Pure Storage (PSTG) Given New $18.00 Price Target at Credit Suisse Group

Pure Storage (NYSE:PSTG) had its price target cut by Credit Suisse Group from $23.00 to $18.00 in a research report issued on Wednesday, The Fly reports. The brokerage currently has a “neutral” rating on the technology company’s stock. Credit Suisse Group’s target price indicates a potential upside of 16.13% from the company’s previous close.

Several other analysts also recently commented on PSTG. Piper Jaffray Companies decreased their target price on shares of Pure Storage from $25.00 to $20.00 and set an “overweight” rating for the company in a research report on Wednesday. Cowen reissued an “outperform” rating and issued a $28.00 target price (down from $30.00) on shares of Pure Storage in a research report on Wednesday. Zacks Investment Research downgraded shares of Pure Storage from a “buy” rating to a “hold” rating in a research report on Wednesday, March 6th. ValuEngine raised shares of Pure Storage from a “hold” rating to a “buy” rating in a report on Monday, April 1st. Finally, Oppenheimer set a $26.00 price objective on shares of Pure Storage and gave the stock a “buy” rating in a report on Tuesday, March 19th. Eight investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $25.04.

PSTG stock opened at $15.50 on Wednesday. The company has a quick ratio of 3.25, a current ratio of 3.34 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $5.05 billion, a price-to-earnings ratio of -22.14 and a beta of 1.71. Pure Storage has a 12 month low of $13.99 and a 12 month high of $29.14.



Pure Storage (NYSE:PSTG) last posted its earnings results on Tuesday, May 21st. The technology company reported ($0.37) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.29) by ($0.08). The business had revenue of $326.70 million during the quarter, compared to the consensus estimate of $333.83 million. Pure Storage had a negative return on equity of 26.00% and a negative net margin of 14.99%. On average, equities research analysts predict that Pure Storage will post -0.53 EPS for the current fiscal year.

In related news, Director Scott Dietzen sold 400,000 shares of the company’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of $20.46, for a total transaction of $8,184,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Timothy Riitters sold 5,210 shares of the company’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $20.46, for a total transaction of $106,596.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 564,260 shares of company stock valued at $11,880,961. 10.00% of the stock is owned by insiders.

Large investors have recently added to or reduced their stakes in the stock. Diversified Trust Co grew its holdings in Pure Storage by 9.8% during the 1st quarter. Diversified Trust Co now owns 29,920 shares of the technology company’s stock worth $652,000 after acquiring an additional 2,675 shares during the last quarter. FMR LLC grew its holdings in Pure Storage by 15.4% during the 1st quarter. FMR LLC now owns 18,219,508 shares of the technology company’s stock worth $397,003,000 after acquiring an additional 2,428,068 shares during the last quarter. BlueMountain Capital Management LLC grew its holdings in Pure Storage by 38.6% during the 1st quarter. BlueMountain Capital Management LLC now owns 898,977 shares of the technology company’s stock worth $19,589,000 after acquiring an additional 250,529 shares during the last quarter. Schonfeld Strategic Advisors LLC grew its holdings in Pure Storage by 83.4% during the 1st quarter. Schonfeld Strategic Advisors LLC now owns 18,457 shares of the technology company’s stock worth $402,000 after acquiring an additional 8,393 shares during the last quarter. Finally, Eminence Capital LP bought a new stake in Pure Storage during the 1st quarter worth about $113,599,000. Hedge funds and other institutional investors own 77.83% of the company’s stock.

About Pure Storage

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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