Cross Research upgraded shares of Pure Storage (NYSE:PSTG) from a hold rating to a buy rating in a report released on Wednesday, BenzingaRatingsTable reports. The brokerage currently has $23.00 target price on the technology company’s stock.

Other analysts have also recently issued reports about the company. Barclays set a $17.00 target price on Pure Storage and gave the company a buy rating in a report on Wednesday, August 21st. Lake Street Capital set a $19.00 target price on Pure Storage and gave the company a buy rating in a report on Thursday, August 22nd. BTIG Research dropped their target price on Pure Storage to $20.00 and set a buy rating for the company in a report on Thursday, August 22nd. Zacks Investment Research upgraded Pure Storage from a hold rating to a buy rating and set a $17.00 target price for the company in a report on Tuesday, August 27th. Finally, Stifel Nicolaus upped their target price on Pure Storage from $16.00 to $18.00 and gave the company a hold rating in a report on Wednesday. Six analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. The company currently has an average rating of Buy and an average price target of $20.67.

NYSE PSTG opened at $17.39 on Wednesday. The business has a fifty day moving average price of $15.39 and a 200 day moving average price of $18.00. Pure Storage has a one year low of $12.68 and a one year high of $27.59. The company has a debt-to-equity ratio of 0.76, a current ratio of 3.21 and a quick ratio of 3.14.

Pure Storage (NYSE:PSTG) last posted its quarterly earnings data on Wednesday, August 21st. The technology company reported ($0.23) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.28) by $0.05. Pure Storage had a negative return on equity of 25.22% and a negative net margin of 14.51%. The firm had revenue of $396.30 million during the quarter, compared to the consensus estimate of $392.34 million. During the same period in the prior year, the company earned $0.01 EPS. The firm’s revenue was up 28.3% compared to the same quarter last year. On average, equities research analysts expect that Pure Storage will post -0.7 earnings per share for the current fiscal year.

In other news, CFO Timothy Riitters sold 10,420 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $17.79, for a total transaction of $185,371.80. Over the last quarter, insiders have sold 31,260 shares of company stock valued at $512,247. Company insiders own 10.00% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Fox Run Management L.L.C. purchased a new position in shares of Pure Storage during the 2nd quarter worth $390,000. CENTRAL TRUST Co boosted its holdings in Pure Storage by 44.3% during the 2nd quarter. CENTRAL TRUST Co now owns 16,758 shares of the technology company’s stock valued at $264,000 after acquiring an additional 5,146 shares during the period. BNP Paribas Arbitrage SA boosted its holdings in Pure Storage by 168.5% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 28,684 shares of the technology company’s stock valued at $438,000 after acquiring an additional 18,001 shares during the period. Swiss National Bank boosted its holdings in Pure Storage by 1.7% during the 2nd quarter. Swiss National Bank now owns 342,400 shares of the technology company’s stock valued at $5,228,000 after acquiring an additional 5,700 shares during the period. Finally, MUFG Securities EMEA plc boosted its holdings in Pure Storage by 13.2% during the 2nd quarter. MUFG Securities EMEA plc now owns 68,100 shares of the technology company’s stock valued at $1,040,000 after acquiring an additional 7,935 shares during the period. Institutional investors and hedge funds own 77.26% of the company’s stock.

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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Analyst Recommendations for Pure Storage (NYSE:PSTG)

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