Pure Storage (NYSE:PSTG) Shares Gap Down to $17.61

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Pure Storage Inc (NYSE:PSTG) shares gapped down prior to trading on Monday . The stock had previously closed at $18.09, but opened at $17.61. Pure Storage shares last traded at $17.61, with a volume of 5,982,900 shares trading hands.

Several equities analysts have issued reports on the company. Cfra upgraded Pure Storage from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a research report on Friday. Cowen lowered their target price on Pure Storage from $19.00 to $18.00 and set an “outperform” rating for the company in a research note on Friday, February 28th. Northland Securities lifted their target price on Pure Storage from $21.00 to $23.00 and gave the company an “outperform” rating in a research note on Friday. Susquehanna Bancshares reissued a “buy” rating and issued a $25.00 target price on shares of Pure Storage in a research note on Friday. Finally, Oppenheimer reissued a “buy” rating and issued a $20.00 target price on shares of Pure Storage in a research note on Thursday. Four investment analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. Pure Storage presently has a consensus rating of “Buy” and an average price target of $20.33.

The company has a debt-to-equity ratio of 0.69, a current ratio of 3.08 and a quick ratio of 3.01. The business has a 50 day moving average of $14.19 and a 200 day moving average of $15.89. The firm has a market capitalization of $4.70 billion, a price-to-earnings ratio of -22.96 and a beta of 1.65.

Pure Storage (NYSE:PSTG) last posted its earnings results on Thursday, May 28th. The technology company reported ($0.02) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.16) by $0.14. The firm had revenue of $367.10 million for the quarter, compared to analyst estimates of $349.36 million. Pure Storage had a negative return on equity of 17.10% and a negative net margin of 11.36%. The company’s revenue for the quarter was up 12.3% on a year-over-year basis. During the same period in the previous year, the company posted ($0.11) earnings per share. As a group, equities analysts predict that Pure Storage Inc will post -0.97 EPS for the current year.

A number of hedge funds have recently bought and sold shares of PSTG. Virginia Retirement Systems ET AL bought a new position in Pure Storage during the fourth quarter worth about $760,000. California Public Employees Retirement System lifted its holdings in shares of Pure Storage by 14.0% in the fourth quarter. California Public Employees Retirement System now owns 495,000 shares of the technology company’s stock valued at $8,469,000 after purchasing an additional 60,600 shares in the last quarter. Creative Planning bought a new stake in shares of Pure Storage in the fourth quarter valued at about $441,000. State of New Jersey Common Pension Fund D lifted its holdings in shares of Pure Storage by 13.6% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 164,184 shares of the technology company’s stock valued at $2,809,000 after purchasing an additional 19,684 shares in the last quarter. Finally, First Trust Advisors LP lifted its holdings in shares of Pure Storage by 21.5% in the fourth quarter. First Trust Advisors LP now owns 3,652,717 shares of the technology company’s stock valued at $62,498,000 after purchasing an additional 645,983 shares in the last quarter. Hedge funds and other institutional investors own 78.38% of the company’s stock.

Pure Storage Company Profile (NYSE:PSTG)

Pure Storage, Inc engages in building a data platform that enables businesses to enhance performance and reduce complexity and costs worldwide. The company delivers its data platform through Purity Operating Environment, an optimized software for solid-state memory that offers enterprise-class storage and protocol services; FlashArray and FlashBlade optimized hardware products for solid-state memory to enhance the performance and density of flash, optimize its advanced software services, and reduce solution cost for customers; Pure1, a cloud-based management and support software; and FlashStack and Artificial Intelligence Ready Infrastructure converged infrastructure solutions.

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