Pure Storage Inc. (NYSE:PSTG) was upgraded by equities research analysts at Vetr from a “buy” rating to a “strong-buy” rating in a note issued to investors on Monday. The brokerage presently has a $14.72 target price on the stock. Vetr‘s price target indicates a potential upside of 15.91% from the company’s previous close.
Other equities research analysts have also recently issued reports about the stock. JMP Securities restated a “buy” rating on shares of Pure Storage in a report on Sunday, July 17th. BTIG Research reaffirmed a “buy” rating and set a $17.00 price objective on shares of Pure Storage in a research report on Monday, June 27th. Stifel Nicolaus reaffirmed a “buy” rating and set a $20.00 price objective on shares of Pure Storage in a research report on Friday, August 26th. Needham & Company LLC reaffirmed a “buy” rating on shares of Pure Storage in a research report on Monday, August 29th. Finally, Morgan Stanley reaffirmed a “buy” rating and set a $21.00 price objective on shares of Pure Storage in a research report on Monday, September 12th. Ten research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $17.24.
Pure Storage (NYSE:PSTG) opened at 12.70 on Monday. The firm’s market capitalization is $2.50 billion. Pure Storage has a 12 month low of $9.62 and a 12 month high of $19.86. The stock’s 50 day moving average price is $13.24 and its 200 day moving average price is $12.87.
Pure Storage (NYSE:PSTG) last released its quarterly earnings results on Thursday, August 25th. The company reported ($0.16) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.23) by $0.07. Pure Storage had a negative net margin of 38.27% and a negative return on equity of 38.48%. The company earned $163.21 million during the quarter, compared to analysts’ expectations of $155.14 million. During the same period in the prior year, the company earned ($0.33) earnings per share. The business’s quarterly revenue was up 92.8% compared to the same quarter last year. On average, analysts forecast that Pure Storage will post ($0.63) earnings per share for the current year.
In other news, CFO Timothy Riitters sold 3,231 shares of the stock in a transaction that occurred on Wednesday, September 21st. The shares were 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 through the SEC website. Insiders own 46.58% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in PSTG. Raymond James & Associates acquired a new position in shares of Pure Storage during the second quarter worth about $133,000. State Board of Administration of Florida Retirement System acquired a new position in shares of Pure Storage during the second quarter worth about $140,000. Menta Capital LLC acquired a new position in shares of Pure Storage during the first quarter worth about $149,000. Royal Bank of Canada boosted its position in shares of Pure Storage by 5,486.4% in the second quarter. Royal Bank of Canada now owns 13,966 shares of the company’s stock worth $152,000 after buying an additional 13,716 shares during the last quarter. Finally, UBS Asset Management Americas Inc. acquired a new position in shares of Pure Storage during the second quarter worth about $195,000. 49.35% of the stock is currently owned by institutional investors and hedge funds.
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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