Pure Storage (PSTG) Trading Down 0%

Pure Storage (NYSE:PSTG)’s share price dropped 0% during mid-day trading on Friday . The stock traded as low as $18.44 and last traded at $18.48. Approximately 3,573,518 shares were traded during trading, an increase of 19% from the average daily volume of 2,993,481 shares. The stock had previously closed at $18.48.

PSTG has been the topic of several recent analyst reports. Robert W. Baird reiterated a “neutral” rating and set a $22.00 target price (up previously from $20.00) on shares of Pure Storage in a research report on Friday, March 2nd. Barclays upgraded Pure Storage from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $19.00 to $22.00 in a research report on Wednesday, January 17th. TheStreet upgraded Pure Storage from a “d” rating to a “c-” rating in a research report on Thursday, March 1st. BMO Capital Markets boosted their target price on Pure Storage from $22.00 to $25.00 and gave the stock an “outperform” rating in a research report on Friday, March 2nd. Finally, Piper Jaffray started coverage on Pure Storage in a research report on Thursday, February 22nd. They set an “overweight” rating and a $26.00 target price on the stock. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and fifteen have given a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $21.60.

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Pure Storage (NYSE:PSTG) last announced its earnings results on Thursday, March 1st. The technology company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.06. The firm had revenue of $338.30 million for the quarter, compared to analysts’ expectations of $331.80 million. Pure Storage had a negative return on equity of 37.84% and a negative net margin of 17.36%. Pure Storage’s quarterly revenue was up 48.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.02) EPS. analysts anticipate that Pure Storage will post -0.79 earnings per share for the current fiscal year.

In other Pure Storage news, Director Scott Dietzen sold 125,000 shares of the stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $21.37, for a total transaction of $2,671,250.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider John Colgrove sold 2,167 shares of the stock in a transaction on Monday, January 8th. The shares were sold at an average price of $16.50, for a total value of $35,755.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 893,206 shares of company stock worth $17,132,686. 46.58% of the stock is owned by insiders.

Large investors have recently made changes to their positions in the business. Fortaleza Asset Management Inc. acquired a new stake in Pure Storage during the 4th quarter valued at $154,000. Ardsley Advisory Partners purchased a new position in shares of Pure Storage during the 4th quarter worth $159,000. SG Americas Securities LLC purchased a new position in shares of Pure Storage during the 4th quarter worth $162,000. Great West Life Assurance Co. Can lifted its stake in shares of Pure Storage by 151.3% during the 3rd quarter. Great West Life Assurance Co. Can now owns 11,310 shares of the technology company’s stock worth $180,000 after purchasing an additional 6,810 shares during the period. Finally, Invictus RG purchased a new position in shares of Pure Storage during the 3rd quarter worth $187,000. Hedge funds and other institutional investors own 45.48% of the company’s stock.

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About Pure Storage

Pure Storage, Inc engages in building a data platform that enables businesses to enhance performance and reduce complexity and costs worldwide. The company delivers its data platform through Purity Operating Environment, an optimized software for solid-state memory that offers enterprise-class storage and protocol services; FlashArray and FlashBlade optimized hardware products for solid-state memory to enhance the performance and density of flash, optimize its advanced software services, and reduce solution cost for customers; Pure1, a cloud-based management and support software; and FlashStack, a converged infrastructure solution.

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