Pure Storage (NYSE:PSTG) Rating Lowered to Hold at StockNews.com

Pure Storage (NYSE:PSTGGet Rating) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday.

Several other equities research analysts also recently commented on the stock. UBS Group upped their price objective on shares of Pure Storage to $33.00 in a report on Tuesday, September 6th. Evercore ISI upped their price objective on shares of Pure Storage from $33.00 to $38.00 and gave the company an “outperform” rating in a report on Monday, August 29th. Morgan Stanley raised shares of Pure Storage from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $35.00 to $37.00 in a report on Monday, October 31st. Northland Securities upped their price objective on shares of Pure Storage from $44.00 to $47.00 in a report on Thursday, September 1st. Finally, Barclays upped their price objective on shares of Pure Storage from $39.00 to $42.00 and gave the company an “overweight” rating in a report on Thursday, September 1st. Four research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $38.53.

Pure Storage Price Performance

NYSE PSTG opened at $30.75 on Thursday. Pure Storage has a 1 year low of $21.90 and a 1 year high of $36.71. The firm has a market cap of $9.19 billion, a price-to-earnings ratio of -512.41, a PEG ratio of 8.10 and a beta of 1.32. The company has a fifty day moving average price of $28.89 and a 200-day moving average price of $27.76.

Pure Storage (NYSE:PSTGGet Rating) last posted its quarterly earnings results on Wednesday, August 31st. The technology company reported $0.05 earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.10. The company 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 firm’s revenue for the quarter was up 30.2% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.06) earnings per share. On average, research analysts anticipate that Pure Storage will post 0.11 EPS for the current fiscal year.

Insider Transactions at Pure Storage

In other news, Director Andrew William Fraser Brown sold 12,637 shares of the firm’s 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 in the company, valued at $1,673,420.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 6.80% of the company’s stock.

Institutional Trading of Pure Storage

Large investors have recently added to or reduced their stakes in the stock. FMR LLC lifted its position in Pure Storage by 9.8% during the second quarter. FMR LLC now owns 36,316,619 shares of the technology company’s stock valued at $933,700,000 after buying an additional 3,242,506 shares during the period. Marshall Wace LLP lifted its position in Pure Storage by 92.1% during the third quarter. Marshall Wace LLP now owns 2,909,720 shares of the technology company’s stock valued at $79,638,000 after buying an additional 1,394,660 shares during the period. Bank of Nova Scotia purchased a new position in Pure Storage during the first quarter valued at $43,620,000. Jacobs Levy Equity Management Inc. lifted its position in Pure Storage by 2,342.8% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,256,478 shares of the technology company’s stock valued at $34,390,000 after buying an additional 1,205,042 shares during the period. Finally, Principal Financial Group Inc. lifted its position in Pure Storage by 3,552.7% during 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 buying an additional 1,004,283 shares during the period. Institutional investors own 82.91% of the company’s stock.

Pure Storage Company Profile

(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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Analyst Recommendations for Pure Storage (NYSE:PSTG)

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