Pure Storage Inc. (NYSE:PSTG) was upgraded by equities researchers at Vetr from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The brokerage presently has a $14.72 price objective on the stock. Vetr‘s price objective would indicate a potential upside of 8.08% from the company’s current price.
Other equities analysts have also recently issued reports about the stock. JMP Securities restated a “buy” rating on shares of Pure Storage in a research report on Sunday, July 17th. Barclays PLC upped their price target on shares of Pure Storage from $15.00 to $16.00 and gave the company an “equal weight” rating in a research report on Friday, August 26th. Jefferies Group upped their price target on shares of Pure Storage from $11.00 to $13.00 and gave the company a “hold” rating in a research report on Friday, August 26th. Susquehanna restated a “neutral” rating and issued a $12.00 price target (up from $11.00) on shares of Pure Storage in a research report on Friday, August 26th. Finally, William Blair restated an “outperform” rating on shares of Pure Storage in a research report on Friday, August 26th. Ten investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $17.24.
Shares of Pure Storage (NYSE:PSTG) opened at 13.62 on Tuesday. The company’s 50 day moving average is $13.17 and its 200-day moving average is $12.87. The firm’s market capitalization is $2.68 billion. Pure Storage has a one year low of $9.62 and a one year high of $20.60.
Pure Storage (NYSE:PSTG) last released its quarterly earnings data on Thursday, August 25th. The company reported ($0.16) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate 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 net margin of 38.27% and a negative return on equity of 38.48%. The firm’s quarterly revenue was up 92.8% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.33) EPS. Equities analysts expect that Pure Storage will post ($0.63) EPS for the current year.
In other news, CFO Timothy Riitters sold 3,231 shares of the stock in a transaction dated Wednesday, September 21st. The shares were sold at an average price of $13.50, for a total value of $43,618.50. Following the completion of the sale, the chief financial officer now owns 31,769 shares in the company, valued at $428,881.50. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 46.58% of the stock is currently owned by insiders.
Several hedge funds have recently made changes to their positions in the stock. FMR LLC increased its stake in shares of Pure Storage by 65.5% in the second quarter. FMR LLC now owns 7,701,276 shares of the company’s stock valued at $83,944,000 after buying an additional 3,049,278 shares in the last quarter. Vanguard Group Inc. increased its stake in Pure Storage by 258.0% in the second quarter. Vanguard Group Inc. now owns 3,539,596 shares of the company’s stock worth $38,581,000 after buying an additional 2,550,935 shares during the period. BlackRock Advisors LLC increased its stake in Pure Storage by 53.8% in the second quarter. BlackRock Advisors LLC now owns 4,364,173 shares of the company’s stock worth $47,569,000 after buying an additional 1,527,300 shares during the period. Franklin Resources Inc. increased its stake in Pure Storage by 177.5% in the first quarter. Franklin Resources Inc. now owns 2,299,005 shares of the company’s stock worth $31,473,000 after buying an additional 1,470,420 shares during the period. Finally, BlackRock Institutional Trust Company N.A. increased its stake in Pure Storage by 323.8% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 1,431,020 shares of the company’s stock worth $15,598,000 after buying an additional 1,093,356 shares during the period. Institutional investors own 49.35% of the company’s stock.
Pure Storage Company Profile
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.
To view Vetr’s full report, visit Vetr’s official website.
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