Pure Storage (NYSE:PSTG) Given New $22.00 Price Target at KeyCorp

Pure Storage (NYSE:PSTG) had its price target cut by KeyCorp from $25.00 to $22.00 in a research report sent to investors on Thursday, AnalystRatings.com reports. They currently have an overweight rating on the technology company’s stock.

Several other research firms also recently commented on PSTG. ValuEngine downgraded shares of Pure Storage from a buy rating to a hold rating in a report on Wednesday, May 8th. Barclays began coverage on shares of Pure Storage in a report on Wednesday, August 7th. They issued an overweight rating and a $18.00 price objective on the stock. Piper Jaffray Companies dropped their price objective on shares of Pure Storage from $25.00 to $20.00 and set an overweight rating on the stock in a report on Wednesday, May 22nd. TheStreet downgraded shares of Pure Storage from a c- rating to a d+ rating in a report on Thursday, June 27th. Finally, Credit Suisse Group dropped their price objective on shares of Pure Storage from $23.00 to $18.00 and set a neutral rating on the stock in a report on Wednesday, May 22nd. Seven research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. The stock has an average rating of Buy and an average price target of $22.32.

NYSE:PSTG traded up $0.11 during trading hours on Thursday, hitting $16.15. 1,250,544 shares of the company were exchanged, compared to its average volume of 4,609,572. The stock has a market capitalization of $3.46 billion, a price-to-earnings ratio of -23.07 and a beta of 1.80. Pure Storage has a 52-week low of $12.68 and a 52-week high of $29.14. The company has a debt-to-equity ratio of 0.75, a current ratio of 3.35 and a quick ratio of 3.25. The company’s 50 day moving average price is $14.77 and its 200-day moving average price is $18.36.

Pure Storage (NYSE:PSTG) last released its earnings results on Wednesday, August 21st. The technology company reported ($0.23) earnings per share for the quarter, topping the consensus estimate of ($0.28) by $0.05. The company had revenue of $396.30 million for the quarter, compared to the consensus estimate of $392.34 million. Pure Storage had a negative net margin of 14.99% and a negative return on equity of 25.55%. Pure Storage’s revenue was up 28.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.01 EPS. On average, equities analysts predict that Pure Storage will post -0.8 earnings per share for the current year.

In related news, CFO Timothy Riitters sold 10,420 shares of the business’s stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $16.03, for a total value of $167,032.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Over the last quarter, insiders sold 31,260 shares of company stock valued at $492,553. Company insiders own 10.00% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Price Wealth Management Inc. acquired a new position in shares of Pure Storage in the 2nd quarter valued at $29,000. Riverhead Capital Management LLC acquired a new position in shares of Pure Storage in the 2nd quarter valued at $29,000. Coastal Investment Advisors Inc. lifted its stake in shares of Pure Storage by 25.0% in the 2nd quarter. Coastal Investment Advisors Inc. now owns 4,000 shares of the technology company’s stock valued at $61,000 after purchasing an additional 800 shares during the period. Flinton Capital Management LLC lifted its stake in shares of Pure Storage by 203.8% in the 2nd quarter. Flinton Capital Management LLC now owns 5,056 shares of the technology company’s stock valued at $77,000 after purchasing an additional 3,392 shares during the period. Finally, Meadow Creek Investment Management LLC lifted its stake in shares of Pure Storage by 203.8% in the 2nd quarter. Meadow Creek Investment Management LLC now owns 6,952 shares of the technology company’s stock valued at $106,000 after purchasing an additional 4,664 shares during the period. Hedge funds and other institutional investors own 81.14% 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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