 2nd. They set a “market perform” rating for the company. Robert W. Baird reissued a “hold” rating on shares of Pure Storage in a research note on Friday, September 9th. Morgan Stanley reissued a “buy” rating and set a $21.00 price objective on shares of Pure Storage in a research note on Monday, September 12th. Susquehanna reissued a “neutral” rating and set a $12.00 price objective (up previously from $11.00) on shares of Pure Storage in a research note on Friday, August 26th. Finally, KeyCorp increased their price objective on Pure Storage from $17.00 to $18.00 and gave the company an “overweight” rating in a research note on Friday, August 26th. Eleven equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. Pure Storage has an average rating of “Buy” and a consensus target price of $17.47.
Pure Storage (NYSE:PSTG) opened at 14.83 on Tuesday. The firm’s 50-day moving average is $12.89 and its 200 day moving average is $12.83. The company’s market cap is $2.92 billion. Pure Storage has a 12-month low of $9.62 and a 12-month high of $20.60.
Pure Storage (NYSE:PSTG) last issued its earnings results on Thursday, August 25th. The company reported ($0.16) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.23) by $0.07. The business earned $163.21 million during the quarter, compared to analyst estimates of $155.14 million. Pure Storage had a negative return on equity of 38.48% and a negative net margin of 38.27%. Pure Storage’s revenue for the quarter was up 92.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.33) earnings per share. On average, equities analysts expect that Pure Storage will post ($0.63) earnings per share for the current fiscal year.
In related news, CFO Timothy Riitters sold 3,231 shares of the stock in a transaction on Wednesday, September 21st. The stock was sold at an average price of $13.50, for a total transaction of $43,618.50. Following the sale, the chief financial officer now directly owns 31,769 shares of the company’s stock, valued at $428,881.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 46.58% of the company’s stock.
Several large investors have recently added to or reduced their stakes in PSTG. Raymond James & Associates acquired a new stake in Pure Storage during the second quarter valued at approximately $133,000. State Board of Administration of Florida Retirement System acquired a new stake in Pure Storage during the second quarter valued at approximately $140,000. Menta Capital LLC acquired a new stake in Pure Storage during the first quarter valued at approximately $149,000. Royal Bank of Canada boosted its stake in Pure Storage by 5,486.4% in the second quarter. Royal Bank of Canada now owns 13,966 shares of the company’s stock valued at $152,000 after buying an additional 13,716 shares during the period. Finally, UBS Asset Management Americas Inc. acquired a new stake in Pure Storage during the second quarter valued at approximately $195,000. 49.35% of the stock is currently owned by institutional investors.
About Pure Storage
Pure Storage, Inc provides an enterprise data storage platform. The Company’s storage platform consists of approximately three integrated components, including the Purity Operating Environment, which is its flash-optimized software; FlashArray, which is its modular and scalable all-flash array hardware, and Pure1, which is its cloud-based management and support.
To view Vetr’s full report, visit Vetr’s official website.
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