UBS Group Lowers Pure Storage (NYSE:PSTG) Price Target to $32.00

Pure Storage (NYSE:PSTGGet Rating) had its target price dropped by equities researchers at UBS Group from $36.00 to $32.00 in a report released on Tuesday, Marketbeat.com reports. The brokerage presently has a “neutral” rating on the technology company’s stock. UBS Group’s target price indicates a potential upside of 10.00% from the company’s current price.

Several other brokerages also recently issued reports on PSTG. KeyCorp lowered their price target on Pure Storage from $43.00 to $34.00 in a report on Thursday, June 2nd. Evercore ISI lowered their price target on Pure Storage from $40.00 to $33.00 and set an “outperform” rating for the company in a report on Tuesday, June 28th. StockNews.com upgraded Pure Storage from a “hold” rating to a “buy” rating in a report on Monday, July 25th. Northland Securities raised their target price on Pure Storage from $42.00 to $44.00 and gave the company an “outperform” rating in a research note on Thursday, June 2nd. Finally, Cowen lowered their target price on Pure Storage to $30.00 in a research note on Friday, May 27th. Five investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $35.71.

Pure Storage Trading Up 1.7 %

Shares of PSTG opened at $29.09 on Tuesday. The firm has a market capitalization of $8.61 billion, a P/E ratio of -116.36 and a beta of 1.37. The stock’s fifty day simple moving average is $26.21 and its 200 day simple moving average is $27.97. Pure Storage has a twelve month low of $18.75 and a twelve month high of $36.71.

Pure Storage (NYSE:PSTGGet Rating) last announced its quarterly earnings results on Wednesday, June 1st. The technology company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $620.41 million during the quarter, compared to the consensus estimate of $521.81 million. During the same period in the prior year, the firm earned ($0.22) EPS. The firm’s quarterly revenue was up 50.3% compared to the same quarter last year. Sell-side analysts predict that Pure Storage will post -0.14 earnings per share for the current year.

Hedge Funds Weigh In On Pure Storage

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in Pure Storage by 0.7% in the first quarter. Vanguard Group Inc. now owns 27,369,119 shares of the technology company’s stock worth $966,403,000 after acquiring an additional 203,732 shares during the last quarter. Disciplined Growth Investors Inc. MN lifted its holdings in Pure Storage by 1.7% in the first quarter. Disciplined Growth Investors Inc. MN now owns 5,066,185 shares of the technology company’s stock worth $178,887,000 after acquiring an additional 83,091 shares during the last quarter. Polar Capital Holdings Plc lifted its holdings in Pure Storage by 5.5% in the first quarter. Polar Capital Holdings Plc now owns 3,919,672 shares of the technology company’s stock worth $138,404,000 after acquiring an additional 205,037 shares during the last quarter. Loomis Sayles & Co. L P lifted its holdings in Pure Storage by 11.8% in the first quarter. Loomis Sayles & Co. L P now owns 3,653,513 shares of the technology company’s stock worth $129,006,000 after acquiring an additional 385,140 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Pure Storage by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 3,253,085 shares of the technology company’s stock worth $105,887,000 after acquiring an additional 44,422 shares during the last quarter. Institutional investors own 80.13% of the company’s stock.

About Pure Storage

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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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