Pure Storage (NYSE:PSTG) was upgraded by Stifel Nicolaus from a “hold” rating to a “buy” rating in a research report issued on Friday, Analyst Ratings Network reports. The firm presently has a $25.00 price objective on the technology company’s stock. Stifel Nicolaus’ price objective suggests a potential upside of 33.62% from the company’s previous close.
Several other research analysts have also weighed in on PSTG. Raymond James raised shares of Pure Storage from an “outperform” rating to a “strong-buy” rating and set a $30.00 price objective for the company in a report on Monday, March 22nd. Lake Street Capital raised their price objective on shares of Pure Storage from $22.00 to $29.00 and gave the stock a “buy” rating in a report on Thursday, February 25th. Morgan Stanley decreased their price objective on shares of Pure Storage from $28.00 to $25.00 and set an “equal weight” rating for the company in a report on Tuesday, April 13th. Summit Insights reissued a “buy” rating on shares of Pure Storage in a report on Wednesday, February 24th. Finally, JMP Securities raised their price objective on shares of Pure Storage from $26.00 to $35.00 and gave the stock an “outperform” rating in a report on Monday, February 22nd. Four analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $26.37.
Pure Storage stock opened at $18.71 on Friday. Pure Storage has a 12-month low of $13.91 and a 12-month high of $29.53. The company has a quick ratio of 2.45, a current ratio of 2.51 and a debt-to-equity ratio of 1.01. The firm’s fifty day moving average price is $20.17 and its 200 day moving average price is $21.84.
Pure Storage (NYSE:PSTG) last released its quarterly earnings results on Wednesday, February 24th. The technology company reported $0.13 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.12) by $0.25. The firm had revenue of $502.72 million for the quarter, compared to the consensus estimate of $480.49 million. Pure Storage had a negative net margin of 16.75% and a negative return on equity of 23.91%. Equities analysts anticipate that Pure Storage will post -0.57 EPS for the current year.
In other Pure Storage news, Director Anita M. Sands sold 30,380 shares of the business’s stock in a transaction dated Thursday, April 8th. The shares were sold at an average price of $21.48, for a total transaction of $652,562.40. Following the sale, the director now directly owns 58,719 shares in the company, valued at approximately $1,261,284.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 6.80% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sowell Financial Services LLC raised its holdings in shares of Pure Storage by 72.3% in the 4th quarter. Sowell Financial Services LLC now owns 1,099 shares of the technology company’s stock worth $25,000 after purchasing an additional 461 shares in the last quarter. CWM LLC raised its holdings in shares of Pure Storage by 181.3% in the 1st quarter. CWM LLC now owns 1,381 shares of the technology company’s stock worth $30,000 after purchasing an additional 890 shares in the last quarter. Canada Pension Plan Investment Board raised its holdings in shares of Pure Storage by 2,617.6% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,386 shares of the technology company’s stock worth $30,000 after purchasing an additional 1,335 shares in the last quarter. Baillie Gifford & Co. bought a new stake in shares of Pure Storage in the 4th quarter worth approximately $32,000. Finally, IFP Advisors Inc raised its holdings in shares of Pure Storage by 82.3% in the 1st quarter. IFP Advisors Inc now owns 1,568 shares of the technology company’s stock worth $34,000 after purchasing an additional 708 shares in the last quarter. Institutional investors and hedge funds own 85.67% of the company’s stock.
Pure Storage Company Profile
Pure Storage, Inc provides technology and data storage solutions in the United States and internationally. The company delivers solutions based on proprietary Purity Operating Environment Software that implements enterprise-class storage services, such as data reduction, encryption, and protection, as well as protocol services, including block, file, and object.
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