Pure Storage (PSTG) Raised to “Hold” at ValuEngine

ValuEngine upgraded shares of Pure Storage (NYSE:PSTG) from a sell rating to a hold rating in a research report released on Friday.

Several other equities analysts have also issued reports on the stock. Vetr upgraded shares of Pure Storage from a buy rating to a strong-buy rating and set a $23.17 target price on the stock in a report on Thursday. Barclays upgraded shares of Pure Storage from an equal weight rating to an overweight rating and boosted their target price for the company from $19.00 to $22.00 in a report on Wednesday, January 17th. KeyCorp restated a buy rating and issued a $24.00 target price on shares of Pure Storage in a report on Wednesday, November 29th. Robert W. Baird restated a hold rating and issued a $20.00 target price on shares of Pure Storage in a report on Wednesday, November 29th. Finally, Oppenheimer restated a buy rating and issued a $21.00 target price on shares of Pure Storage in a report on Wednesday, November 29th. Eight analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of Buy and a consensus target price of $19.08.

Shares of Pure Storage (NYSE:PSTG) opened at $19.78 on Friday. Pure Storage has a one year low of $9.12 and a one year high of $21.23.

Pure Storage (NYSE:PSTG) last issued its quarterly earnings data on Tuesday, November 28th. The technology company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.02. Pure Storage had a negative net margin of 22.86% and a negative return on equity of 44.96%. The company had revenue of $277.70 million for the quarter, compared to analysts’ expectations of $272.07 million. During the same quarter in the previous year, the firm posted ($0.10) earnings per share. Pure Storage’s revenue for the quarter was up 41.0% on a year-over-year basis. research analysts anticipate that Pure Storage will post -0.93 earnings per share for the current fiscal year.

In other news, insider John Colgrove sold 2,167 shares of the company’s stock in a transaction dated Monday, January 8th. The shares were sold at an average price of $16.50, for a total transaction of $35,755.50. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Timothy Riitters sold 11,749 shares of the company’s stock in a transaction dated Wednesday, December 13th. The shares were sold at an average price of $16.74, for a total transaction of $196,678.26. The disclosure for this sale can be found here. Insiders have sold 877,362 shares of company stock worth $15,556,864 in the last quarter. Company insiders own 41.47% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Fortaleza Asset Management Inc. acquired a new position in shares of Pure Storage during the fourth quarter valued at about $154,000. Picton Mahoney Asset Management acquired a new stake in shares of Pure Storage in the 4th quarter worth about $7,131,000. TCI Wealth Advisors Inc. acquired a new stake in shares of Pure Storage in the 4th quarter worth about $1,114,000. Engineers Gate Manager LP raised its holdings in shares of Pure Storage by 8.1% in the 4th quarter. Engineers Gate Manager LP now owns 231,151 shares of the technology company’s stock worth $3,666,000 after acquiring an additional 17,406 shares during the last quarter. Finally, Pembroke Management LTD acquired a new stake in shares of Pure Storage in the 4th quarter worth about $9,758,000. Hedge funds and other institutional investors own 37.57% of the company’s stock.

ILLEGAL ACTIVITY WARNING: This news story was first reported by Stock Observer and is the sole property of of Stock Observer. If you are accessing this news story on another domain, it was stolen and reposted in violation of U.S. and international copyright and trademark law. The legal version of this news story can be accessed at https://www.thestockobserver.com/2018/02/05/pure-storage-pstg-raised-to-hold-at-valuengine.html.

Pure Storage Company Profile

Pure Storage, Inc provides a data platform. The Company is focused on delivering software-defined all-flash solutions that are fast and cloud-capable for customers, enabling customers to put data to work for their businesses. Its data platform replaces storage systems designed for mechanical disk with all-flash systems optimized end-to-end for solid-state memory.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Pure Storage (NYSE:PSTG)

Receive News & Ratings for Pure Storage Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pure Storage and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply