Pure Storage, Inc. (NYSE:PSTG – Get Rating) has been assigned an average rating of “Moderate Buy” from the twenty-four analysts that are presently covering the company, Marketbeat.com reports. Five equities research analysts have rated the stock with a hold recommendation, fifteen have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $35.71.
A number of brokerages have commented on PSTG. StockNews.com raised Pure Storage from a “hold” rating to a “buy” rating in a report on Wednesday. Cowen decreased their price objective on Pure Storage to $30.00 in a report on Friday, May 27th. UBS Group decreased their price objective on Pure Storage from $36.00 to $32.00 and set a “neutral” rating on the stock in a report on Tuesday. Evercore ISI decreased their price objective on Pure Storage from $40.00 to $33.00 and set an “outperform” rating on the stock in a report on Tuesday, June 28th. Finally, Bank of America lowered Pure Storage from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $34.00 to $27.00 in a report on Friday, May 20th.
Hedge Funds Weigh In On Pure Storage
A number of hedge funds have recently made changes to their positions in the stock. CWM LLC raised its position in shares of Pure Storage by 31.9% during the first quarter. CWM LLC now owns 1,813 shares of the technology company’s stock worth $64,000 after acquiring an additional 438 shares during the last quarter. Robeco Institutional Asset Management B.V. grew its stake in Pure Storage by 5.8% during the second quarter. Robeco Institutional Asset Management B.V. now owns 8,650 shares of the technology company’s stock worth $222,000 after purchasing an additional 471 shares during the period. Los Angeles Capital Management LLC grew its stake in Pure Storage by 5.7% during the first quarter. Los Angeles Capital Management LLC now owns 8,894 shares of the technology company’s stock worth $314,000 after purchasing an additional 477 shares during the period. Xponance Inc. grew its stake in Pure Storage by 1.8% during the fourth quarter. Xponance Inc. now owns 28,604 shares of the technology company’s stock worth $931,000 after purchasing an additional 505 shares during the period. Finally, CIBC Asset Management Inc grew its stake in Pure Storage by 4.5% during the fourth quarter. CIBC Asset Management Inc now owns 11,894 shares of the technology company’s stock worth $387,000 after purchasing an additional 508 shares during the period. 80.13% of the stock is currently owned by institutional investors.
Pure Storage Trading Up 1.7 %
Pure Storage (NYSE:PSTG – Get Rating) last posted its quarterly earnings results on Wednesday, June 1st. The technology company reported $0.01 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.24. Pure Storage had a positive return on equity of 4.26% and a negative net margin of 2.96%. The business had revenue of $620.41 million for the quarter, compared to analysts’ expectations of $521.81 million. During the same quarter in the prior year, the business earned ($0.22) EPS. The firm’s revenue for the quarter was up 50.3% on a year-over-year basis. Equities analysts forecast that Pure Storage will post -0.14 earnings per share for the current year.
About Pure Storage
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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