Pure Storage Inc (NYSE:PSTG) hit a new 52-week high and low during mid-day trading on Thursday . The stock traded as low as $25.62 and last traded at $25.36, with a volume of 193864 shares trading hands. The stock had previously closed at $25.36.
Several equities research analysts have issued reports on PSTG shares. Robert W. Baird reiterated a “neutral” rating and issued a $22.00 price target (up from $20.00) on shares of Pure Storage in a research note on Friday, March 2nd. Stifel Nicolaus started coverage on shares of Pure Storage in a research note on Tuesday, June 5th. They issued a “hold” rating and a $23.00 price target on the stock. TheStreet upgraded shares of Pure Storage from a “d” rating to a “c-” rating in a research note on Thursday, March 1st. Summit Insights upgraded shares of Pure Storage to a “buy” rating in a research note on Tuesday, May 22nd. Finally, BMO Capital Markets lifted their price target on shares of Pure Storage from $22.00 to $25.00 and gave the company an “outperform” rating in a research note on Friday, March 2nd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eighteen have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $23.05.
Pure Storage (NYSE:PSTG) last announced its quarterly earnings data on Monday, May 21st. The technology company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.05. Pure Storage had a negative net margin of 17.36% and a negative return on equity of 37.84%. The company had revenue of $255.90 million during the quarter, compared to the consensus estimate of $251.06 million. During the same quarter last year, the firm posted ($0.14) EPS. The company’s quarterly revenue was up 40.1% on a year-over-year basis. research analysts anticipate that Pure Storage Inc will post -0.73 earnings per share for the current year.
In other news, CFO Timothy Riitters sold 3,000 shares of Pure Storage stock in a transaction dated Wednesday, March 28th. The shares were sold at an average price of $19.23, for a total value of $57,690.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael L. Speiser sold 150,000 shares of Pure Storage stock in a transaction dated Wednesday, June 6th. The stock was sold at an average price of $23.05, for a total transaction of $3,457,500.00. The disclosure for this sale can be found here. In the last three months, insiders sold 1,554,575 shares of company stock valued at $33,106,875. Insiders own 15.30% of the company’s stock.
Several hedge funds have recently made changes to their positions in the stock. WealthTrust Fairport LLC bought a new stake in shares of Pure Storage during the 1st quarter worth about $121,000. Diversified Trust Co bought a new stake in shares of Pure Storage during the 1st quarter worth about $205,000. Principal Financial Group Inc. boosted its holdings in shares of Pure Storage by 105.4% during the 1st quarter. Principal Financial Group Inc. now owns 22,552 shares of the technology company’s stock worth $450,000 after buying an additional 11,574 shares during the period. Wesbanco Bank Inc. bought a new stake in shares of Pure Storage during the 1st quarter worth about $3,287,000. Finally, Xact Kapitalforvaltning AB bought a new stake in shares of Pure Storage during the 1st quarter worth about $252,000. 57.82% of the stock is owned by institutional investors and hedge funds.
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, a converged infrastructure solution.
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