Analysts’ Weekly Ratings Updates for Pure Storage (PSTG)

Pure Storage (NYSE: PSTG) recently received a number of ratings updates from brokerages and research firms:

  • 5/23/2019 – Pure Storage had its price target lowered by analysts at KeyCorp from $30.00 to $25.00. They now have an “overweight” rating on the stock.
  • 5/23/2019 – Pure Storage had its “hold” rating reaffirmed by analysts at Maxim Group. They now have a $22.00 price target on the stock. They wrote, “Revenue disappoints due to large enterprise deals pushing out. Strong deferred revenue suggests strengthened retention rates. FY20 midpoint revenue guidance lowered by $35M despite just a $6M F1Q20 miss, makes us incrementally concerned reduced demand is due to increased price competition for select large enterprise customers. We expect the increased price competition to pass, maintain Hold rating and DCF-based 12-month price target of $22.””
  • 5/22/2019 – Pure Storage had its price target lowered by analysts at Piper Jaffray Companies from $25.00 to $20.00. They now have an “overweight” rating on the stock.
  • 5/22/2019 – Pure Storage had its price target lowered by analysts at Wells Fargo & Co from $30.00 to $26.00. They now have an “outperform” rating on the stock.
  • 5/22/2019 – Pure Storage had its “outperform” rating reaffirmed by analysts at Cowen Inc. They now have a $28.00 price target on the stock, down previously from $30.00.
  • 5/22/2019 – Pure Storage had its price target lowered by analysts at Credit Suisse Group AG from $23.00 to $18.00. They now have a “neutral” rating on the stock.
  • 5/22/2019 – Pure Storage had its price target lowered by analysts at Stifel Nicolaus from $22.00 to $20.00. They now have a “hold” rating on the stock.
  • 5/22/2019 – Pure Storage had its price target lowered by analysts at Morgan Stanley from $22.00 to $21.00. They now have an “equal weight” rating on the stock.
  • 5/8/2019 – Pure Storage was downgraded by analysts at ValuEngine from a “buy” rating to a “hold” rating.
  • 4/11/2019 – Pure Storage is now covered by analysts at Credit Suisse Group AG. They set a “neutral” rating and a $23.00 price target on the stock.
  • 4/8/2019 – Pure Storage was upgraded by analysts at Cowen Inc from a “market perform” rating to an “outperform” rating. They now have a $30.00 price target on the stock, up previously from $20.00.
  • 4/1/2019 – Pure Storage was upgraded by analysts at ValuEngine from a “hold” rating to a “buy” rating.

NYSE:PSTG traded down $0.21 during mid-day trading on Tuesday, reaching $15.93. The stock had a trading volume of 189,879 shares, compared to its average volume of 4,278,577. The company has a market capitalization of $3.95 billion, a price-to-earnings ratio of -22.76 and a beta of 1.71. Pure Storage Inc has a one year low of $13.99 and a one year high of $29.14. The company has a debt-to-equity ratio of 0.61, a current ratio of 3.34 and a quick ratio of 3.25.

Pure Storage (NYSE:PSTG) last released its earnings results on Tuesday, May 21st. The technology company reported ($0.37) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.29) by ($0.08). Pure Storage had a negative return on equity of 26.00% and a negative net margin of 14.99%. The firm had revenue of $326.70 million during the quarter, compared to the consensus estimate of $333.83 million. As a group, sell-side analysts anticipate that Pure Storage Inc will post -0.79 EPS for the current year.

In other Pure Storage news, Director Scott Dietzen sold 100,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 24th. The stock was sold at an average price of $23.05, for a total value of $2,305,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Timothy Riitters sold 5,210 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $20.46, for a total value of $106,596.60. The disclosure for this sale can be found here. Insiders sold 564,260 shares of company stock valued at $11,880,961 in the last quarter. Corporate insiders own 10.00% of the company’s stock.

A number of hedge funds have recently made changes to their positions in PSTG. MUFG Securities EMEA plc purchased a new stake in Pure Storage in the fourth quarter worth $1,253,000. Norges Bank purchased a new stake in Pure Storage in the fourth quarter worth $18,708,000. CWM LLC grew its stake in Pure Storage by 21.7% in the first quarter. CWM LLC now owns 140,907 shares of the technology company’s stock worth $3,070,000 after purchasing an additional 25,081 shares during the period. Canada Pension Plan Investment Board purchased a new stake in Pure Storage in the fourth quarter worth $5,306,000. Finally, UBS Oconnor LLC purchased a new stake in Pure Storage in the fourth quarter worth $3,216,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

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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