Pure Storage, Inc. (PSTG) Stock Rating Upgraded by BidaskClub

Lloyd Doyle
October 21, 2017

Pure Storage, Inc. provides a data platform. (NYSE:PSTG) by 87.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The stock has "Overweight" rating by Pacific Crest on Friday, June 16.

Another recent and important Pure Storage Inc (NYSE:PSTG) news was published by Nasdaq.com which published an article titled: "PURE Storage Reaches Analyst Target Price" on September 28, 2017.

Other large investors have also recently modified their holdings of the company. Think Investments LP acquired a new stake in Pure Storage in the first quarter valued at about $13,187,000.

Company shares are trading at $16.50 marginally over $15.41, the stock's 50 day moving average and which is significantly higher than the 200 day moving average of $13.01. The technology company reported ($0.11) earnings per share (EPS) for the quarter, topping the Thomson Reuters' consensus estimate of ($0.31) by $0.20. Point72 Asia Hong Kong Ltd increased its stake in shares of Pure Storage by 34.7% in the first quarter. Wells Fargo & Company MN now owns 57,389 shares of the technology company's stock valued at $564,000 after acquiring an additional 150 shares in the last quarter. As of the end of the quarter Ao Asset Management, LLC had bought 665,000 shares growing its position 233.3%. Alyeska Investment Group L.P. now owns 1,548,691 shares of the technology company's stock worth $17,516,000 after buying an additional 1,289,407 shares during the period. Marcus Capital LLC now owns 231,500 shares of the technology company's stock valued at $2,966,000 after acquiring an additional 84,600 shares during the period. Pure Storage has a one year low of $9.12 and a one year high of $16.47. (NYSE:PSTG) has gone stronger by 29.62%. The firm's stock has a market capitalization of $3.48 bln. The original version of this story can be read at https://www.truebluetribune.com/2017/10/19/pure-storage-inc-pstg-stock-rating-upgraded-by-bidaskclub.html.

Looking forward, the company's quarterly earningsin the three months through September 2017 and in the quarter ending December 2017, reflecting -312288% and -270100% growth, respectively. The company had revenue of $182.60 million during the quarter, compared to the consensus estimate of $176.13 million. This move has generated increased interest from both analysts and investors.Since the start of the calendar year, Pure Storage, Inc. The shares were sold on September 1st for an average price of $14.82. The shares were sold at an average price of $16.00, for a total value of $640,000.00. The disclosure for this sale can be found here. Company insiders own 46.58% of the company's stock. Timothy Riitters, CFO disclosed the sale of 55,000 shares of PSTG stock. BTIG Research's target indicates a potential upside of 21.07 % from the company's last stock price. William Blair reaffirmed an "ourperform" rating on shares of Pure Storage in a research note on Friday, August 25th. Pure Storage has an average rating of Buy and a consensus target price of $15.23. The value of the investment in Pure Storage, Inc.

August 25 investment analysts at KeyBanc kept the stock rating at "Equal-Weight" but lowered the price target from $18.00 to $15.00.

Among 19 analysts covering Pure Storage (PSTG), 12 have Buy rating, 0 Sell and 7 Hold. On August 25 BMO Capital held the company rating at "Outperform" and moved up the price target to $16.00 from $13.00.

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Examining Institutional Ownership at Pure Storage, Inc. The Company is focused on delivering software-defined all-flash solutions that are fast and cloud-capable for customers, enabling customers to put data to work for their businesses. The Company's data platform replaces storage systems designed for mechanical disk with all-flash systems optimized end-to-end for solid-state memory.

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