Pure Storage Inc. (PSTG) Stock Rating Lowered by Vetr Inc.
Pure Storage Inc. (NYSE:PSTG) was downgraded by stock analysts at Vetr from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Wednesday. They currently have a $13.48 price target on the stock. Vetr‘s price objective would indicate a potential upside of 10.67% from the stock’s current price.
A number of other equities research analysts have also issued reports on PSTG. JMP Securities restated a “buy” rating on shares of Pure Storage in a research note on Sunday, July 17th. Raymond James Financial Inc. reaffirmed a “buy” rating and set a $20.00 price objective (down previously from $21.00) on shares of Pure Storage in a research report on Thursday, May 26th. Deutsche Bank AG downgraded shares of Pure Storage from an “outperform” rating to a “market perform” rating and set a $13.00 price objective for the company. in a research report on Thursday, May 26th. Maxim Group lowered their price objective on shares of Pure Storage from $27.00 to $20.00 and set a “buy” rating for the company in a research report on Thursday, May 26th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $23.00 price objective (down previously from $25.00) on shares of Pure Storage in a research report on Thursday, May 26th. Ten research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $17.50.
Pure Storage (NYSE:PSTG) traded down 1.85% during midday trading on Wednesday, hitting $12.18. 1,026,666 shares of the stock were exchanged. The firm’s 50-day moving average is $12.48 and its 200 day moving average is $12.79. The stock’s market cap is $2.35 billion. Pure Storage has a 52 week low of $9.62 and a 52 week high of $20.60.
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Pure Storage (NYSE:PSTG) last issued its earnings results on Thursday, August 25th. The company reported ($0.16) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.07. The business had revenue of $163.21 million for the quarter, compared to analyst estimates of $155.14 million. Pure Storage had a negative net margin of 38.27% and a negative return on equity of 38.48%. The company’s revenue for the quarter was up 92.8% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.33) EPS. Equities research analysts expect that Pure Storage will post ($0.64) EPS for the current fiscal year.
In other Pure Storage news, major shareholder James N. White bought 66,000 shares of the business’s stock in a transaction that occurred on Thursday, June 16th. The stock was acquired at an average cost of $10.12 per share, with a total value of $667,920.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 46.58% of the company’s stock.
Several large investors have recently modified their holdings of PSTG. Jacobs Levy Equity Management Inc. purchased a new stake in shares of Pure Storage during the first quarter valued at approximately $431,000. Calixto Global Investors LP purchased a new stake in shares of Pure Storage during the first quarter valued at approximately $378,000. Geode Capital Management LLC increased its stake in shares of Pure Storage by 10.7% in the first quarter. Geode Capital Management LLC now owns 187,413 shares of the company’s stock valued at $2,565,000 after buying an additional 18,178 shares during the period. State Street Corp increased its stake in shares of Pure Storage by 1.9% in the first quarter. State Street Corp now owns 384,885 shares of the company’s stock valued at $5,267,000 after buying an additional 7,192 shares during the period. Finally, Menta Capital LLC purchased a new stake in shares of Pure Storage during the first quarter valued at approximately $149,000. Institutional investors and hedge funds own 49.92% of the company’s stock.
Pure Storage Company Profile
Pure Storage, Inc provides an enterprise data storage platform. The Company’s storage platform consists of approximately three integrated components, including the Purity Operating Environment, which is its flash-optimized software; FlashArray, which is its modular and scalable all-flash array hardware, and Pure1, which is its cloud-based management and support.
To view Vetr’s full report, visit Vetr’s official website.
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