Stifel Nicolaus Reaffirms “Buy” Rating for Pure Storage Inc. (PSTG)
Stifel Nicolaus reiterated their buy rating on shares of Pure Storage Inc. (NYSE:PSTG) in a research report sent to investors on Monday morning. Stifel Nicolaus currently has a $20.00 price objective on the stock.
A number of other brokerages also recently weighed in on PSTG. Vetr downgraded Pure Storage from a hold rating to a sell rating and set a $13.00 price target on the stock. in a report on Monday, August 15th. Wells Fargo & Co. assumed coverage on Pure Storage in a report on Tuesday, August 2nd. They set a market perform rating on the stock. Oppenheimer Holdings Inc. upgraded Pure Storage from a market perform rating to an outperform rating and set a $15.00 price target on the stock in a report on Wednesday, August 31st. Needham & Company LLC reiterated a buy rating on shares of Pure Storage in a report on Monday, August 29th. Finally, Barclays PLC reiterated an equal weight rating on shares of Pure Storage in a report on Tuesday, November 8th. Ten research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Pure Storage currently has a consensus rating of Buy and an average target price of $16.26.
Shares of Pure Storage (NYSE:PSTG) opened at 13.95 on Monday. Pure Storage has a one year low of $9.62 and a one year high of $18.39. The company’s 50 day moving average price is $13.21 and its 200 day moving average price is $12.59. The stock’s market capitalization is $2.74 billion.
Pure Storage (NYSE:PSTG) last announced its earnings results on Wednesday, November 30th. The company reported ($0.10) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.05. The company had revenue of $197 million for the quarter, compared to analyst estimates of $192.36 million. Pure Storage had a negative return on equity of 38.48% and a negative net margin of 38.27%. Pure Storage’s revenue for the quarter was up 49.9% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.18) earnings per share. On average, equities analysts expect that Pure Storage will post ($0.64) earnings per share for the current year.
In other Pure Storage news, CFO Timothy Riitters sold 3,231 shares of the company’s stock in a transaction that occurred on Wednesday, September 21st. The stock was sold at an average price of $13.50, for a total value of $43,618.50. Following the completion of the transaction, the chief financial officer now owns 31,769 shares of the company’s stock, valued at approximately $428,881.50. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 46.58% of the company’s stock.
A number of institutional investors have recently bought and sold shares of PSTG. Raymond James & Associates purchased a new position in Pure Storage during the second quarter valued at approximately $133,000. State Board of Administration of Florida Retirement System purchased a new position in Pure Storage during the second quarter valued at approximately $140,000. Royal Bank of Canada boosted its position in Pure Storage by 5,486.4% in the second quarter. Royal Bank of Canada now owns 13,966 shares of the company’s stock valued at $152,000 after buying an additional 13,716 shares during the period. UBS Asset Management Americas Inc. purchased a new position in Pure Storage during the second quarter valued at approximately $195,000. Finally, Barclays PLC boosted its position in Pure Storage by 26.9% in the second quarter. Barclays PLC now owns 18,150 shares of the company’s stock valued at $198,000 after buying an additional 3,850 shares during the period. 49.91% of the stock is owned by hedge funds and other institutional investors.
Pure Storage Company Profile
Pure Storage, Inc provides an enterprise data storage platform. The Company’s storage platform consists of approximately three integrated components, including the Purity Operating Environment, which is its flash-optimized software; FlashArray, which is its modular and scalable all-flash array hardware, and Pure1, which is its cloud-based management and support.
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