Pure Storage (NYSE:PSTG – Free Report) had its price objective raised by TD Cowen from $44.00 to $50.00 in a research note issued to investors on Thursday, Marketbeat reports. They currently have an outperform rating on the technology company’s stock.
A number of other research firms have also recently commented on PSTG. Deutsche Bank Aktiengesellschaft increased their target price on shares of Pure Storage from $36.00 to $42.00 in a report on Friday, June 16th. Raymond James raised their price objective on shares of Pure Storage from $40.00 to $41.00 in a report on Thursday, June 1st. Barclays raised their price objective on shares of Pure Storage from $38.00 to $42.00 and gave the company an overweight rating in a report on Wednesday. Lake Street Capital increased their target price on shares of Pure Storage from $34.00 to $40.00 in a research report on Friday, June 16th. Finally, UBS Group increased their target price on shares of Pure Storage from $31.00 to $38.00 and gave the company a neutral rating in a research report on Thursday. Two investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Pure Storage has an average rating of Moderate Buy and an average target price of $42.58.
Read Our Latest Analysis on PSTG
Pure Storage Price Performance
Pure Storage (NYSE:PSTG – Get Free Report) last released its quarterly earnings results on Wednesday, May 31st. The technology company reported ($0.17) EPS for the quarter, beating the consensus estimate of ($0.21) by $0.04. Pure Storage had a net margin of 0.63% and a return on equity of 9.03%. The business had revenue of $589.31 million for the quarter, compared to the consensus estimate of $560.83 million. Equities analysts expect that Pure Storage will post 0.28 earnings per share for the current year.
Insider Transactions at Pure Storage
In related news, CAO Mona Chu sold 5,387 shares of Pure Storage stock in a transaction on Monday, July 17th. The shares were sold at an average price of $38.49, for a total value of $207,345.63. Following the completion of the sale, the chief accounting officer now owns 147,188 shares of the company’s stock, valued at approximately $5,665,266.12. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Pure Storage news, CAO Mona Chu sold 5,387 shares of the business’s stock in a transaction on Monday, July 17th. The shares were sold at an average price of $38.49, for a total transaction of $207,345.63. Following the completion of the sale, the chief accounting officer now owns 147,188 shares in the company, valued at approximately $5,665,266.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Ajay Singh sold 37,084 shares of the business’s stock in a transaction on Tuesday, June 13th. The shares were sold at an average price of $36.42, for a total transaction of $1,350,599.28. Following the sale, the insider now owns 414,393 shares of the company’s stock, valued at approximately $15,092,193.06. The disclosure for this sale can be found here. Insiders sold a total of 148,320 shares of company stock valued at $5,453,744 in the last quarter. 6.50% of the stock is currently owned by company insiders.
Institutional Trading of Pure Storage
A number of hedge funds and other institutional investors have recently bought and sold shares of PSTG. Maryland State Retirement & Pension System boosted its holdings in Pure Storage by 6.9% during the 1st quarter. Maryland State Retirement & Pension System now owns 22,553 shares of the technology company’s stock worth $575,000 after acquiring an additional 1,459 shares during the last quarter. Intech Investment Management LLC purchased a new position in Pure Storage during the 1st quarter worth $388,000. Penn Capital Management Company LLC boosted its holdings in Pure Storage by 0.3% during the 4th quarter. Penn Capital Management Company LLC now owns 428,310 shares of the technology company’s stock worth $11,477,000 after acquiring an additional 1,417 shares during the last quarter. Quantinno Capital Management LP boosted its holdings in Pure Storage by 4.6% during the 4th quarter. Quantinno Capital Management LP now owns 65,138 shares of the technology company’s stock worth $1,743,000 after acquiring an additional 2,894 shares during the last quarter. Finally, Nordea Investment Management AB boosted its holdings in Pure Storage by 13.2% during the 4th quarter. Nordea Investment Management AB now owns 52,112 shares of the technology company’s stock worth $1,393,000 after acquiring an additional 6,090 shares during the last quarter. Institutional investors own 82.98% of the company’s stock.
About Pure Storage
Pure Storage, Inc, together with its subsidiaries, provides data storage technologies, products, and services in the United States and internationally. The company's Purity software is shared across its products and provides enterprise-class data services, such as data reduction, data protection, and encryption, as well as storage protocols, including block, file, and object.
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