Pure Storage, Inc. (PSTG) Downgraded to Sell at BidaskClub

Pure Storage, Inc. (NYSE:PSTG) was downgraded by equities research analysts at BidaskClub from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday.

Several other analysts have also recently issued reports on PSTG. Robert W. Baird reiterated a “hold” rating and issued a $14.00 target price on shares of Pure Storage in a research note on Wednesday, June 14th. Susquehanna Bancshares Inc reiterated a “positive” rating and issued a $16.00 target price on shares of Pure Storage in a research note on Wednesday, June 14th. Morgan Stanley reiterated an “equal weight” rating and issued a $13.00 target price (up from $12.00) on shares of Pure Storage in a research note on Wednesday, June 14th. BMO Capital Markets reiterated a “buy” rating on shares of Pure Storage in a research note on Wednesday, June 14th. Finally, Vetr upgraded shares of Pure Storage from a “buy” rating to a “strong-buy” rating and set a $15.50 target price on the stock in a research note on Wednesday, June 14th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. Pure Storage currently has a consensus rating of “Buy” and a consensus target price of $15.95.

Pure Storage (PSTG) opened at 15.82 on Wednesday. The company’s market capitalization is $3.35 billion. Pure Storage has a 52 week low of $9.12 and a 52 week high of $16.35. The company has a 50-day moving average of $14.94 and a 200-day moving average of $12.73.

Pure Storage (NYSE:PSTG) last posted its earnings results on Thursday, August 24th. The technology company reported ($0.11) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.31) by $0.20. Pure Storage had a negative net margin of 29.55% and a negative return on equity of 46.12%. The business had revenue of $224.50 million for the quarter, compared to analysts’ expectations of $217.97 million. During the same period in the prior year, the company posted ($0.16) EPS. The business’s revenue for the quarter was up 37.6% compared to the same quarter last year. On average, equities research analysts anticipate that Pure Storage will post ($0.22) EPS for the current year.

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In related news, CFO Timothy Riitters sold 55,000 shares of the stock in a transaction on Friday, September 1st. The shares were sold at an average price of $14.82, for a total transaction of $815,100.00. Following the transaction, the chief financial officer now owns 332,200 shares of the company’s stock, valued at approximately $4,923,204. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, President David Hatfield sold 40,000 shares of the stock in a transaction on Wednesday, September 27th. The shares were sold at an average price of $16.00, for a total transaction of $640,000.00. Following the transaction, the president now directly owns 225,190 shares in the company, valued at approximately $3,603,040. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 155,000 shares of company stock worth $2,363,950. 41.47% of the stock is owned by insiders.

Several hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. grew its holdings 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 purchasing an additional 863,990 shares during the last quarter. Vanguard Group Inc. grew its holdings 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 purchasing an additional 1,489,008 shares during the last quarter. FMR LLC grew its holdings 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 purchasing an additional 622,600 shares during the last quarter. Franklin Resources Inc. grew its holdings 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 purchasing an additional 146,411 shares during the last

Several other analysts have also recently issued reports on PSTG. Robert W. Baird reiterated a “hold” rating and issued a $14.00 target price on shares of Pure Storage in a research note on Wednesday, June 14th. Susquehanna Bancshares Inc reiterated a “positive” rating and issued a $16.00 target price on shares of Pure Storage in a research note on Wednesday, June 14th. Morgan Stanley reiterated an “equal weight” rating and issued a $13.00 target price (up from $12.00) on shares of Pure Storage in a research note on Wednesday, June 14th. BMO Capital Markets reiterated a “buy” rating on shares of Pure Storage in a research note on Wednesday, June 14th. Finally, Vetr upgraded shares of Pure Storage from a “buy” rating to a “strong-buy” rating and set a $15.50 target price on the stock in a research note on Wednesday, June 14th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. Pure Storage currently has a consensus rating of “Buy” and a consensus target price of $15.95.

Pure Storage (PSTG) opened at 15.82 on Wednesday. The company’s market capitalization is $3.35 billion. Pure Storage has a 52 week low of $9.12 and a 52 week high of $16.35. The company has a 50-day moving average of $14.94 and a 200-day moving average of $12.73.

Pure Storage (NYSE:PSTG) last posted its earnings results on Thursday, August 24th. The technology company reported ($0.11) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.31) by $0.20. Pure Storage had a negative net margin of 29.55% and a negative return on equity of 46.12%. The business had revenue of $224.50 million for the quarter, compared to analysts’ expectations of $217.97 million. During the same period in the prior year, the company posted ($0.16) EPS. The business’s revenue for the quarter was up 37.6% compared to the same quarter last year. On average, equities research analysts anticipate that Pure Storage will post ($0.22) EPS for the current year.

ILLEGAL ACTIVITY NOTICE: This story was first reported by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are reading this story on another site, it was copied illegally and reposted in violation of United States and international copyright & trademark law. The original version of this story can be viewed at https://ledgergazette.com/2017/10/11/pure-storage-inc-pstg-downgraded-to-sell-at-bidaskclub.html.

In related news, CFO Timothy Riitters sold 55,000 shares of the stock in a transaction on Friday, September 1st. The shares were sold at an average price of $14.82, for a total transaction of $815,100.00. Following the transaction, the chief financial officer now owns 332,200 shares of the company’s stock, valued at approximately $4,923,204. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, President David Hatfield sold 40,000 shares of the stock in a transaction on Wednesday, September 27th. The shares were sold at an average price of $16.00, for a total transaction of $640,000.00. Following the transaction, the president now directly owns 225,190 shares in the company, valued at approximately $3,603,040. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 155,000 shares of company stock worth $2,363,950. 41.47% of the stock is owned by insiders.

Several hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. grew its holdings 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 purchasing an additional 863,990 shares during the last quarter. Vanguard Group Inc. grew its holdings 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 purchasing an additional 1,489,008 shares during the last quarter. FMR LLC grew its holdings 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 purchasing an additional 622,600 shares during the last quarter. Franklin Resources Inc. grew its holdings 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 purchasing an additional 146,411 shares during the last quarter. Finally, Renaissance Technologies LLC grew its holdings in shares of Pure Storage by 91.7% during the 2nd quarter. Renaissance Technologies LLC now owns 2,461,000 shares of the technology company’s stock valued at $31,525,000 after purchasing an additional 1,177,000 shares during the last quarter. 35.30% of the stock is currently owned by institutional investors.

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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