Pure Storage (PSTG) Rating Reiterated by Cowen

Pure Storage (NYSE:PSTG)‘s stock had its “outperform” rating restated by stock analysts at Cowen in a research note issued on Wednesday, Marketbeat reports. They currently have a $28.00 price objective on the technology company’s stock, down from their previous price objective of $30.00. Cowen’s price target suggests a potential upside of 76.99% from the stock’s previous close.

A number of other analysts also recently commented on the company. ValuEngine downgraded Pure Storage from a “buy” rating to a “hold” rating in a research note on Wednesday, May 8th. Lake Street Capital lowered their target price on Pure Storage to $26.00 and set a “buy” rating on the stock in a research note on Friday, March 1st. Raymond James downgraded Pure Storage from an “outperform” rating to a “market perform” rating and set a $18.81 target price on the stock. in a research note on Wednesday, February 20th. Maxim Group restated a “hold” rating and issued a $21.00 target price on shares of Pure Storage in a research note on Friday, March 1st. Finally, Oppenheimer set a $26.00 target price on Pure Storage and gave the stock a “buy” rating in a research note on Tuesday, March 19th. Eight equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Pure Storage presently has an average rating of “Buy” and a consensus target price of $24.83.

Pure Storage stock opened at $15.82 on Wednesday. The company has a current ratio of 3.34, a quick ratio of 3.25 and a debt-to-equity ratio of 0.61. The stock has a market cap of $3.86 billion, a price-to-earnings ratio of -22.60 and a beta of 1.71. Pure Storage has a fifty-two week low of $13.99 and a fifty-two week high of $29.14.

Pure Storage (NYSE:PSTG) last posted its quarterly earnings results on Tuesday, May 21st. The technology company reported ($0.37) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.29) by ($0.08). The firm had revenue of $326.70 million for the quarter, compared to analysts’ expectations of $333.83 million. Pure Storage had a negative net margin of 14.99% and a negative return on equity of 26.00%. On average, research analysts forecast that Pure Storage will post -0.53 earnings per share for the current year.

In related news, Director Scott Dietzen sold 33,000 shares of the company’s stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $22.43, for a total value of $740,190.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Timothy Riitters sold 5,210 shares of the company’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $20.46, for a total value of $106,596.60. The disclosure for this sale can be found here. Insiders sold a total of 564,260 shares of company stock valued at $11,880,961 in the last ninety days. 10.00% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. FMR LLC raised its holdings in Pure Storage by 15.4% in the 1st quarter. FMR LLC now owns 18,219,508 shares of the technology company’s stock worth $397,003,000 after purchasing an additional 2,428,068 shares during the period. Vanguard Group Inc raised its holdings in Pure Storage by 14.4% in the 3rd quarter. Vanguard Group Inc now owns 15,371,526 shares of the technology company’s stock worth $398,892,000 after purchasing an additional 1,933,591 shares during the period. William Blair Investment Management LLC raised its holdings in Pure Storage by 27.9% in the 1st quarter. William Blair Investment Management LLC now owns 12,650,885 shares of the technology company’s stock worth $275,663,000 after purchasing an additional 2,761,026 shares during the period. Champlain Investment Partners LLC raised its holdings in Pure Storage by 14.1% in the 1st quarter. Champlain Investment Partners LLC now owns 9,854,855 shares of the technology company’s stock worth $214,737,000 after purchasing an additional 1,215,665 shares during the period. Finally, Deutsche Bank AG raised its holdings in Pure Storage by 32.9% in the 4th quarter. Deutsche Bank AG now owns 6,071,763 shares of the technology company’s stock worth $97,627,000 after purchasing an additional 1,503,341 shares during the period. 77.83% of the stock is owned by institutional investors.

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 and Artificial Intelligence Ready Infrastructure converged infrastructure solutions.

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Analyst Recommendations for Pure Storage (NYSE:PSTG)

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