Pure Storage Inc. (NYSE:PSTG) was upgraded by stock analysts at Vetr from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday. The firm presently has a $14.72 target price on the stock. Vetr‘s price objective suggests a potential upside of 7.45% from the stock’s previous close.
Other research analysts have also issued reports about the company. JMP Securities reissued a “buy” rating on shares of Pure Storage in a report on Sunday, July 17th. Bank of America Corp. increased their price objective on Pure Storage from $18.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, May 26th. BMO Capital Markets lowered Pure Storage from an “outperform” rating to a “market perform” rating and set a $13.00 price objective on the stock. in a report on Thursday, May 26th. Deutsche Bank AG lowered Pure Storage from an “outperform” rating to a “market perform” rating and set a $13.00 price objective on the stock. in a report on Thursday, May 26th. Finally, Wells Fargo & Co. began coverage on Pure Storage in a report on Tuesday, August 2nd. They issued a “market perform” rating on the stock. Ten research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. Pure Storage currently has a consensus rating of “Buy” and an average target price of $17.47.
Pure Storage (NYSE:PSTG) opened at 13.70 on Wednesday. The stock’s market capitalization is $2.69 billion. The company has a 50-day moving average price of $12.76 and a 200-day moving average price of $12.77. Pure Storage has a 12-month low of $9.62 and a 12-month high of $20.60.
Pure Storage (NYSE:PSTG) last announced its quarterly earnings data on Thursday, August 25th. The company reported ($0.16) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.07. The business had revenue of $163.21 million for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the prior year, the company earned ($0.33) earnings per share. Analysts expect that Pure Storage will post ($0.63) earnings per share for the current fiscal year.
A number of institutional investors have recently made changes to their positions in the company. Raymond James & Associates bought a new position in shares of Pure Storage during the second quarter worth approximately $133,000. State Board of Administration of Florida Retirement System bought a new position in shares of Pure Storage during the second quarter worth approximately $140,000. Menta Capital LLC bought a new position in shares of Pure Storage during the first quarter worth approximately $149,000. Royal Bank of Canada increased its position in shares of Pure Storage by 5,486.4% in the second quarter. Royal Bank of Canada now owns 13,966 shares of the company’s stock worth $152,000 after buying an additional 13,716 shares during the last quarter. Finally, UBS Asset Management Americas Inc. bought a new position in shares of Pure Storage during the second quarter worth approximately $195,000. Hedge funds and other institutional investors own 49.91% 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.
To view Vetr’s full report, visit Vetr’s official website.
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