Other equities research analysts also recently issued reports about the stock. Summit Redstone upgraded shares of Pure Storage from a hold rating to a buy rating in a research note on Friday, August 25th. BidaskClub upgraded shares of Pure Storage from a hold rating to a buy rating in a research report on Wednesday, July 19th. UBS Group AG (USA) reiterated a buy rating and set a $18.00 target price (up from $15.00) on shares of Pure Storage in a research report on Monday, September 25th. BTIG Research lifted their target price on shares of Pure Storage from $14.00 to $20.00 and gave the stock a buy rating in a research report on Thursday, October 19th. Finally, Morgan Stanley reiterated an equal weight rating and set a $15.00 target price (up from $13.00) on shares of Pure Storage in a research report on Friday, August 25th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average price target of $16.36.
Shares of Pure Storage (NYSE PSTG) opened at $16.49 on Wednesday.
Pure Storage (NYSE:PSTG) last announced its earnings results on Thursday, August 24th. The technology company reported ($0.11) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.31) by $0.20. The company had revenue of $224.50 million during the quarter, compared to the consensus estimate of $217.97 million. Pure Storage had a negative net margin of 29.55% and a negative return on equity of 46.12%. The company’s revenue was up 37.6% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.16) earnings per share. equities research analysts forecast that Pure Storage will post -0.97 earnings per share for the current year.
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In related news, President David Hatfield sold 30,000 shares of Pure Storage stock in a transaction on Monday, September 18th. The stock was sold at an average price of $14.66, for a total value of $439,800.00. Following the completion of the transaction, the president now directly owns 215,190 shares in the company, valued at $3,154,685.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Timothy Riitters sold 5,000 shares of Pure Storage stock in a transaction on Friday, September 8th. The shares were sold at an average price of $14.56, for a total value of $72,800.00. Following the completion of the transaction, the chief financial officer now owns 282,200 shares of the company’s stock, valued at $4,108,832. The disclosure for this sale can be found here. Insiders sold 242,028 shares of company stock worth $3,773,235 over the last three months. Insiders own 46.58% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in PSTG. BlackRock Inc. lifted its position in shares of Pure Storage by 18,167.3% during the first quarter. BlackRock Inc. now owns 13,649,176 shares of the technology company’s stock worth $134,172,000 after purchasing an additional 13,574,457 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Pure Storage by 3,403.9% during the first quarter. Goldman Sachs Group Inc. now owns 1,738,819 shares of the technology company’s stock worth $17,093,000 after purchasing an additional 1,689,194 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Pure Storage by 26.7% during the second quarter. Vanguard Group Inc. now owns 7,059,059 shares of the technology company’s stock worth $90,427,000 after purchasing an additional 1,489,008 shares during the last quarter. Renaissance Technologies LLC lifted its position in shares of Pure Storage by 91.7% during the second quarter. Renaissance Technologies LLC now owns 2,461,000 shares of the technology company’s stock worth $31,525,000 after purchasing an additional 1,177,000 shares during the last quarter. Finally, UBS Oconnor LLC bought a new position in Pure Storage in the second quarter worth about $13,130,000. 35.45% of the stock is owned by institutional investors.
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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