Pure Storage (NYSE:PSTG – Get Rating) had its target price increased by Northland Securities from $40.00 to $42.00 in a research note issued to investors on Thursday morning, Analyst Price Targets reports. The brokerage currently has an outperform rating on the technology company’s stock.
A number of other research analysts have also recently issued reports on the stock. The Goldman Sachs Group lifted their price objective on shares of Pure Storage from $34.00 to $48.00 and gave the company a buy rating in a report on Thursday. Wells Fargo & Company boosted their price target on shares of Pure Storage from $37.00 to $40.00 and gave the company an overweight rating in a research report on Thursday. Susquehanna Bancshares boosted their price target on shares of Pure Storage from $33.00 to $36.00 and gave the stock a positive rating in a research note on Wednesday, December 1st. Wedbush increased their price target on shares of Pure Storage from $33.00 to $34.00 and gave the company a neutral rating in a research report on Thursday. Finally, Telsey Advisory Group upped their price objective on shares of Pure Storage from $30.00 to $36.00 and gave the stock an outperform rating in a report on Wednesday, November 24th. Three equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of Buy and an average price target of $35.75.
Shares of PSTG stock traded down $0.65 on Thursday, reaching $29.24. The stock had a trading volume of 70,336 shares, compared to its average volume of 3,792,079. The company has a quick ratio of 2.41, a current ratio of 2.47 and a debt-to-equity ratio of 1.07. The firm’s 50-day moving average is $27.86 and its two-hundred day moving average is $27.44. The firm has a market capitalization of $8.48 billion, a price-to-earnings ratio of -39.85 and a beta of 1.41. Pure Storage has a 12 month low of $16.79 and a 12 month high of $35.09.
Pure Storage (NYSE:PSTG – Get Rating) last announced its earnings results on Wednesday, March 2nd. The technology company reported $0.36 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.26 by $0.10. The company had revenue of $708.57 million for the quarter, compared to analysts’ expectations of $630.93 million. Pure Storage had a negative net margin of 10.66% and a negative return on equity of 15.40%. The business’s revenue for the quarter was up 40.9% on a year-over-year basis. During the same period last year, the firm earned ($0.09) earnings per share. On average, sell-side analysts forecast that Pure Storage will post -0.34 earnings per share for the current fiscal year.
In related news, CFO P. Kevan Krysler sold 26,444 shares of the stock in a transaction on Thursday, December 9th. The stock was sold at an average price of $32.80, for a total value of $867,363.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 6.80% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in the stock. Catalyst Capital Advisors LLC purchased a new position in shares of Pure Storage in the 4th quarter valued at about $27,000. Northwest Investment Counselors LLC purchased a new stake in Pure Storage during the fourth quarter worth approximately $33,000. UMB Bank N A MO purchased a new stake in Pure Storage during the fourth quarter worth approximately $33,000. CWM LLC acquired a new position in Pure Storage during the fourth quarter worth approximately $45,000. Finally, Berman Capital Advisors LLC increased its position in Pure Storage by 91.0% during the third quarter. Berman Capital Advisors LLC now owns 1,662 shares of the technology company’s stock worth $41,000 after buying an additional 792 shares during the period. Institutional investors own 82.38% of the company’s stock.
About Pure Storage (Get Rating)
Pure Storage, Inc engages in the provision of flash-based storage solutions. Its technology replaces storage systems designed for mechanical disk with all-flash systems optimized end-to-end for solid-state memory. The company was founded by John Hayes and John Colgrove in October 2009 and is headquartered in Mountain View, CA.
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