Pure Storage (NYSE:PSTG) was upgraded by equities researchers at Goldman Sachs Group from a “sell” rating to a “neutral” rating in a research report issued on Wednesday, MarketBeat.com reports. The firm presently has a $23.00 target price on the technology company’s stock. Goldman Sachs Group’s price target indicates a potential upside of 2.63% from the company’s previous close.
PSTG has been the topic of several other research reports. JPMorgan Chase & Co. initiated coverage on Pure Storage in a research report on Friday, July 27th. They issued an “overweight” rating and a $30.00 target price on the stock. Bank of America reiterated a “buy” rating and issued a $33.00 price target on shares of Pure Storage in a research note on Wednesday, September 19th. Zacks Investment Research upgraded Pure Storage from a “hold” rating to a “buy” rating and set a $27.00 price target for the company in a research note on Tuesday, July 17th. Deutsche Bank boosted their price target on Pure Storage from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, August 22nd. Finally, KeyCorp boosted their price target on Pure Storage from $27.00 to $29.00 and gave the company an “overweight” rating in a research note on Thursday, June 28th. Seven equities research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $26.55.
Pure Storage stock opened at $22.41 on Wednesday. Pure Storage has a 12 month low of $15.72 and a 12 month high of $29.14. The company has a debt-to-equity ratio of 0.68, a quick ratio of 3.91 and a current ratio of 4.03. The company has a market capitalization of $5.46 billion, a PE ratio of -26.68 and a beta of 1.35.
Pure Storage (NYSE:PSTG) last posted its earnings results on Tuesday, August 21st. The technology company reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.06) by $0.07. Pure Storage had a negative return on equity of 30.30% and a negative net margin of 15.07%. The company had revenue of $308.90 million for the quarter, compared to the consensus estimate of $301.32 million. During the same quarter in the prior year, the business earned ($0.11) earnings per share. The firm’s revenue for the quarter was up 37.5% on a year-over-year basis. On average, analysts anticipate that Pure Storage will post -0.66 EPS for the current year.
In other Pure Storage news, CEO Charles H. Giancarlo sold 54,990 shares of the company’s stock in a transaction on Thursday, September 20th. The stock was sold at an average price of $27.46, for a total transaction of $1,510,025.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Timothy Riitters sold 14,945 shares of the company’s stock in a transaction on Friday, October 5th. The stock was sold at an average price of $25.25, for a total value of $377,361.25. The disclosure for this sale can be found here. Insiders have sold 489,417 shares of company stock valued at $11,912,580 over the last 90 days. Corporate insiders own 15.30% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Legal & General Group Plc lifted its stake in Pure Storage by 12.5% during the second quarter. Legal & General Group Plc now owns 20,197 shares of the technology company’s stock worth $482,000 after purchasing an additional 2,248 shares during the last quarter. D.A. Davidson & CO. increased its holdings in shares of Pure Storage by 12.2% during the second quarter. D.A. Davidson & CO. now owns 23,545 shares of the technology company’s stock worth $562,000 after buying an additional 2,552 shares in the last quarter. First Mercantile Trust Co. increased its holdings in shares of Pure Storage by 37.2% during the second quarter. First Mercantile Trust Co. now owns 13,508 shares of the technology company’s stock worth $323,000 after buying an additional 3,662 shares in the last quarter. Bank of Montreal Can increased its holdings in shares of Pure Storage by 17.6% during the third quarter. Bank of Montreal Can now owns 26,066 shares of the technology company’s stock worth $677,000 after buying an additional 3,892 shares in the last quarter. Finally, Cubist Systematic Strategies LLC increased its holdings in shares of Pure Storage by 58.8% during the second quarter. Cubist Systematic Strategies LLC now owns 10,910 shares of the technology company’s stock worth $261,000 after buying an additional 4,039 shares in the last quarter. Hedge funds and other institutional investors own 68.97% 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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