Pure Storage Inc (NYSE:PSTG) Receives Average Recommendation of “Buy” from Brokerages

Pure Storage Inc (NYSE:PSTG) has been assigned a consensus recommendation of “Buy” from the twenty-five ratings firms that are covering the stock, MarketBeat Ratings reports. Six equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. The average 1 year price target among brokers that have covered the stock in the last year is $20.18.

A number of analysts recently issued reports on PSTG shares. Oppenheimer reiterated a “buy” rating and set a $20.00 price objective on shares of Pure Storage in a research note on Thursday, May 28th. Northland Securities upped their target price on Pure Storage from $21.00 to $23.00 and gave the stock an “outperform” rating in a research note on Friday, May 29th. Deutsche Bank began coverage on Pure Storage in a research note on Thursday, June 18th. They issued a “hold” rating and a $17.00 target price on the stock. ValuEngine lowered Pure Storage from a “buy” rating to a “hold” rating in a research note on Monday, June 8th. Finally, TheStreet upgraded Pure Storage from a “d+” rating to a “c-” rating in a research note on Wednesday, June 17th.

Shares of NYSE:PSTG traded up $0.64 during midday trading on Friday, reaching $17.21. 4,650,446 shares of the company traded hands, compared to its average volume of 3,252,569. The company has a quick ratio of 3.05, a current ratio of 3.12 and a debt-to-equity ratio of 0.77. Pure Storage has a 12 month low of $7.93 and a 12 month high of $20.50. The firm has a market capitalization of $4.39 billion, a price-to-earnings ratio of -23.26 and a beta of 1.65. The firm’s fifty day moving average price is $16.31 and its two-hundred day moving average price is $15.77.

Pure Storage (NYSE:PSTG) last released its quarterly earnings data on Thursday, May 28th. The technology company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.14. Pure Storage had a negative return on equity of 17.24% and a negative net margin of 11.36%. The company had revenue of $367.10 million for the quarter, compared to analyst estimates of $349.36 million. During the same period in the previous year, the company posted ($0.11) EPS. The firm’s revenue for the quarter was up 12.3% compared to the same quarter last year. Analysts forecast that Pure Storage will post -0.6 earnings per share for the current year.

In related news, Director Scott Dietzen sold 14,037 shares of the stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $18.02, for a total transaction of $252,946.74. Following the completion of the sale, the director now directly owns 113,318 shares in the company, valued at approximately $2,041,990.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 10.00% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently modified their holdings of PSTG. Nikko Asset Management Americas Inc. purchased a new stake in Pure Storage during the 1st quarter valued at about $47,950,000. Sumitomo Mitsui Trust Holdings Inc. bought a new position in Pure Storage during the 1st quarter valued at approximately $47,950,000. Eminence Capital LP raised its position in Pure Storage by 34.5% during the 1st quarter. Eminence Capital LP now owns 14,182,159 shares of the technology company’s stock valued at $174,441,000 after purchasing an additional 3,638,957 shares during the last quarter. William Blair Investment Management LLC raised its position in Pure Storage by 20.5% during the 4th quarter. William Blair Investment Management LLC now owns 15,543,680 shares of the technology company’s stock valued at $265,952,000 after purchasing an additional 2,648,556 shares during the last quarter. Finally, Disciplined Growth Investors Inc. MN raised its position in Pure Storage by 82.6% during the 1st quarter. Disciplined Growth Investors Inc. MN now owns 5,722,704 shares of the technology company’s stock valued at $70,389,000 after purchasing an additional 2,587,970 shares during the last quarter. Institutional investors own 78.38% of the company’s stock.

Pure Storage Company Profile

Pure Storage, Inc engages in building a data platform that enables businesses to enhance performance and reduce complexity and costs worldwide. The company delivers its data platform through Purity Operating Environment, an optimized software for solid-state memory that offers enterprise-class storage and protocol services; FlashArray and FlashBlade optimized hardware products for solid-state memory to enhance the performance and density of flash, optimize its advanced software services, and reduce solution cost for customers; Pure1, a cloud-based management and support software; and FlashStack and Artificial Intelligence Ready Infrastructure converged infrastructure solutions.

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Analyst Recommendations for Pure Storage (NYSE:PSTG)

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