JPMorgan Chase & Co. began coverage on shares of Pure Storage Inc. (NYSE:PSTG) in a research report report published on Tuesday. The firm issued a neutral rating and a $13.00 price target on the stock.
A number of other research firms have also recently weighed in on PSTG. Needham & Company LLC reiterated a buy rating on shares of Pure Storage in a report on Monday, August 29th. Vetr upgraded Pure Storage from a hold rating to a buy rating and set a $14.72 price target for the company in a report on Wednesday, September 21st. Morgan Stanley reiterated a buy rating and set a $21.00 price target on shares of Pure Storage in a report on Monday, September 12th. Jefferies Group increased their target price on Pure Storage from $11.00 to $13.00 and gave the stock a hold rating in a research note on Friday, August 26th. Finally, Susquehanna raised Pure Storage from a negative rating to a neutral rating and increased their target price for the stock from $10.00 to $11.00 in a research note on Tuesday, July 19th. Eleven analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus price target of $17.07.
Pure Storage (NYSE:PSTG) opened at 12.16 on Tuesday. The firm has a 50-day moving average price of $13.28 and a 200 day moving average price of $12.84. Pure Storage has a 1-year low of $9.62 and a 1-year high of $19.86. The stock’s market cap is $2.39 billion.
Pure Storage (NYSE:PSTG) last released its quarterly earnings results on Thursday, August 25th. The company reported ($0.16) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.07. The business earned $163.21 million during the quarter, compared to analysts’ expectations of $155.14 million. Pure Storage had a negative return on equity of 38.48% and a negative net margin of 38.27%. The company’s revenue was up 92.8% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.33) EPS. On average, equities research analysts anticipate that Pure Storage will post ($0.63) EPS for the current fiscal year.
In other Pure Storage news, CFO Timothy Riitters sold 3,231 shares of Pure Storage stock in a transaction that occurred on Wednesday, September 21st. The stock was sold at an average price of $13.50, for a total value of $43,618.50. Following the transaction, the chief financial officer now directly owns 31,769 shares in the company, valued at approximately $428,881.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 46.58% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. increased its position in shares of Pure Storage by 48.9% in the first quarter. BlackRock Inc. now owns 43,223 shares of the company’s stock valued at $592,000 after buying an additional 14,197 shares during the period. Swiss National Bank bought a new position in shares of Pure Storage during the second quarter valued at $743,000. Jacobs Levy Equity Management Inc. bought a new position in shares of Pure Storage during the first quarter valued at $431,000. Bank of New York Mellon Corp increased its position in shares of Pure Storage by 140.8% in the second quarter. Bank of New York Mellon Corp now owns 217,941 shares of the company’s stock valued at $2,375,000 after buying an additional 127,444 shares during the period. Finally, A.R.T. Advisors LLC bought a new position in shares of Pure Storage during the first quarter valued at $859,000. Institutional investors own 49.38% of the company’s stock.
About Pure Storage
Pure Storage, Inc provides an enterprise data storage platform. The Company’s storage platform consists of approximately three integrated components, including the Purity Operating Environment, which is its flash-optimized software; FlashArray, which is its modular and scalable all-flash array hardware, and Pure1, which is its cloud-based management and support.
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