Maxim Group Analysts Give Pure Storage (NYSE:PSTG) a $18.00 Price Target

Pure Storage (NYSE:PSTG) has been assigned a $18.00 price target by analysts at Maxim Group in a research note issued to investors on Friday, TipRanks reports. The brokerage presently has a “hold” rating on the technology company’s stock. Maxim Group’s target price points to a potential upside of 37.61% from the stock’s current price.

A number of other research analysts have also weighed in on the company. Wells Fargo & Co cut their price objective on Pure Storage from $30.00 to $26.00 and set an “outperform” rating on the stock in a report on Wednesday, May 22nd. Morgan Stanley cut their price objective on Pure Storage from $22.00 to $21.00 and set an “equal weight” rating on the stock in a report on Wednesday, May 22nd. ValuEngine lowered Pure Storage from a “buy” rating to a “hold” rating in a report on Wednesday, May 8th. Stifel Nicolaus cut their price objective on Pure Storage from $22.00 to $20.00 and set a “hold” rating on the stock in a report on Wednesday, May 22nd. Finally, KeyCorp cut their price objective on Pure Storage from $30.00 to $25.00 and set an “overweight” rating on the stock in a report on Thursday, May 23rd. Eight research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Pure Storage currently has a consensus rating of “Buy” and an average price target of $24.32.

Shares of PSTG traded up $0.07 during trading hours on Friday, hitting $13.08. The company had a trading volume of 188,362 shares, compared to its average volume of 4,177,251. The company has a market cap of $3.44 billion, a P/E ratio of -18.70 and a beta of 1.80. The company has a debt-to-equity ratio of 0.75, a current ratio of 3.35 and a quick ratio of 3.25. Pure Storage has a one year low of $12.67 and a one year high of $29.14. The business’s fifty day moving average price is $15.52.

Pure Storage (NYSE:PSTG) last announced its earnings results on Tuesday, May 21st. The technology company reported ($0.37) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.29) by ($0.08). Pure Storage had a negative net margin of 14.99% and a negative return on equity of 25.55%. The business had revenue of $326.70 million for the quarter, compared to analyst estimates of $333.83 million. Sell-side analysts predict that Pure Storage will post -0.79 earnings per share for the current year.

In other Pure Storage news, CFO Timothy Riitters sold 10,420 shares of the stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $15.59, for a total transaction of $162,447.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 31,260 shares of company stock valued at $492,553 in the last three months. Insiders own 10.00% of the company’s stock.

Large investors have recently bought and sold shares of the stock. Sageworth Trust Co acquired a new stake in shares of Pure Storage in the first quarter valued at approximately $37,000. Sonora Investment Management LLC increased its stake in Pure Storage by 68.1% during the first quarter. Sonora Investment Management LLC now owns 3,210 shares of the technology company’s stock worth $70,000 after acquiring an additional 1,300 shares during the last quarter. Coastal Investment Advisors Inc. increased its stake in Pure Storage by 25.0% during the second quarter. Coastal Investment Advisors Inc. now owns 4,000 shares of the technology company’s stock worth $61,000 after acquiring an additional 800 shares during the last quarter. Quantamental Technologies LLC acquired a new stake in Pure Storage during the first quarter worth $158,000. Finally, DekaBank Deutsche Girozentrale increased its stake in Pure Storage by 90.4% during the second quarter. DekaBank Deutsche Girozentrale now owns 7,786 shares of the technology company’s stock worth $120,000 after acquiring an additional 3,696 shares during the last quarter. 79.23% of the stock is owned by hedge funds and other institutional investors.

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.

Read More: S&P 500 Index

Analyst Recommendations for Pure Storage (NYSE:PSTG)

Receive News & Ratings for Pure Storage Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pure Storage and related companies with MarketBeat.com's FREE daily email newsletter.