Pure Storage, Inc. (NYSE:PSTG) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Pure Storage, Inc. (NYSE:PSTGGet Rating) have received a consensus rating of “Moderate Buy” from the twenty-one analysts that are covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation, fourteen have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $38.53.

Several research analysts have weighed in on the stock. Wedbush upped their price objective on shares of Pure Storage from $30.00 to $35.00 and gave the company a “neutral” rating in a research note on Thursday, September 1st. Credit Suisse Group upped their price objective on shares of Pure Storage from $36.00 to $44.00 and gave the company an “outperform” rating in a research note on Thursday, September 1st. Lake Street Capital increased their price target on shares of Pure Storage from $36.00 to $38.00 and gave the stock a “buy” rating in a research note on Thursday, September 1st. Barclays increased their price target on shares of Pure Storage from $39.00 to $42.00 and gave the stock an “overweight” rating in a research note on Thursday, September 1st. Finally, StockNews.com upgraded shares of Pure Storage from a “hold” rating to a “buy” rating in a research note on Saturday, October 22nd.

Insider Buying and Selling

In other Pure Storage news, Director Andrew William Fraser Brown sold 12,637 shares of Pure Storage stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $30.18, for a total value of $381,384.66. Following the transaction, the director now owns 55,448 shares of the company’s stock, valued at $1,673,420.64. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 6.80% of the stock is owned by insiders.

Institutional Trading of Pure Storage

Institutional investors have recently made changes to their positions in the business. FMR LLC increased its holdings in shares of Pure Storage by 9.8% in the second quarter. FMR LLC now owns 36,316,619 shares of the technology company’s stock valued at $933,700,000 after purchasing an additional 3,242,506 shares during the last quarter. Bank of Nova Scotia bought a new stake in shares of Pure Storage in the first quarter valued at about $43,620,000. Principal Financial Group Inc. boosted its position in shares of Pure Storage by 3,552.7% in the first quarter. Principal Financial Group Inc. now owns 1,032,551 shares of the technology company’s stock valued at $36,460,000 after acquiring an additional 1,004,283 shares during the period. Prudential Financial Inc. boosted its position in shares of Pure Storage by 130.8% in the third quarter. Prudential Financial Inc. now owns 1,691,350 shares of the technology company’s stock valued at $46,292,000 after acquiring an additional 958,570 shares during the period. Finally, Scout Investments Inc. boosted its position in shares of Pure Storage by 74.5% in the third quarter. Scout Investments Inc. now owns 1,971,701 shares of the technology company’s stock valued at $53,965,000 after acquiring an additional 841,569 shares during the period. Institutional investors own 82.91% of the company’s stock.

Pure Storage Price Performance

PSTG stock opened at $30.78 on Friday. Pure Storage has a 12 month low of $21.90 and a 12 month high of $36.71. The firm has a market cap of $9.20 billion, a PE ratio of -512.91, a P/E/G ratio of 8.21 and a beta of 1.32. The firm has a 50 day simple moving average of $28.74 and a 200 day simple moving average of $27.73.

Pure Storage (NYSE:PSTGGet Rating) last released its earnings results on Wednesday, August 31st. The technology company reported $0.05 EPS for the quarter, beating the consensus estimate of ($0.05) by $0.10. The business had revenue of $646.80 million during the quarter, compared to analyst estimates of $636.06 million. Pure Storage had a negative net margin of 0.57% and a positive return on equity of 8.41%. The business’s quarterly revenue was up 30.2% on a year-over-year basis. During the same period in the prior year, the business earned ($0.06) earnings per share. As a group, sell-side analysts expect that Pure Storage will post 0.11 earnings per share for the current year.

About Pure Storage

(Get Rating)

Pure Storage, Inc provides data storage technologies, products, and services in the United States and internationally. The company's Purity software is shared across its products and provides enterprise-class data services, such as data reduction, data protection, and encryption, as well as storage protocols, including block, file, and object.

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