Pure Storage, Inc. (NYSE: PSTG) Short interest rate down 18.3% in November

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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.

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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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