Pure Storage (NYSE:PSTG) Price Target Raised to $38.00 at Deutsche Bank Aktiengesellschaft

Pure Storage (NYSE:PSTG) had its price objective boosted by Deutsche Bank Aktiengesellschaft from $32.00 to $38.00 in a research note released on Wednesday morning, The Fly reports. The brokerage currently has a buy rating on the technology company’s stock.

Other equities research analysts have also issued reports about the company. Cowen reaffirmed a buy rating and issued a C$30.00 target price on shares of Pure Storage in a research report on Monday, August 23rd. TheStreet raised Pure Storage from a d+ rating to a c- rating in a research report on Wednesday, August 25th. Northland Securities raised Pure Storage from a market perform rating to an outperform rating in a research note on Wednesday, September 8th. Susquehanna reissued a buy rating and issued a $33.00 price target on shares of Pure Storage in a research note on Wednesday, September 29th. Finally, Stifel Europe increased their price target on Pure Storage from $28.00 to $30.00 and gave the stock a buy rating in a research note on Wednesday, September 29th. Three analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Pure Storage currently has an average rating of Buy and a consensus target price of $31.76.

Shares of NYSE PSTG opened at $30.95 on Wednesday. Pure Storage has a 1-year low of $16.79 and a 1-year high of $31.88. The company has a debt-to-equity ratio of 1.10, a current ratio of 2.46 and a quick ratio of 2.40. The business’s fifty day moving average price is $26.79 and its two-hundred day moving average price is $22.57. The firm has a market capitalization of $8.82 billion, a PE ratio of -33.28 and a beta of 1.39.

Pure Storage (NYSE:PSTG) last issued its earnings results on Tuesday, November 23rd. The technology company reported $0.22 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.12 by $0.10. Pure Storage had a negative return on equity of 22.19% and a negative net margin of 14.04%. The firm had revenue of $562.74 million for the quarter, compared to analyst estimates of $530.66 million. During the same period last year, the company earned ($0.22) earnings per share. The firm’s revenue for the quarter was up 37.1% on a year-over-year basis. Equities research analysts expect that Pure Storage will post -0.48 earnings per share for the current fiscal year.

In related news, Director Anita M. Sands sold 74,157 shares of the stock in a transaction on Friday, September 10th. The stock was sold at an average price of $26.79, for a total value of $1,986,666.03. Following the completion of the transaction, the director now owns 100,976 shares in the company, valued at approximately $2,705,147.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 6.80% of the company’s stock.

Several large investors have recently added to or reduced their stakes in PSTG. Price T Rowe Associates Inc. MD boosted its position in shares of Pure Storage by 29.0% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 18,304,337 shares of the technology company’s stock valued at $357,484,000 after purchasing an additional 4,110,796 shares during the period. Wellington Management Group LLP lifted its stake in Pure Storage by 1,122.1% in the 3rd quarter. Wellington Management Group LLP now owns 4,026,960 shares of the technology company’s stock worth $101,319,000 after acquiring an additional 3,697,454 shares in the last quarter. Two Sigma Advisers LP lifted its stake in Pure Storage by 84.1% in the 3rd quarter. Two Sigma Advisers LP now owns 4,598,900 shares of the technology company’s stock worth $115,708,000 after acquiring an additional 2,100,700 shares in the last quarter. Alyeska Investment Group L.P. lifted its stake in Pure Storage by 299.6% in the 2nd quarter. Alyeska Investment Group L.P. now owns 2,388,832 shares of the technology company’s stock worth $46,654,000 after acquiring an additional 1,791,077 shares in the last quarter. Finally, Champlain Investment Partners LLC lifted its stake in Pure Storage by 9.5% in the 2nd quarter. Champlain Investment Partners LLC now owns 16,119,765 shares of the technology company’s stock worth $314,819,000 after acquiring an additional 1,395,798 shares in the last quarter. Institutional investors and hedge funds own 79.79% of the company’s stock.

About Pure Storage

Pure Storage, Inc engages in the provision of flash-based storage solutions. Its technology replaces storage systems designed for mechanical disk with all-flash systems optimized end-to-end for solid-state memory. The company was founded by John Hayes and John Colgrove in October 2009 and is headquartered in Mountain View, CA.

Read More: What is Green Investing?

The Fly logo

Analyst Recommendations for Pure Storage (NYSE:PSTG)

Receive News & Ratings for Pure Storage Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pure Storage and related companies with MarketBeat.com's FREE daily email newsletter.