Pure Storage (PSTG) Price Target Raised to $30.00

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Pure Storage (NYSE:PSTG) had its target price raised by KeyCorp from $29.00 to $30.00 in a report issued on Wednesday. The brokerage presently has an “overweight” rating on the technology company’s stock. KeyCorp’s price target would suggest a potential upside of 36.30% from the stock’s current price.

A number of other equities research analysts also recently issued reports on PSTG. JMP Securities increased their price target on Pure Storage from $23.00 to $26.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 22nd. BMO Capital Markets increased their price target on Pure Storage from $25.00 to $29.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 22nd. Deutsche Bank increased their price target on Pure Storage from $24.00 to $25.00 and gave the stock a “buy” rating in a research report on Tuesday, May 22nd. Morgan Stanley increased their price target on Pure Storage from $19.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 22nd. Finally, Summit Insights raised Pure Storage to a “buy” rating in a research report on Tuesday, May 22nd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have given a buy rating to the company’s stock. Pure Storage presently has a consensus rating of “Buy” and an average price target of $24.61.

Shares of NYSE PSTG opened at $22.01 on Wednesday. The company has a market cap of $5.10 billion, a PE ratio of -26.20 and a beta of 1.12. The company has a debt-to-equity ratio of 0.68, a quick ratio of 4.22 and a current ratio of 4.34. Pure Storage has a 1-year low of $12.47 and a 1-year high of $25.62.

Pure Storage (NYSE:PSTG) last announced its earnings results on Tuesday, August 21st. The technology company reported $0.01 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.06) by $0.07. The company had revenue of $308.90 million for the quarter, compared to analyst estimates of $301.32 million. Pure Storage had a negative return on equity of 35.13% and a negative net margin of 16.38%. The firm’s quarterly revenue was up 37.5% compared to the same quarter last year. During the same quarter last year, the company earned ($0.11) earnings per share. equities research analysts predict that Pure Storage will post -0.75 earnings per share for the current year.

In other news, Director Scott Dietzen sold 222,332 shares of Pure Storage stock in a transaction on Tuesday, May 29th. The shares were sold at an average price of $20.68, for a total transaction of $4,597,825.76. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Timothy Riitters sold 25,000 shares of Pure Storage stock in a transaction on Wednesday, May 30th. The stock was sold at an average price of $21.21, for a total transaction of $530,250.00. The disclosure for this sale can be found here. Insiders sold 7,025,438 shares of company stock worth $164,845,180 in the last 90 days. 15.30% of the stock is currently owned by corporate insiders.

Several institutional investors have recently modified their holdings of the company. BlackRock Inc. boosted its stake in shares of Pure Storage by 7.0% during the 1st quarter. BlackRock Inc. now owns 17,285,568 shares of the technology company’s stock worth $344,847,000 after acquiring an additional 1,123,358 shares during the last quarter. FMR LLC raised its position in shares of Pure Storage by 66.8% during the 2nd quarter. FMR LLC now owns 15,114,725 shares of the technology company’s stock valued at $360,940,000 after purchasing an additional 6,055,122 shares during the period. Champlain Investment Partners LLC raised its position in shares of Pure Storage by 91.8% during the 1st quarter. Champlain Investment Partners LLC now owns 2,990,675 shares of the technology company’s stock valued at $59,664,000 after purchasing an additional 1,431,580 shares during the period. Millennium Management LLC raised its position in shares of Pure Storage by 7.2% during the 1st quarter. Millennium Management LLC now owns 2,590,785 shares of the technology company’s stock valued at $51,686,000 after purchasing an additional 172,897 shares during the period. Finally, Morgan Stanley raised its position in shares of Pure Storage by 175.7% during the 2nd quarter. Morgan Stanley now owns 2,480,932 shares of the technology company’s stock valued at $59,244,000 after purchasing an additional 1,581,205 shares during the period. Institutional investors and hedge funds own 66.21% 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, a converged infrastructure solution.

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Analyst Recommendations for Pure Storage (NYSE:PSTG)

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