Pure Storage (NYSE:PSTG) Earns “Hold” Rating from Credit Suisse Group

Credit Suisse Group restated their hold rating on shares of Pure Storage (NYSE:PSTG) in a research report report published on Thursday, AnalystRatings.com reports. The brokerage currently has a $14.00 price objective on the technology company’s stock.

Several other research analysts also recently weighed in on the stock. Stifel Nicolaus upped their price objective on shares of Pure Storage from $16.00 to $18.00 and gave the stock a hold rating in a report on Wednesday, September 18th. Barclays restated a buy rating and set a $21.00 price objective on shares of Pure Storage in a report on Thursday. Susquehanna Bancshares upgraded shares of Pure Storage from a neutral rating to a positive rating and upped their price objective for the stock from $16.00 to $25.00 in a report on Monday, September 9th. Maxim Group upgraded shares of Pure Storage from a hold rating to a buy rating and upped their price objective for the stock from $18.00 to $20.00 in a report on Thursday, August 22nd. Finally, Zacks Investment Research upgraded shares of Pure Storage from a hold rating to a buy rating and set a $17.00 price objective on the stock in a report on Tuesday, August 27th. Six investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Pure Storage has an average rating of Buy and a consensus price target of $20.67.

PSTG opened at $17.39 on Thursday. The company has a current ratio of 3.21, a quick ratio of 3.14 and a debt-to-equity ratio of 0.76. The company’s fifty day moving average price is $15.39 and its two-hundred day moving average price is $18.00. Pure Storage has a 1-year low of $12.68 and a 1-year high of $27.59. The company has a market cap of $4.53 billion, a price-to-earnings ratio of -24.84 and a beta of 1.75.



Pure Storage (NYSE:PSTG) last released its quarterly earnings data on Wednesday, August 21st. The technology company reported ($0.23) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.28) by $0.05. Pure Storage had a negative net margin of 14.51% and a negative return on equity of 25.22%. The firm had revenue of $396.30 million for the quarter, compared to the consensus estimate of $392.34 million. During the same quarter in the prior year, the company posted $0.01 earnings per share. The business’s revenue was up 28.3% on a year-over-year basis. As a group, equities analysts forecast that Pure Storage will post -0.7 earnings per share for the current fiscal year.

In other news, CFO Timothy Riitters sold 10,420 shares of the stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $15.59, for a total value of $162,447.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In the last quarter, insiders sold 31,260 shares of company stock valued at $512,247. 10.00% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of PSTG. Dimensional Fund Advisors LP increased its holdings in Pure Storage by 33.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 446,035 shares of the technology company’s stock worth $7,172,000 after buying an additional 112,438 shares during the last quarter. Geode Capital Management LLC boosted its position in Pure Storage by 2.5% during the fourth quarter. Geode Capital Management LLC now owns 1,556,348 shares of the technology company’s stock worth $25,026,000 after purchasing an additional 37,773 shares during the period. Comerica Bank boosted its position in Pure Storage by 29.7% during the first quarter. Comerica Bank now owns 50,209 shares of the technology company’s stock worth $1,169,000 after purchasing an additional 11,486 shares during the period. State Board of Administration of Florida Retirement System boosted its position in Pure Storage by 2.0% during the first quarter. State Board of Administration of Florida Retirement System now owns 176,906 shares of the technology company’s stock worth $3,855,000 after purchasing an additional 3,550 shares during the period. Finally, Raymond James & Associates boosted its position in Pure Storage by 73.2% during the first quarter. Raymond James & Associates now owns 140,712 shares of the technology company’s stock worth $3,066,000 after purchasing an additional 59,476 shares during the period. Institutional investors and hedge funds 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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