Wells Fargo & Company assumed coverage on shares of Pure Storage, Inc. (NYSE:PSTG) in a research report sent to investors on Tuesday morning, MarketBeat.com reports. The brokerage issued an outperform rating and a $22.00 target price on the technology company’s stock.

PSTG has been the subject of several other reports. BidaskClub lowered Pure Storage from a hold rating to a sell rating in a research report on Wednesday, October 11th. Susquehanna Bancshares Inc reaffirmed a positive rating and set a $20.00 target price (up from $18.00) on shares of Pure Storage in a research report on Thursday, October 5th. BMO Capital Markets reaffirmed an outperform rating and set a $16.00 target price (up from $15.00) on shares of Pure Storage in a research report on Friday, August 25th. ValuEngine lowered Pure Storage from a hold rating to a sell rating in a research report on Monday, September 11th. Finally, JMP Securities raised their target price on Pure Storage from $16.00 to $22.00 and gave the company an outperform rating in a research report on Friday, October 13th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of Buy and a consensus price target of $16.82.

Shares of Pure Storage (NYSE:PSTG) traded up $0.36 during trading on Tuesday, hitting $17.39. The stock had a trading volume of 2,519,919 shares, compared to its average volume of 1,699,191. Pure Storage has a 1 year low of $9.12 and a 1 year high of $17.43.

Pure Storage (NYSE:PSTG) last announced its earnings results on Thursday, August 24th. The technology company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.31) by $0.20. Pure Storage had a negative return on equity of 46.12% and a negative net margin of 29.55%. The firm had revenue of $224.50 million during the quarter, compared to analyst estimates of $217.97 million. During the same period last year, the firm posted ($0.16) EPS. The business’s revenue was up 37.6% compared to the same quarter last year. sell-side analysts predict that Pure Storage will post -0.97 earnings per share for the current year.

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In other news, President David Hatfield sold 30,000 shares of Pure Storage stock in a transaction dated Monday, September 18th. The stock was sold at an average price of $14.66, for a total transaction of $439,800.00. Following the completion of the sale, the president now owns 215,190 shares in the company, valued at approximately $3,154,685.40. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Timothy Riitters sold 5,000 shares of Pure Storage stock in a transaction dated Friday, September 8th. The shares were sold at an average price of $14.56, for a total value of $72,800.00. Following the sale, the chief financial officer now owns 282,200 shares of the company’s stock, valued at approximately $4,108,832. The disclosure for this sale can be found here. In the last 90 days, insiders sold 242,028 shares of company stock valued at $3,773,235. 46.58% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. boosted its position in shares of Pure Storage by 6.3% during the 2nd quarter. BlackRock Inc. now owns 14,513,166 shares of the technology company’s stock valued at $185,913,000 after acquiring an additional 863,990 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Pure Storage by 26.7% during the 2nd quarter. Vanguard Group Inc. now owns 7,059,059 shares of the technology company’s stock valued at $90,427,000 after acquiring an additional 1,489,008 shares during the last quarter. FMR LLC boosted its position in shares of Pure Storage by 10.9% during the 2nd quarter. FMR LLC now owns 6,359,676 shares of the technology company’s stock valued at $81,467,000 after acquiring an additional 622,600 shares during the last quarter. Okumus Fund Management Ltd. boosted its position in shares of Pure Storage by 4.1% during the 3rd quarter. Okumus Fund Management Ltd. now owns 5,299,197 shares of the technology company’s stock valued at $84,734,000 after acquiring an additional 206,943 shares during the last quarter. Finally, Franklin Resources Inc. boosted its position in shares of Pure Storage by 5.0% during the 2nd quarter. Franklin Resources Inc. now owns 3,097,439 shares of the technology company’s stock valued at $39,679,000 after acquiring an additional 146,411 shares during the last quarter. Hedge funds and other institutional investors own 35.17% of the company’s stock.

Pure Storage Company Profile

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.

Analyst Recommendations for Pure Storage (NYSE:PSTG)

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