Maxim Group reissued their hold rating on shares of Pure Storage (NYSE:PSTG) in a report issued on Thursday morning, AnalystRatings.com reports. The brokerage currently has a $22.00 price target on the technology company’s stock.
“Revenue disappoints due to large enterprise deals pushing out. Strong deferred revenue suggests strengthened retention rates. FY20 midpoint revenue guidance lowered by $35M despite just a $6M F1Q20 miss, makes us incrementally concerned reduced demand is due to increased price competition for select large enterprise customers. We expect the increased price competition to pass, maintain Hold rating and DCF-based 12-month price target of $22.”,” Maxim Group’s analyst wrote.
Several other brokerages also recently issued reports on PSTG. Credit Suisse Group assumed coverage on shares of Pure Storage in a report on Thursday, April 11th. They issued a neutral rating and a $23.00 price target on the stock. Cowen raised shares of Pure Storage from a market perform rating to an outperform rating and upped their price target for the company from $20.00 to $30.00 in a report on Monday, April 8th. ValuEngine raised shares of Pure Storage from a hold rating to a buy rating in a report on Monday, April 1st. Oppenheimer set a $26.00 price target on shares of Pure Storage and gave the company a buy rating in a report on Tuesday, March 19th. Finally, Stifel Nicolaus reduced their price target on shares of Pure Storage from $22.00 to $20.00 and set a hold rating on the stock in a report on Wednesday, May 22nd. Eight analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average price target of $24.83.
Pure Storage (NYSE:PSTG) last announced its quarterly earnings results on Tuesday, May 21st. The technology company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.29) by ($0.08). Pure Storage had a negative net margin of 14.99% and a negative return on equity of 26.00%. The business had revenue of $326.70 million during the quarter, compared to analysts’ expectations of $333.83 million. On average, equities analysts predict that Pure Storage will post -0.53 EPS for the current fiscal year.
In related news, CFO Timothy Riitters sold 5,210 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $20.46, for a total transaction of $106,596.60. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Scott Dietzen sold 100,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $23.05, for a total transaction of $2,305,000.00. The disclosure for this sale can be found here. Insiders have sold 564,260 shares of company stock worth $11,880,961 in the last three months. Insiders own 10.00% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. Oppenheimer Asset Management Inc. acquired a new position in Pure Storage during the fourth quarter worth approximately $27,000. Sonora Investment Management LLC increased its position in Pure Storage by 80.2% during the fourth quarter. Sonora Investment Management LLC now owns 1,910 shares of the technology company’s stock worth $31,000 after purchasing an additional 850 shares during the last quarter. Sageworth Trust Co acquired a new position in Pure Storage during the first quarter worth approximately $37,000. Meeder Asset Management Inc. acquired a new position in Pure Storage during the fourth quarter worth approximately $42,000. Finally, Coastal Investment Advisors Inc. acquired a new position in Pure Storage during the first quarter worth approximately $70,000. 77.83% of the stock is owned by hedge funds and other institutional investors.
Pure Storage Company Profile
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 and Artificial Intelligence Ready Infrastructure converged infrastructure solutions.
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