Pure Storage (NYSE:PSTG) had its price objective decreased by stock analysts at KeyCorp from $30.00 to $25.00 in a report issued on Thursday, The Fly reports. The firm currently has an “overweight” rating on the technology company’s stock. KeyCorp’s price target would suggest a potential upside of 54.89% from the company’s current price.
Other analysts also recently issued research reports about the stock. Credit Suisse Group assumed coverage on shares of Pure Storage in a research report on Thursday, April 11th. They set a “neutral” rating and a $23.00 price objective for the company. Stifel Nicolaus reduced their price target on shares of Pure Storage from $22.00 to $20.00 and set a “hold” rating for the company in a research report on Wednesday. Morgan Stanley reduced their price target on shares of Pure Storage from $22.00 to $21.00 and set an “equal weight” rating for the company in a research report on Wednesday. Wells Fargo & Co reduced their price target on shares of Pure Storage from $30.00 to $26.00 and set an “outperform” rating for the company in a research report on Wednesday. Finally, Piper Jaffray Companies reduced their price target on shares of Pure Storage from $25.00 to $20.00 and set an “overweight” rating for the company in a research report on Wednesday. Eight equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $24.83.
Shares of NYSE:PSTG opened at $16.14 on Thursday. The company has a market cap of $3.95 billion, a PE ratio of -23.06 and a beta of 1.71. The company has a quick ratio of 3.25, a current ratio of 3.34 and a debt-to-equity ratio of 0.61. Pure Storage has a twelve month low of $13.99 and a twelve month high of $29.14.
Pure Storage (NYSE:PSTG) last issued its quarterly earnings data on Tuesday, May 21st. The technology company reported ($0.37) earnings per share for the quarter, missing the consensus estimate of ($0.29) by ($0.08). The company had revenue of $326.70 million for the quarter, compared to analysts’ expectations of $333.83 million. Pure Storage had a negative return on equity of 26.00% and a negative net margin of 14.99%. On average, equities research analysts forecast that Pure Storage will post -0.53 EPS for the current year.
In other news, Director Scott Dietzen sold 400,000 shares of the company’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of $20.46, for a total transaction of $8,184,000.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Timothy Riitters sold 5,210 shares of the company’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $20.46, for a total transaction of $106,596.60. The disclosure for this sale can be found here. Insiders sold a total of 564,260 shares of company stock worth $11,880,961 over the last three months. 10.00% of the stock is currently owned by corporate insiders.
Several large investors have recently bought and sold shares of PSTG. JPMorgan Chase & Co. grew its stake in shares of Pure Storage by 38.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,666,222 shares of the technology company’s stock worth $69,188,000 after purchasing an additional 738,838 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Pure Storage by 10.4% during the 3rd quarter. Bank of New York Mellon Corp now owns 763,632 shares of the technology company’s stock worth $19,817,000 after purchasing an additional 72,087 shares during the period. Vanguard Group Inc grew its stake in shares of Pure Storage by 14.4% during 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. Meeder Asset Management Inc. acquired a new position in shares of Pure Storage during the 4th quarter worth $42,000. Finally, Bank of Montreal Can grew its stake in shares of Pure Storage by 239.6% during the 4th quarter. Bank of Montreal Can now owns 88,526 shares of the technology company’s stock worth $1,424,000 after purchasing an additional 62,460 shares during the period. 77.83% of the stock is currently 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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