ValuEngine upgraded shares of Pure Storage (NYSE:PSTG) from a hold rating to a buy rating in a research report sent to investors on Wednesday.

A number of other research firms also recently weighed in on PSTG. Bank of America restated a buy rating and issued a $33.00 target price on shares of Pure Storage in a research report on Wednesday, September 19th. Citigroup upped their target price on Pure Storage to $34.00 and gave the stock a buy rating in a research report on Thursday, September 6th. Zacks Investment Research downgraded Pure Storage from a buy rating to a hold rating in a research report on Monday, August 27th. BMO Capital Markets upped their target price on Pure Storage from $29.00 to $30.00 and gave the stock an outperform rating in a research report on Wednesday, August 22nd. Finally, Deutsche Bank upped their target price on Pure Storage from $25.00 to $26.00 and gave the stock a buy rating in a research report on Wednesday, August 22nd. Seven equities research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $26.55.

PSTG traded down $0.90 during trading on Wednesday, reaching $20.81. The stock had a trading volume of 3,304,672 shares, compared to its average volume of 3,379,234. The company has a market capitalization of $5.12 billion, a price-to-earnings ratio of -24.77 and a beta of 1.76. The company has a debt-to-equity ratio of 0.68, a current ratio of 4.03 and a quick ratio of 3.91. Pure Storage has a 1-year low of $15.81 and a 1-year high of $29.14.

Pure Storage (NYSE:PSTG) last released its earnings results on Tuesday, August 21st. The technology company reported $0.01 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.07. The firm had revenue of $308.90 million during the quarter, compared to the consensus estimate of $301.32 million. Pure Storage had a negative return on equity of 30.30% and a negative net margin of 15.07%. The firm’s revenue for the quarter was up 37.5% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.11) earnings per share. Equities analysts expect that Pure Storage will post -0.66 EPS for the current fiscal year.

In other news, CFO Timothy Riitters sold 14,945 shares of the stock in a transaction on Friday, October 5th. The stock was sold at an average price of $25.25, for a total value of $377,361.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Scott Dietzen sold 3,377 shares of the stock in a transaction on Friday, October 5th. The shares were sold at an average price of $25.18, for a total value of $85,032.86. The disclosure for this sale can be found here. Insiders sold 364,417 shares of company stock valued at $9,010,080 in the last 90 days. Corporate insiders own 15.30% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of PSTG. FMR LLC increased its stake in shares of Pure Storage by 66.8% in the second quarter. FMR LLC now owns 15,114,725 shares of the technology company’s stock worth $360,940,000 after acquiring an additional 6,055,122 shares during the last quarter. Voya Investment Management LLC increased its stake in shares of Pure Storage by 4,195.3% in the second quarter. Voya Investment Management LLC now owns 1,803,525 shares of the technology company’s stock worth $43,069,000 after acquiring an additional 1,761,537 shares during the last quarter. First Trust Advisors LP increased its stake in shares of Pure Storage by 414.7% in the third quarter. First Trust Advisors LP now owns 2,179,168 shares of the technology company’s stock worth $56,549,000 after acquiring an additional 1,755,742 shares during the last quarter. Morgan Stanley increased its stake in shares of Pure Storage by 175.7% in the second quarter. Morgan Stanley now owns 2,480,932 shares of the technology company’s stock worth $59,244,000 after acquiring an additional 1,581,205 shares during the last quarter. Finally, Bank of America Corp DE increased its stake in shares of Pure Storage by 165.3% in the second quarter. Bank of America Corp DE now owns 2,322,372 shares of the technology company’s stock worth $55,458,000 after acquiring an additional 1,446,951 shares during the last quarter. 69.65% of the stock is currently owned by institutional investors and hedge funds.

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, a converged infrastructure solution.

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Analyst Recommendations for Pure Storage (NYSE:PSTG)

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