Pure Storage (NYSE: PSTG)Susquehanna’s stock has had its ‘buy’ rating reaffirmed by Susquehanna’s investment analysts in a research report released Thursday to clients and investors, TipRanks reports. They currently have a price target of $ 40.00 on shares of the tech company. Susquehanna’s price target would indicate a potential rise of 22.77% from the company’s previous close.
A number of other research analysts have also weighed on the company recently. Stifel Europe raised its price target on Pure Storage from $ 28.00 to $ 30.00 and gave the company a “buy” rating in a report released on Wednesday, September 29. Northland Securities raised its price target on Pure Storage from $ 36.00 to $ 40.00 and rated the company as “outperforming” in a report released on Wednesday, November 24. Susquehanna Bancshares raised her price target on Pure Storage from $ 33.00 to $ 36.00 and rated the stock “positive” in a Wednesday, December 1 research note. Morgan Stanley raised its price target on Pure Storage from $ 27.00 to $ 33.00 and gave the stock an “equal weight” rating in a Wednesday, November 24 research note. Finally, Lake Street Capital raised its price target on Pure Storage from $ 31.00 to $ 34.00 and gave the stock a “buy” rating in a Wednesday, November 24 research note. Three research analysts rated the stock with a conservation rating, sixteen issued a buy rating, and one gave the company’s stock a high buy rating. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $ 32.80.
Pure Storage stock traded down $ 0.05 in the midday session Thursday, reaching $ 32.58. The stock had a trade volume of 22,273 shares, compared to its average volume of 4,352,621. Pure Storage has a twelve-month low of $ 16.79 and a twelve-month high of $ 35.09. The stock has a market cap of $ 9.45 billion, a PE ratio of -43.44 and a beta of 1.34. The company has a debt to equity ratio of 1.07, a quick ratio of 2.41, and a current ratio of 2.47. The stock’s 50-day simple moving average is $ 30.07 and its 200-day simple moving average is $ 25.01.
Pure Storage (NYSE: PSTG) last released its results on Tuesday, November 23. The tech company reported earnings per share of $ 0.22 for the quarter, beating the Zacks’ consensus estimate of $ 0.12 by $ 0.10. Pure Storage recorded a negative return on equity of 15.40% and a negative net margin of 10.66%. The company posted revenue of $ 562.74 million for the quarter, against analysts’ expectations of $ 530.66 million. In the same quarter of last year, the company made earnings per share ($ 0.22). The company’s revenue for the quarter increased 37.1% from the same quarter last year. Stock analysts expect Pure Storage to post earnings per share of -0.34 for the current fiscal year.
In related news, the CFO P. Kevan Krysler sold 26,444 shares of the company in a transaction dated Thursday, December 9. The stock was sold for an average price of $ 32.80, for a total value of $ 867,363.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, director Tomb of Gregory sold 29,311 shares of the company in a transaction dated Thursday, December 2. The shares were sold for an average price of $ 31.45, for a total value of $ 921,830.95. Disclosure of this sale can be found here. 6.80% of the shares are currently held by insiders.
Institutional investors recently changed their positions in the stock. Segall Bryant & Hamill LLC increased its stake in Pure Storage shares by 9.9% during the third quarter. Segall Bryant & Hamill LLC now owns 645,350 shares of the tech company valued at $ 16,237,000 after purchasing an additional 58,088 shares in the last quarter. UBS Asset Management Americas Inc. increased its holdings of Pure Storage shares by 195.5% during the third quarter. UBS Asset Management Americas Inc. now owns 1,079,228 shares of the tech company valued at $ 27,153,000 after purchasing an additional 714,002 shares in the last quarter. JB Capital LLC purchased a new position in shares of Pure Storage during the third quarter valued at approximately $ 466,000. Comerica Bank purchased a new position in shares of Pure Storage during the third quarter valued at approximately $ 994,000. Finally, Bank of New York Mellon Corp increased its stake in Pure Storage shares by 3.0% during the third quarter. Bank of New York Mellon Corp now owns 959,997 shares of the tech company valued at $ 24,154,000 after purchasing an additional 28,004 shares in the last quarter. 79.79% of the shares are held by hedge funds and other institutional investors.
About pure storage
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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