Shares of Pure Storage Inc (NYSE:PSTG) gapped up prior to trading on Thursday . The stock had previously closed at $15.51, but opened at $16.36. Pure Storage shares last traded at $16.64, with a volume of 8,276,797 shares traded.
Several research analysts recently weighed in on the stock. Barclays restated a “buy” rating and issued a $21.00 price objective on shares of Pure Storage in a research report on Thursday, September 19th. Cross Research upgraded shares of Pure Storage from a “hold” rating to a “buy” rating and set a $23.00 price objective for the company in a research report on Wednesday, September 18th. Maxim Group upgraded shares of Pure Storage from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $18.00 to $20.00 in a research report on Thursday, August 22nd. Wells Fargo & Co upped their target price on shares of Pure Storage from $23.00 to $25.00 and gave the company an “outperform” rating in a research report on Wednesday, September 18th. Finally, TheStreet cut shares of Pure Storage from a “c-” rating to a “d+” rating in a research report on Thursday, June 27th. Four research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $20.83.
The stock’s 50 day moving average price is $16.73 and its 200 day moving average price is $17.62. The company has a debt-to-equity ratio of 0.76, a quick ratio of 3.14 and a current ratio of 3.21.
Pure Storage (NYSE:PSTG) last issued its earnings results on Wednesday, August 21st. The technology company reported ($0.23) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.28) by $0.05. Pure Storage had a negative net margin of 14.51% and a negative return on equity of 25.22%. The business had revenue of $396.30 million during the quarter, compared to the consensus estimate of $392.34 million. During the same period last year, the business posted $0.01 EPS. Pure Storage’s revenue was up 28.3% on a year-over-year basis. Research analysts anticipate that Pure Storage Inc will post -0.69 earnings per share for the current year.
In related news, CFO Timothy Riitters sold 10,420 shares of the firm’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $15.78, for a total value of $164,427.60. Following the completion of the sale, the chief financial officer now directly owns 417,425 shares in the company, valued at approximately $6,586,966.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 31,260 shares of company stock valued at $527,460 over the last quarter. 10.00% of the stock is currently owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in PSTG. Fox Run Management L.L.C. acquired a new stake in shares of Pure Storage during the 2nd quarter worth approximately $390,000. CENTRAL TRUST Co boosted its position in shares of Pure Storage by 44.3% during the 2nd quarter. CENTRAL TRUST Co now owns 16,758 shares of the technology company’s stock worth $264,000 after acquiring an additional 5,146 shares in the last quarter. BNP Paribas Arbitrage SA boosted its position in shares of Pure Storage by 168.5% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 28,684 shares of the technology company’s stock worth $438,000 after acquiring an additional 18,001 shares in the last quarter. Swiss National Bank boosted its position in shares of Pure Storage by 1.7% during the 2nd quarter. Swiss National Bank now owns 342,400 shares of the technology company’s stock worth $5,228,000 after acquiring an additional 5,700 shares in the last quarter. Finally, MUFG Securities EMEA plc boosted its position in shares of Pure Storage by 13.2% during the 2nd quarter. MUFG Securities EMEA plc now owns 68,100 shares of the technology company’s stock worth $1,040,000 after acquiring an additional 7,935 shares in the last quarter. 77.26% of the stock is currently owned by hedge funds and other institutional investors.
About Pure Storage (NYSE:PSTG)
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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