Pure Storage (NYSE:PSTG) Raised to “Buy” at Cross Research

Cross Research upgraded shares of Pure Storage (NYSE:PSTG) from a hold rating to a buy rating in a research report sent to investors on Wednesday morning, BenzingaRatingsTable reports. Cross Research currently has $23.00 price objective on the technology company’s stock.

A number of other brokerages also recently issued reports on PSTG. Stifel Nicolaus raised their price objective on Pure Storage from $16.00 to $18.00 and gave the stock a hold rating in a research report on Wednesday. Cowen reissued an outperform rating and set a $23.00 price objective (down from $28.00) on shares of Pure Storage in a research report on Thursday, August 22nd. Barclays set a $17.00 price objective on Pure Storage and gave the stock a buy rating in a research report on Wednesday, August 21st. Maxim Group raised Pure Storage from a hold rating to a buy rating and raised their price objective for the stock from $18.00 to $20.00 in a research report on Thursday, August 22nd. Finally, Bank of America set a $22.00 price objective on Pure Storage and gave the stock a buy rating in a research report on Thursday, August 22nd. Six analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. The stock has a consensus rating of Buy and an average price target of $20.67.

Shares of PSTG opened at $17.39 on Wednesday. Pure Storage has a 52-week low of $12.68 and a 52-week high of $27.59. The company has a market capitalization of $4.45 billion, a PE ratio of -24.84 and a beta of 1.75. The stock has a fifty day simple moving average of $15.39 and a two-hundred day simple moving average of $18.00. The company has a quick ratio of 3.14, a current ratio of 3.21 and a debt-to-equity ratio of 0.76.

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, topping analysts’ consensus estimates of ($0.28) by $0.05. The business had revenue of $396.30 million during the quarter, compared to the consensus estimate of $392.34 million. Pure Storage had a negative return on equity of 25.22% and a negative net margin of 14.51%. The company’s revenue for the quarter was up 28.3% on a year-over-year basis. During the same period last year, the company earned $0.01 EPS. As a group, equities analysts anticipate that Pure Storage will post -0.7 earnings per share for the current fiscal year.

In related news, CFO Timothy Riitters sold 10,420 shares of the firm’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $15.59, for a total transaction of $162,447.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 31,260 shares of company stock valued at $512,247 over the last 90 days. 10.00% of the stock is currently owned by company insiders.

A number of institutional investors have recently made changes to their positions in the stock. River & Mercantile Asset Management LLP purchased a new position in Pure Storage during the 2nd quarter valued at about $261,000. Treasurer of the State of North Carolina boosted its holdings in Pure Storage by 40.1% during the 2nd quarter. Treasurer of the State of North Carolina now owns 91,763 shares of the technology company’s stock valued at $1,401,000 after acquiring an additional 26,250 shares during the period. Ladenburg Thalmann Financial Services Inc. boosted its holdings in Pure Storage by 1,638.9% during the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 35,925 shares of the technology company’s stock valued at $549,000 after acquiring an additional 33,859 shares during the period. United Services Automobile Association boosted its holdings in Pure Storage by 7.6% during the 2nd quarter. United Services Automobile Association now owns 253,326 shares of the technology company’s stock valued at $3,868,000 after acquiring an additional 17,850 shares during the period. Finally, Nuveen Asset Management LLC purchased a new position in Pure Storage during the 2nd quarter valued at about $42,990,000. Institutional investors own 77.26% of the company’s stock.

Pure Storage Company Profile

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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Analyst Recommendations for Pure Storage (NYSE:PSTG)

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