Pure Storage (NYSE:PSTG) Earns Overweight Rating from Analysts at Barclays

Equities research analysts at Barclays started coverage on shares of Pure Storage (NYSE:PSTG) in a report released on Wednesday, The Fly reports. The firm set an “overweight” rating on the technology company’s stock.

A number of other equities research analysts also recently issued reports on PSTG. Stifel Nicolaus lowered their price target on shares of Pure Storage from $22.00 to $20.00 and set a “hold” rating on the stock in a report on Wednesday, May 22nd. ValuEngine downgraded shares of Pure Storage from a “buy” rating to a “hold” rating in a research note on Wednesday, May 8th. Morgan Stanley lowered their target price on shares of Pure Storage from $22.00 to $21.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 22nd. Maxim Group set a $18.00 target price on shares of Pure Storage and gave the company a “hold” rating in a research note on Friday, August 2nd. Finally, KeyCorp lowered their target price on shares of Pure Storage from $30.00 to $25.00 and set an “overweight” rating on the stock in a research note on Thursday, May 23rd. Eight equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Pure Storage currently has an average rating of “Buy” and an average target price of $24.32.

Shares of Pure Storage stock traded up $0.03 on Wednesday, reaching $13.09. The stock had a trading volume of 3,864,153 shares, compared to its average volume of 3,657,461. Pure Storage has a 1 year low of $12.68 and a 1 year high of $29.14. The stock has a market capitalization of $3.25 billion, a P/E ratio of -18.70 and a beta of 1.80. The company has a current ratio of 3.35, a quick ratio of 3.25 and a debt-to-equity ratio of 0.75. The stock’s 50 day moving average price is $15.47.

Pure Storage (NYSE:PSTG) last announced its quarterly earnings results on Tuesday, May 21st. The technology company reported ($0.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.08). Pure Storage had a negative return on equity of 25.55% and a negative net margin of 14.99%. The firm had revenue of $326.70 million during the quarter, compared to analysts’ expectations of $333.83 million. On average, research analysts forecast that Pure Storage will post -0.79 EPS for the current fiscal year.

In other news, CFO Timothy Riitters sold 10,420 shares of the company’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $15.65, for a total transaction of $163,073.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders have sold a total of 31,260 shares of company stock worth $492,553 over the last ninety days. Insiders own 10.00% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in PSTG. First Trust Advisors LP raised its holdings in Pure Storage by 700.6% during the 2nd quarter. First Trust Advisors LP now owns 3,605,549 shares of the technology company’s stock valued at $55,057,000 after buying an additional 3,155,201 shares during the period. William Blair Investment Management LLC increased its stake in Pure Storage by 27.9% in the first quarter. William Blair Investment Management LLC now owns 12,650,885 shares of the technology company’s stock worth $275,663,000 after purchasing an additional 2,761,026 shares during the period. FMR LLC increased its stake in Pure Storage by 15.4% in the first quarter. FMR LLC now owns 18,219,508 shares of the technology company’s stock worth $397,003,000 after purchasing an additional 2,428,068 shares during the period. JPMorgan Chase & Co. increased its stake in Pure Storage by 262.1% in the first quarter. JPMorgan Chase & Co. now owns 2,896,951 shares of the technology company’s stock worth $63,125,000 after purchasing an additional 2,097,011 shares during the period. Finally, Blair William & Co. IL increased its stake in Pure Storage by 60.0% in the first quarter. Blair William & Co. IL now owns 4,961,032 shares of the technology company’s stock worth $108,101,000 after purchasing an additional 1,859,451 shares during the period. Institutional investors own 79.23% 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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The Fly

Analyst Recommendations for Pure Storage (NYSE:PSTG)

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