Pure Storage Inc (NYSE:PSTG) Receives $20.18 Average PT from Brokerages

Pure Storage Inc (NYSE:PSTG) has been assigned a consensus recommendation of “Buy” from the twenty-five research firms that are covering the firm, Marketbeat reports. Six analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $20.18.

A number of analysts have recently commented on PSTG shares. Cfra raised Pure Storage from a “hold” rating to a “buy” rating and set a $20.00 price target for the company in a research note on Friday, May 29th. Oppenheimer reaffirmed a “buy” rating and issued a $20.00 price target on shares of Pure Storage in a research note on Thursday, May 28th. ValuEngine cut Pure Storage from a “buy” rating to a “hold” rating in a research note on Monday, June 8th. TheStreet raised Pure Storage from a “d+” rating to a “c-” rating in a research note on Wednesday, June 17th. Finally, Morgan Stanley upped their price target on Pure Storage from $12.00 to $16.00 and gave the company an “equal weight” rating in a research note on Friday, May 29th.

Shares of Pure Storage stock traded up $0.64 during trading on Friday, reaching $17.21. The company’s stock had a trading volume of 4,650,446 shares, compared to its average volume of 3,252,569. The stock has a market capitalization of $4.39 billion, a P/E ratio of -23.26 and a beta of 1.65. Pure Storage has a one year low of $7.93 and a one year high of $20.50. The company has a current ratio of 3.12, a quick ratio of 3.05 and a debt-to-equity ratio of 0.77. The stock has a 50-day moving average price of $16.31 and a two-hundred day moving average price of $15.77.

Pure Storage (NYSE:PSTG) last announced its quarterly earnings data on Thursday, May 28th. The technology company reported ($0.02) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.16) by $0.14. The firm had revenue of $367.10 million during the quarter, compared to analysts’ expectations of $349.36 million. Pure Storage had a negative return on equity of 17.24% and a negative net margin of 11.36%. The company’s quarterly revenue was up 12.3% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.11) EPS. As a group, sell-side analysts anticipate that Pure Storage will post -0.6 EPS for the current fiscal year.

In other news, Director Scott Dietzen sold 14,037 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $18.02, for a total transaction of $252,946.74. Following the sale, the director now owns 113,318 shares in the company, valued at approximately $2,041,990.36. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 10.00% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Oppenheimer & Co. Inc. raised its stake in Pure Storage by 64.2% in the 4th quarter. Oppenheimer & Co. Inc. now owns 89,550 shares of the technology company’s stock valued at $1,532,000 after acquiring an additional 35,000 shares during the period. Raymond James & Associates increased its position in Pure Storage by 628.1% during the 4th quarter. Raymond James & Associates now owns 230,167 shares of the technology company’s stock worth $3,938,000 after buying an additional 198,556 shares during the period. Champlain Investment Partners LLC increased its position in Pure Storage by 9.6% during the 4th quarter. Champlain Investment Partners LLC now owns 16,613,360 shares of the technology company’s stock worth $284,255,000 after buying an additional 1,460,155 shares during the period. Norges Bank bought a new position in Pure Storage during the 4th quarter worth $35,842,000. Finally, Two Sigma Advisers LP increased its position in Pure Storage by 8.4% during the 1st quarter. Two Sigma Advisers LP now owns 1,365,000 shares of the technology company’s stock worth $16,790,000 after buying an additional 105,700 shares during the period. Institutional investors and hedge funds own 78.38% 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 and Artificial Intelligence Ready Infrastructure converged infrastructure solutions.

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Analyst Recommendations for Pure Storage (NYSE:PSTG)

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