Pure Storage (NYSE:PSTG) Upgraded to Buy at StockNews.com

Pure Storage (NYSE:PSTGGet Rating) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday.

A number of other equities research analysts also recently issued reports on PSTG. Morgan Stanley upgraded shares of Pure Storage from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $35.00 to $37.00 in a report on Monday, October 31st. Wedbush upped their price target on shares of Pure Storage from $30.00 to $35.00 and gave the stock a “neutral” rating in a research report on Thursday, September 1st. Lake Street Capital upped their price target on shares of Pure Storage from $36.00 to $38.00 and gave the company a “buy” rating in a report on Thursday, September 1st. KeyCorp upped their price target on shares of Pure Storage from $34.00 to $39.00 and gave the company an “overweight” rating in a report on Thursday, September 1st. Finally, Barclays upped their price target 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. Three analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $38.67.

Pure Storage Price Performance

Pure Storage stock opened at $30.61 on Friday. The firm has a 50 day simple moving average of $28.96 and a 200-day simple moving average of $27.82. Pure Storage has a 1-year low of $21.90 and a 1-year high of $36.71. The stock has a market cap of $9.15 billion, a price-to-earnings ratio of -510.08, a price-to-earnings-growth ratio of 8.10 and a beta of 1.32.

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

Insider Activity

In other news, Director Andrew William Fraser Brown sold 12,637 shares of the company’s stock in a transaction dated Monday, September 12th. The stock was 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 approximately $1,673,420.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 6.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Pure Storage

A number of large investors have recently made changes to their positions in the business. Toroso Investments LLC acquired a new position in shares of Pure Storage in the 3rd quarter valued at about $312,000. Glenmede Trust Co. NA increased its holdings in shares of Pure Storage by 233.4% in the 3rd quarter. Glenmede Trust Co. NA now owns 97,371 shares of the technology company’s stock valued at $2,664,000 after purchasing an additional 68,168 shares during the period. Advisory Research Inc. increased its holdings in shares of Pure Storage by 2.1% in the 3rd quarter. Advisory Research Inc. now owns 22,277 shares of the technology company’s stock valued at $610,000 after purchasing an additional 452 shares during the period. CreativeOne Wealth LLC acquired a new position in Pure Storage in the third quarter worth approximately $501,000. Finally, Neuberger Berman Group LLC increased its holdings in Pure Storage by 7.2% in the third quarter. Neuberger Berman Group LLC now owns 116,287 shares of the technology company’s stock worth $3,188,000 after buying an additional 7,860 shares during the last quarter. Institutional investors and hedge funds own 82.91% of the company’s stock.

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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