Pure Storage (NYSE:PSTG) had its price objective hoisted by Wells Fargo & Co from $23.00 to $25.00 in a research note released on Wednesday morning, BenzingaRatingsTable reports. Wells Fargo & Co currently has an outperform rating on the technology company’s stock.
A number of other equities research analysts have also recently commented on the stock. Barclays set a $17.00 price target on shares of Pure Storage and gave the stock a buy rating in a report on Wednesday, August 21st. KeyCorp reduced their price target on shares of Pure Storage from $25.00 to $22.00 and set an overweight rating for the company in a report on Thursday, August 22nd. Piper Jaffray Companies raised their price target on shares of Pure Storage from $16.00 to $21.00 and gave the stock an overweight rating in a report on Thursday, September 12th. Susquehanna Bancshares upgraded shares of Pure Storage from a neutral rating to a positive rating and raised their price target for the stock from $16.00 to $25.00 in a report on Monday, September 9th. Finally, Morgan Stanley raised their price target on shares of Pure Storage from $17.00 to $21.00 and gave the stock an equal weight rating in a report on Wednesday. Six research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. The stock currently has a consensus rating of Buy and a consensus price target of $20.67.
NYSE:PSTG opened at $17.39 on Wednesday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 3.14 and a current ratio of 3.21. The firm has a fifty day simple moving average of $15.39 and a two-hundred day simple moving average of $18.00. Pure Storage has a 12 month low of $12.68 and a 12 month high of $27.59.
Pure Storage (NYSE:PSTG) last posted its quarterly earnings results on Wednesday, August 21st. The technology company reported ($0.23) EPS for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.05. The business had revenue of $396.30 million during the quarter, compared to analysts’ expectations of $392.34 million. Pure Storage had a negative net margin of 14.51% and a negative return on equity of 25.22%. The business’s quarterly revenue was up 28.3% on a year-over-year basis. During the same period last year, the company posted $0.01 earnings per share. Equities research analysts anticipate that Pure Storage will post -0.7 earnings per share for the current year.
In other news, CFO Timothy Riitters sold 10,420 shares of Pure Storage stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $15.78, for a total transaction of $164,427.60. Following the completion of the transaction, the chief financial officer now directly owns 417,425 shares in the company, valued at $6,586,966.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 31,260 shares of company stock valued at $512,247 over the last quarter. Corporate insiders own 10.00% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of PSTG. Price Wealth Management Inc. purchased a new position in Pure Storage during the second quarter worth about $29,000. Riverhead Capital Management LLC purchased a new position in Pure Storage during the second quarter worth about $29,000. Coastal Investment Advisors Inc. boosted its holdings in Pure Storage by 25.0% during the second quarter. Coastal Investment Advisors Inc. now owns 4,000 shares of the technology company’s stock worth $61,000 after purchasing an additional 800 shares during the last quarter. Flinton Capital Management LLC boosted its holdings in Pure Storage by 203.8% during the second quarter. Flinton Capital Management LLC now owns 5,056 shares of the technology company’s stock worth $77,000 after purchasing an additional 3,392 shares during the last quarter. Finally, Meadow Creek Investment Management LLC boosted its holdings in Pure Storage by 203.8% during the second quarter. Meadow Creek Investment Management LLC now owns 6,952 shares of the technology company’s stock worth $106,000 after purchasing an additional 4,664 shares during the last quarter. Hedge funds and other institutional investors own 77.26% of the company’s stock.
About Pure Storage
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 and Artificial Intelligence Ready Infrastructure converged infrastructure solutions.
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