Pure Storage (PSTG) Price Target Increased to $29.00 by Analysts at BMO Capital Markets

Pure Storage (NYSE:PSTG) had its price objective upped by BMO Capital Markets from $25.00 to $29.00 in a research report released on Tuesday. BMO Capital Markets currently has an outperform rating on the technology company’s stock.

PSTG has been the subject of a number of other reports. Barclays raised their price objective on shares of Pure Storage from $22.00 to $24.00 and gave the company an overweight rating in a research note on Friday, March 2nd. Bank of America raised their price objective on shares of Pure Storage from $22.00 to $26.00 and gave the company a buy rating in a research note on Friday, March 2nd. Deutsche Bank assumed coverage on shares of Pure Storage in a research note on Monday, April 16th. They set a buy rating and a $24.00 price objective for the company. Maxim Group restated a hold rating and set a $21.00 price objective (up from $20.00) on shares of Pure Storage in a research note on Friday, March 2nd. Finally, JMP Securities raised their price objective on shares of Pure Storage from $23.00 to $26.00 and gave the company an outperform rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and seventeen have given a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus target price of $23.05.

NYSE:PSTG opened at $20.74 on Tuesday. Pure Storage has a fifty-two week low of $11.77 and a fifty-two week high of $24.31.

Pure Storage (NYSE:PSTG) last released its quarterly earnings data on Monday, May 21st. The technology company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.05. The business had revenue of $255.90 million during the quarter, compared to analyst estimates of $251.06 million. Pure Storage had a negative net margin of 17.36% and a negative return on equity of 37.84%. Pure Storage’s revenue was up 40.1% compared to the same quarter last year. During the same period last year, the business earned ($0.14) EPS. equities research analysts forecast that Pure Storage will post -0.74 earnings per share for the current fiscal year.

In related news, Director Scott Dietzen sold 125,000 shares of the business’s stock in a transaction that occurred on Monday, May 21st. The shares were sold at an average price of $23.58, for a total transaction of $2,947,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President David Hatfield sold 200,000 shares of the business’s stock in a transaction that occurred on Monday, March 19th. The shares were sold at an average price of $20.15, for a total transaction of $4,030,000.00. The disclosure for this sale can be found here. Insiders sold 1,157,243 shares of company stock valued at $24,521,300 over the last quarter. Company insiders own 15.30% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Fortis Advisors LLC bought a new stake in Pure Storage during the first quarter valued at approximately $118,000. Point72 Asia Hong Kong Ltd bought a new stake in Pure Storage during the first quarter valued at approximately $132,000. Adviser Investments LLC bought a new stake in Pure Storage during the first quarter valued at approximately $136,000. Fortaleza Asset Management Inc. bought a new stake in Pure Storage during the fourth quarter valued at approximately $154,000. Finally, Ardsley Advisory Partners bought a new stake in Pure Storage during the fourth quarter valued at approximately $159,000. Institutional investors own 61.06% of the company’s stock.

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.

Analyst Recommendations for Pure Storage (NYSE:PSTG)

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