Pure Storage, Inc. (PSTG) Stock Rating Reaffirmed by Robert W. Baird
Pure Storage, Inc. (NYSE:PSTG)‘s stock had its “hold” rating reaffirmed by Robert W. Baird in a report issued on Thursday. They presently have a $14.00 target price on the technology company’s stock. Robert W. Baird’s price objective points to a potential downside of 6.35% from the stock’s previous close.
PSTG has been the subject of a number of other reports. Vetr raised Pure Storage from a “buy” rating to a “strong-buy” rating and set a $15.00 price target for the company in a research report on Tuesday, May 30th. Wells Fargo & Company reissued an “outperform” rating and issued a $12.00 price target on shares of Pure Storage in a research report on Thursday, May 25th. BidaskClub upgraded Pure Storage from a “sell” rating to a “hold” rating in a research note on Thursday. Maxim Group downgraded Pure Storage from a “buy” rating to a “hold” rating and reduced their price objective for the company from $20.00 to $15.00 in a research note on Monday, August 14th. Finally, Susquehanna Bancshares Inc restated a “positive” rating and issued a $16.00 price objective (up previously from $15.00) on shares of Pure Storage in a research note on Friday, May 26th. Eleven investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $15.61.
Pure Storage (NYSE:PSTG) traded up 19.03% during midday trading on Thursday, hitting $14.95. 11,448,954 shares of the stock were exchanged. The firm’s market capitalization is $3.13 billion. The company has a 50 day moving average price of $12.94 and a 200 day moving average price of $11.75. Pure Storage has a one year low of $9.12 and a one year high of $15.14.
Pure Storage (NYSE:PSTG) last released its quarterly earnings results on Thursday, August 24th. The technology company reported ($0.11) EPS for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.20. The business had revenue of $224.50 million during the quarter, compared to analyst estimates of $217.97 million. Pure Storage had a negative return on equity of 45.43% and a negative net margin of 29.55%. Pure Storage’s quarterly revenue was up 37.6% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.16) EPS. Equities analysts anticipate that Pure Storage will post ($0.28) EPS for the current year.
In related news, CFO Timothy Riitters sold 5,000 shares of the firm’s stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $13.12, for a total transaction of $65,600.00. Following the transaction, the chief financial officer now directly owns 245,703 shares of the company’s stock, valued at approximately $3,223,623.36. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Michelangelo Volpi sold 1,425,000 shares of the firm’s stock in a transaction dated Friday, June 16th. The shares were sold at an average price of $13.15, for a total value of $18,738,750.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,312,246 shares of company stock worth $30,410,081. 46.58% of the stock is currently owned by insiders.
Institutional investors have recently bought and sold shares of the company. Ameritas Investment Partners Inc. raised its position in Pure Storage by 38.8% in the second quarter. Ameritas Investment Partners Inc. now owns 8,171 shares of the technology company’s stock valued at $105,000 after buying an additional 2,284 shares during the last quarter. First Trust Advisors LP bought a new position in Pure Storage during the first quarter valued at about $135,000. Point72 Asia Hong Kong Ltd raised its position in Pure Storage by 34.7% in the first quarter. Point72 Asia Hong Kong Ltd now owns 13,815 shares of the technology company’s stock valued at $136,000 after buying an additional 3,557 shares during the last quarter. BNP Paribas Arbitrage SA raised its position in Pure Storage by 641.5% in the second quarter. BNP Paribas Arbitrage SA now owns 11,649 shares of the technology company’s stock valued at $149,000 after buying an additional 10,078 shares during the last quarter. Finally, American National Insurance Co. TX bought a new position in Pure Storage during the first quarter valued at about $150,000. Institutional investors and hedge funds own 34.86% of the company’s stock.
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.
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