Pure Storage (NYSE:PSTG) had its target price decreased by stock analysts at Wells Fargo & Co from $30.00 to $26.00 in a research report issued on Wednesday, May 22nd, BenzingaRatingsTable reports. The firm currently has an “outperform” rating on the technology company’s stock. Wells Fargo & Co‘s target price indicates a potential upside of 68.18% from the company’s previous close.
A number of other research analysts have also weighed in on PSTG. Raymond James lowered shares of 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 reaffirmed a “hold” rating and set a $21.00 price target on shares of Pure Storage in a research report on Friday, March 1st. Lake Street Capital reduced their price target on shares of Pure Storage to $26.00 and set a “buy” rating on the stock in a research report on Friday, March 1st. Zacks Investment Research lowered shares of Pure Storage from a “buy” rating to a “hold” rating in a research report on Wednesday, March 6th. Finally, Oppenheimer set a $26.00 target price on shares of Pure Storage and gave the company a “buy” rating in a report on Tuesday, March 19th. Eight research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $24.83.
Shares of NYSE:PSTG traded down $0.17 during trading on Wednesday, reaching $15.46. 2,021,000 shares of the company’s stock traded hands, compared to its average volume of 3,553,302. Pure Storage has a fifty-two week low of $13.99 and a fifty-two week high of $29.14. The company has a quick ratio of 3.25, a current ratio of 3.35 and a debt-to-equity ratio of 0.75. The stock has a market capitalization of $3.83 billion, a PE ratio of -22.09 and a beta of 2.00.
Pure Storage (NYSE:PSTG) last posted its quarterly earnings data 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 return on equity of 25.55% and a negative net margin of 14.99%. The firm had revenue of $326.70 million during the quarter, compared to analyst estimates of $333.83 million. Sell-side analysts expect that Pure Storage will post -0.79 earnings per share for the current fiscal year.
In related news, CFO Timothy Riitters sold 10,420 shares of the business’s stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $15.65, for a total value of $163,073.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Scott Dietzen sold 33,000 shares of the business’s stock in a transaction on Friday, April 26th. The shares were sold at an average price of $22.43, for a total transaction of $740,190.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 574,680 shares of company stock valued at $12,000,687. Insiders own 10.00% of the company’s stock.
Large investors have recently made changes to their positions in the company. Oppenheimer Asset Management Inc. purchased a new position in Pure Storage during the fourth quarter worth about $27,000. Sageworth Trust Co purchased a new position in Pure Storage during the first quarter worth about $37,000. Sonora Investment Management LLC raised its holdings in Pure Storage by 80.2% during the fourth quarter. Sonora Investment Management LLC now owns 1,910 shares of the technology company’s stock worth $31,000 after purchasing an additional 850 shares in the last quarter. Meeder Asset Management Inc. purchased a new position in Pure Storage during the fourth quarter worth about $42,000. Finally, Coastal Investment Advisors Inc. purchased a new position in Pure Storage during the first quarter worth about $70,000. 81.77% of the stock is owned by institutional investors and hedge funds.
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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