Vetr upgraded shares of Pure Storage, Inc. (NYSE:PSTG) from a buy rating to a strong-buy rating in a research report released on Wednesday morning. The brokerage currently has $15.50 target price on the technology company’s stock.
PSTG has been the subject of several other research reports. BidaskClub lowered shares of Pure Storage from a buy rating to a hold rating in a report on Saturday, June 10th. Robert W. Baird reissued a hold rating on shares of Pure Storage in a report on Thursday, April 13th. Jefferies Group LLC boosted their price target on shares of Pure Storage from $10.00 to $11.50 and gave the stock a hold rating in a report on Thursday, May 25th. BMO Capital Markets reissued a buy rating on shares of Pure Storage in a report on Wednesday, June 14th. Finally, William Blair reissued an outperform rating on shares of Pure Storage in a report on Thursday, April 6th. Eleven investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of Buy and an average target price of $15.29.
Shares of Pure Storage (NYSE:PSTG) opened at 13.48 on Wednesday. The stock has a 50 day moving average of $11.96 and a 200-day moving average of $11.34. The stock’s market capitalization is $2.81 billion. Pure Storage has a 52 week low of $9.12 and a 52 week high of $15.14.
Pure Storage (NYSE:PSTG) last posted its earnings results on Wednesday, May 24th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.22) by $0.08. Pure Storage had a negative net margin of 31.62% and a negative return on equity of 44.04%. The firm had revenue of $182.60 million during the quarter, compared to analysts’ expectations of $176.13 million. During the same period in the previous year, the business posted ($0.22) EPS. The business’s revenue was up 30.5% compared to the same quarter last year. On average, equities research analysts expect that Pure Storage will post ($0.27) EPS for the current year.
In other news, CFO Timothy Riitters sold 5,000 shares of the business’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $13.12, for a total transaction of $65,600.00. Following the transaction, the chief financial officer now owns 245,703 shares of the company’s stock, valued at approximately $3,223,623.36. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Michelangelo Volpi sold 19,086 shares of the business’s stock in a transaction dated Friday, June 9th. The shares were sold at an average price of $13.00, for a total transaction of $248,118.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,449,086 shares of company stock worth $19,052,468. Corporate insiders own 41.47% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. boosted its position in shares of 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. boosted its position in shares of 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. Think Investments LP purchased a new position in shares of Pure Storage during the first quarter valued at $13,187,000. Alyeska Investment Group L.P. boosted its position in shares of Pure Storage by 497.3% in the fourth quarter. Alyeska Investment Group L.P. now owns 1,548,691 shares of the technology company’s stock valued at $17,516,000 after buying an additional 1,289,407 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its position in shares of Pure Storage by 480.2% in the first quarter. Renaissance Technologies LLC now owns 1,284,000 shares of the technology company’s stock valued at $12,622,000 after buying an additional 1,062,700 shares during the last quarter. 34.76% of the stock is currently owned by hedge funds and other institutional investors.
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.
To view Vetr’s full report, visit Vetr’s official website.
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