Pure Storage (NYSE:PSTG – Get Rating) was upgraded by equities researchers at Wedbush from a “neutral” rating to an “outperform” rating in a note issued to investors on Thursday, The Fly reports.
Other analysts have also issued reports about the stock. StockNews.com began coverage on shares of Pure Storage in a research note on Friday, March 17th. They set a “hold” rating for the company. JPMorgan Chase & Co. reduced their price target on shares of Pure Storage from $40.00 to $35.00 and set an “overweight” rating for the company in a research note on Thursday, March 2nd. Credit Suisse Group reiterated an “outperform” rating and issued a $40.00 price target on shares of Pure Storage in a research note on Thursday, March 2nd. Lake Street Capital reduced their price target on shares of Pure Storage from $38.00 to $32.00 in a research note on Thursday, March 2nd. Finally, Wells Fargo & Company reduced their price target on shares of Pure Storage from $40.00 to $37.00 and set an “overweight” rating for the company in a research note on Thursday, March 2nd. Three investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Pure Storage presently has an average rating of “Moderate Buy” and a consensus price target of $36.68.
Pure Storage Stock Performance
NYSE:PSTG opened at $25.32 on Thursday. The firm has a market cap of $7.66 billion, a P/E ratio of 120.57, a P/E/G ratio of 16.19 and a beta of 1.22. Pure Storage has a fifty-two week low of $21.90 and a fifty-two week high of $33.23. The firm has a 50-day simple moving average of $27.06 and a two-hundred day simple moving average of $27.93.
Pure Storage (NYSE:PSTG – Get Rating) last released its quarterly earnings data on Wednesday, March 1st. The technology company reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.17. The business had revenue of $810.21 million during the quarter, compared to analyst estimates of $811.30 million. Pure Storage had a net margin of 2.65% and a return on equity of 17.48%. On average, equities research analysts predict that Pure Storage will post 0.17 EPS for the current year.
Insider Buying and Selling
In other Pure Storage news, CRO Dan Fitzsimons sold 28,481 shares of Pure Storage stock in a transaction that occurred on Tuesday, March 21st. The shares were sold at an average price of $24.49, for a total transaction of $697,499.69. Following the transaction, the executive now owns 192,530 shares of the company’s stock, valued at $4,715,059.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 6.80% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Pure Storage
Several large investors have recently added to or reduced their stakes in the company. ETF Managers Group LLC lifted its holdings in Pure Storage by 19.0% during the fourth quarter. ETF Managers Group LLC now owns 19,640 shares of the technology company’s stock valued at $526,000 after purchasing an additional 3,137 shares in the last quarter. Rockefeller Capital Management L.P. lifted its holdings in Pure Storage by 28.1% during the fourth quarter. Rockefeller Capital Management L.P. now owns 4,043 shares of the technology company’s stock valued at $108,000 after purchasing an additional 886 shares in the last quarter. Voya Investment Management LLC raised its position in shares of Pure Storage by 1.2% during the fourth quarter. Voya Investment Management LLC now owns 1,586,219 shares of the technology company’s stock valued at $42,447,000 after buying an additional 18,362 shares during the last quarter. Natixis raised its position in shares of Pure Storage by 23.5% during the fourth quarter. Natixis now owns 809,300 shares of the technology company’s stock valued at $21,657,000 after buying an additional 153,800 shares during the last quarter. Finally, Adalta Capital Management LLC raised its position in shares of Pure Storage by 54.3% during the fourth quarter. Adalta Capital Management LLC now owns 7,100 shares of the technology company’s stock valued at $190,000 after buying an additional 2,500 shares during the last quarter. Hedge funds and other institutional investors own 84.96% of the company’s stock.
About Pure Storage
Pure Storage, Inc engages in the provision of flash-based storage solutions. Its technology replaces storage systems designed for mechanical disks 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.