Pure Storage Inc (NYSE:PSTG) has received a consensus rating of “Buy” from the seventeen ratings firms that are covering the company, MarketBeat reports. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $20.27.
PSTG has been the topic of several recent analyst reports. Bank of America cut their price objective on Pure Storage from $22.00 to $20.00 and set a “buy” rating on the stock in a report on Wednesday, August 26th. Deutsche Bank started coverage on Pure Storage in a research note on Thursday, June 18th. They issued a “hold” rating and a $17.00 target price on the stock. TheStreet upgraded Pure Storage from a “d+” rating to a “c-” rating in a research note on Wednesday, June 17th. Susquehanna Bancshares restated a “buy” rating and issued a $23.00 target price on shares of Pure Storage in a research note on Tuesday, August 25th. Finally, ValuEngine cut Pure Storage from a “buy” rating to a “hold” rating in a research note on Monday, June 8th.
In other news, Director Scott Dietzen sold 9,454 shares of the company’s stock in a transaction that occurred on Thursday, July 23rd. The stock was sold at an average price of $18.00, for a total transaction of $170,172.00. Following the sale, the director now owns 127,500 shares in the company, valued at approximately $2,295,000. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 7.80% of the company’s stock.
Several hedge funds have recently bought and sold shares of PSTG. Aperio Group LLC acquired a new position in shares of Pure Storage during the 1st quarter worth approximately $274,000. Rhumbline Advisers grew its holdings in Pure Storage by 1.1% in the 1st quarter. Rhumbline Advisers now owns 222,169 shares of the technology company’s stock valued at $2,733,000 after buying an additional 2,365 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in Pure Storage by 203.0% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 2,312 shares of the technology company’s stock valued at $28,000 after buying an additional 1,549 shares in the last quarter. Piedmont Investment Advisors Inc. grew its holdings in Pure Storage by 18.3% in the 1st quarter. Piedmont Investment Advisors Inc. now owns 20,851 shares of the technology company’s stock valued at $256,000 after buying an additional 3,223 shares in the last quarter. Finally, US Bancorp DE grew its holdings in Pure Storage by 7.3% in the 1st quarter. US Bancorp DE now owns 30,157 shares of the technology company’s stock valued at $371,000 after buying an additional 2,048 shares in the last quarter. 81.72% of the stock is currently owned by institutional investors and hedge funds.
Shares of Pure Storage stock traded down $0.24 during trading on Monday, hitting $15.55. 2,752,292 shares of the company were exchanged, compared to its average volume of 3,684,999. Pure Storage has a 1-year low of $7.93 and a 1-year high of $20.50. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.12 and a quick ratio of 3.05. The firm has a market capitalization of $4.17 billion, a P/E ratio of -21.30 and a beta of 1.47. The firm’s fifty day moving average price is $15.29 and its 200 day moving average price is $15.27.
Pure Storage (NYSE:PSTG) last released its quarterly earnings data on Tuesday, August 25th. The technology company reported $0.06 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.21) by $0.27. Pure Storage had a negative return on equity of 13.64% and a negative net margin of 11.25%. The business had revenue of $403.72 million for the quarter, compared to analysts’ expectations of $395.27 million. During the same quarter in the previous year, the business posted $0.01 EPS. Pure Storage’s revenue for the quarter was up 1.9% on a year-over-year basis. As a group, equities research analysts anticipate that Pure Storage will post -0.72 earnings per share for the current year.
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 and Artificial Intelligence Ready Infrastructure converged infrastructure solutions.
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