Pure Storage Inc (PSTG) Given Average Recommendation of “Buy” by Brokerages

Pure Storage Inc (NYSE:PSTG) has received a consensus rating of “Buy” from the twenty-two brokerages that are presently covering the firm, MarketBeat reports. Seven equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating on the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $26.43.

A number of analysts recently weighed in on PSTG shares. Raymond James cut shares of Pure Storage from an “outperform” rating to a “market perform” rating and set a $18.81 price objective on the stock. in a report on Wednesday, February 20th. Cowen raised shares of Pure Storage from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $20.00 to $30.00 in a report on Monday, April 8th. Maxim Group reaffirmed a “hold” rating and issued a $21.00 price objective on shares of Pure Storage in a report on Friday, March 1st. Oppenheimer set a $26.00 price objective on shares of Pure Storage and gave the stock a “buy” rating in a report on Tuesday, March 19th. Finally, ValuEngine raised shares of Pure Storage from a “hold” rating to a “buy” rating in a report on Monday, April 1st.

In other Pure Storage news, CFO Timothy Riitters sold 5,210 shares of the firm’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $21.46, for a total transaction of $111,806.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Scott Dietzen sold 400,000 shares of the firm’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $20.46, for a total transaction of $8,184,000.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 431,260 shares of company stock worth $8,835,771. 15.30% of the stock is owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. Sonora Investment Management LLC boosted its position in shares of Pure Storage by 68.1% during the 1st quarter. Sonora Investment Management LLC now owns 3,210 shares of the technology company’s stock valued at $70,000 after purchasing an additional 1,300 shares in the last quarter. Juncture Wealth Strategies LLC bought a new position in shares of Pure Storage during the 1st quarter valued at about $538,000. Bangor Savings Bank boosted its position in shares of Pure Storage by 11.4% during the 1st quarter. Bangor Savings Bank now owns 35,401 shares of the technology company’s stock valued at $771,000 after purchasing an additional 3,627 shares in the last quarter. Sageworth Trust Co bought a new position in shares of Pure Storage during the 1st quarter valued at about $37,000. Finally, Deutsche Bank AG boosted its position in shares of Pure Storage by 32.9% during the 4th quarter. Deutsche Bank AG now owns 6,071,763 shares of the technology company’s stock valued at $97,627,000 after purchasing an additional 1,503,341 shares in the last quarter. 73.77% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Pure Storage stock traded up $0.08 during trading hours on Monday, reaching $22.86. The company’s stock had a trading volume of 56,395 shares, compared to its average volume of 3,437,827. The company has a debt-to-equity ratio of 0.61, a quick ratio of 3.25 and a current ratio of 3.34. Pure Storage has a one year low of $13.99 and a one year high of $29.14. The company has a market cap of $5.56 billion, a P/E ratio of -32.71 and a beta of 1.72.

Pure Storage (NYSE:PSTG) last released its quarterly earnings data on Thursday, February 28th. The technology company reported ($0.08) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.06) by ($0.02). Pure Storage had a negative return on equity of 22.64% and a negative net margin of 13.12%. The firm had revenue of $422.22 million during the quarter, compared to analyst estimates of $443.27 million. As a group, sell-side analysts predict that Pure Storage will post -0.53 earnings per share for the current year.

About Pure Storage

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, a converged infrastructure solution.

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Analyst Recommendations for Pure Storage (NYSE:PSTG)

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