Pure Storage, Inc. (NYSE: PSTG) was the beneficiary of a sharp drop in short-term interest rates during the month of November. As of November 30, there was short interest totaling 17,380,000 shares, a decrease of 18.3% from the total of 21,270,000 shares as of November 15. Based on an average trading volume of 3,710,000 shares, the short-term interest rate is currently 4.7 days. Currently 6.4% of the company’s shares are sold short.
A number of brokerage firms have recently commented on the PSTG. Stifel Europe raised its price target for Pure Storage shares from $ 28.00 to $ 30.00 and gave the company a “buy” rating in a research report published on Wednesday, September 29. Northland Securities raised its price target for Pure Storage shares from $ 36.00 to $ 40.00 and assigned the company an “outperforming” rating in a research report released on Wednesday, November 24. Morgan Stanley raised its price target for Pure Storage shares from $ 27.00 to $ 33.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 24. KeyCorp raised its price target on Pure Storage shares from $ 30.00 to $ 34.00 and assigned the company an “overweight” rating in a Wednesday, November 24th research note. Finally, Wedbush raised its price target on Pure Storage shares from $ 25.00 to $ 33.00 and gave the company a “neutral” rating in a research note on Wednesday, November 24. Three research analysts rated the stock with a conservation rating, sixteen assigned a buy rating, and one issued a strong buy rating for the stock. According to MarketBeat data, the stock currently has a consensus rating of “Buy” and an average target price of $ 32.60.
In other news, the director Tomb of Gregory sold 29,311 shares of the company in a transaction dated Thursday, December 2. The shares were sold at an average price of $ 31.45, for a total trade of $ 921,830.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed via this link. Also, financial director P. Kevan Krysler sold 26,444 shares of the company in a transaction dated Thursday, December 9. The shares were sold at an average price of $ 32.80, for a total trade of $ 867,363.20. Disclosure of this sale can be found here. 6.80% of the shares are held by insiders.
Several institutional investors and hedge funds have recently increased or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Pure Storage shares by 4.5% during the second quarter. Vanguard Group Inc. now owns 24,562,328 shares of the tech company valued at $ 479,703,000 after purchasing an additional 1,052,938 shares in the last quarter. FMR LLC increased its stake in Pure Storage by 6.4% in the second quarter. FMR LLC now owns 19,878,474 shares of the technology company valued at $ 388,227,000 after purchasing an additional 1,194,324 shares during the period. Price T Rowe Associates Inc. MD increased its ownership in Pure Storage by 29.0% in the second quarter. Price T Rowe Associates Inc. MD now owns 18,304,337 shares of the technology company valued at $ 357,484,000 after purchasing an additional 4,110,796 shares during the period. Champlain Investment Partners LLC increased its stake in Pure Storage by 9.5% in the second quarter. Champlain Investment Partners LLC now owns 16,119,765 shares of the tech company valued at $ 314,819,000 after purchasing an additional 1,395,798 shares during the period. Finally, William Blair Investment Management LLC increased its stake in Pure Storage by 1.6% in the second quarter. William Blair Investment Management LLC now owns 15,706,793 shares of the technology company valued at $ 306,754,000 after purchasing an additional 245,386 shares during the period. 79.79% of the shares are currently held by institutional investors and hedge funds.
The PSTG opened at $ 32.09 on Monday. Pure Storage has a one-year low of $ 16.79 and a one-year high of $ 33.78. The company has a debt to equity ratio of 1.07, a current ratio of 2.47 and a quick ratio of 2.40. The company’s 50-day simple moving average is $ 28.76 and its 200-day simple moving average is $ 24.20. The stock has a market cap of $ 9.15 billion, a P / E ratio of -42.79 and a beta of 1.34.
Pure Storage (NYSE: PSTG) last released its quarterly results on Tuesday, November 23. The tech company reported EPS of $ 0.22 for the quarter, beating Thomson Reuters’ consensus estimate of $ 0.12 of $ 0.10. Pure Storage had a negative net margin of 10.66% and a negative return on equity of 15.40%. The company posted revenue of $ 562.74 million for the quarter, against analysts’ expectations of $ 530.66 million. During the same period of the previous year, the company achieved earnings per share ($ 0.22). Pure Storage revenue increased 37.1% compared to the same quarter last year. As a group, analysts predict that Pure Storage will show -0.34 EPS for the current year.
Pure Storage Company Profile
Pure Storage, Inc is committed to providing flash storage solutions. Its technology replaces storage systems designed for mechanical disks with all-flash systems optimized from 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, California.
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