Pure Storage, Inc. (NYSE:PSTG) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of Pure Storage, Inc. (NYSE:PSTGGet Rating) have earned an average rating of “Moderate Buy” from the twenty-two ratings firms that are presently covering the firm, Marketbeat.com reports. Three research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $38.00.

Several equities analysts have weighed in on the company. Northland Securities raised their price target on Pure Storage from $44.00 to $47.00 in a report on Thursday, September 1st. Evercore ISI lifted their target price on Pure Storage from $33.00 to $38.00 and gave the stock an “outperform” rating in a report on Monday, August 29th. The Goldman Sachs Group lifted their target price on Pure Storage to $44.00 in a report on Tuesday, September 6th. UBS Group lifted their target price on Pure Storage to $33.00 in a report on Tuesday, September 6th. Finally, Barclays raised their price target on Pure Storage from $39.00 to $42.00 and gave the stock an “overweight” rating in a research note on Thursday, September 1st.

Pure Storage Trading Down 3.9 %

NYSE:PSTG opened at $26.50 on Friday. Pure Storage has a 12-month low of $21.90 and a 12-month high of $36.71. The stock has a 50-day moving average price of $28.92 and a 200 day moving average price of $28.74. The stock has a market capitalization of $7.84 billion, a P/E ratio of -441.59, a P/E/G ratio of 7.45 and a beta of 1.36.

Pure Storage (NYSE:PSTGGet Rating) last released its quarterly earnings results on Wednesday, August 31st. The technology company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.10. The business had revenue of $646.80 million during the quarter, compared to analysts’ expectations of $636.06 million. Pure Storage had a positive return on equity of 8.41% and a negative net margin of 0.57%. The firm’s revenue for the quarter was up 30.2% compared to the same quarter last year. During the same quarter last year, the business posted ($0.06) EPS. On average, research analysts predict that Pure Storage will post 0.11 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Andrew William Fraser Brown sold 12,637 shares of the business’s stock in a transaction on Monday, September 12th. The stock was sold at an average price of $30.18, for a total transaction of $381,384.66. Following the transaction, the director now directly owns 55,448 shares in the company, valued at approximately $1,673,420.64. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 6.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Elequin Capital LP purchased a new position in Pure Storage during the 1st quarter worth $29,000. IndexIQ Advisors LLC purchased a new position in Pure Storage during the 1st quarter worth $32,000. Parkside Financial Bank & Trust purchased a new stake in Pure Storage during the 1st quarter valued at about $33,000. Signaturefd LLC increased its holdings in shares of Pure Storage by 234.3% in the first quarter. Signaturefd LLC now owns 1,207 shares of the technology company’s stock valued at $43,000 after purchasing an additional 846 shares during the period. Finally, Penserra Capital Management LLC acquired a new position in shares of Pure Storage in the first quarter valued at about $47,000. 82.91% of the stock is currently owned by hedge funds and other institutional investors.

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.

Further Reading

Analyst Recommendations for Pure Storage (NYSE:PSTG)

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