TheStreet Downgrades Pure Storage (NYSE:PSTG) to D+

Pure Storage (NYSE:PSTG) was downgraded by analysts at TheStreet from a “c-” rating to a “d+” rating in a research note issued on Thursday, June 27th, TheStreetRatingsTable reports.

A number of other analysts have also commented on PSTG. Stifel Nicolaus set a $154.00 price objective on argenx and gave the stock a “buy” rating in a research report on Wednesday, May 22nd. ValuEngine lowered Valero Energy from a “hold” rating to a “sell” rating in a research report on Wednesday, May 8th. Maxim Group set a $8.00 price objective on TrovaGene and gave the stock a “buy” rating in a research report on Thursday, May 23rd. Piper Jaffray Companies lowered their price objective on Pure Storage from $25.00 to $20.00 and set an “overweight” rating for the company in a research report on Wednesday, May 22nd. Finally, Zacks Investment Research upgraded Forum Energy Technologies from a “hold” rating to a “buy” rating and set a $6.50 price objective for the company in a research report on Wednesday, March 6th. Eight research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $24.83.

Shares of Pure Storage stock traded up $0.18 during trading on Thursday, reaching $15.80. The company’s stock had a trading volume of 2,898,986 shares, compared to its average volume of 2,949,850. The stock has a 50-day moving average of $15.70. The company has a debt-to-equity ratio of 0.75, a current ratio of 3.35 and a quick ratio of 3.25. The firm has a market capitalization of $4.00 billion, a PE ratio of -22.57 and a beta of 1.81. Pure Storage has a one year low of $13.99 and a one year high of $29.14.

Pure Storage (NYSE:PSTG) last announced its quarterly earnings data on Tuesday, May 21st. The technology company reported ($0.37) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.29) by ($0.08). The firm had revenue of $326.70 million during the quarter, compared to analyst estimates of $333.83 million. Pure Storage had a negative return on equity of 25.55% and a negative net margin of 14.99%. Sell-side analysts forecast that Pure Storage will post -0.79 EPS for the current fiscal year.

In other news, CFO Timothy Riitters sold 10,420 shares of Pure Storage stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $15.65, for a total transaction of $163,073.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Scott Dietzen sold 100,000 shares of Pure Storage stock in a transaction dated Wednesday, April 24th. The shares were sold at an average price of $23.05, for a total value of $2,305,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 164,260 shares of company stock valued at $3,537,743 over the last 90 days. Corporate insiders own 10.00% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the company. IFG Advisory LLC lifted its holdings in shares of Pure Storage by 1.0% during the 1st quarter. IFG Advisory LLC now owns 56,172 shares of the technology company’s stock valued at $1,223,000 after purchasing an additional 536 shares in the last quarter. Cortina Asset Management LLC lifted its stake in Pure Storage by 12.5% in the 2nd quarter. Cortina Asset Management LLC now owns 10,455 shares of the technology company’s stock valued at $160,000 after acquiring an additional 1,162 shares in the last quarter. WealthTrust Fairport LLC lifted its stake in Pure Storage by 19.6% in the 4th quarter. WealthTrust Fairport LLC now owns 7,278 shares of the technology company’s stock valued at $117,000 after acquiring an additional 1,192 shares in the last quarter. California State Teachers Retirement System lifted its stake in Pure Storage by 0.5% in the 1st quarter. California State Teachers Retirement System now owns 260,242 shares of the technology company’s stock valued at $5,671,000 after acquiring an additional 1,279 shares in the last quarter. Finally, Sonora Investment Management LLC lifted its stake in Pure Storage by 68.1% in the 1st quarter. Sonora Investment Management LLC now owns 3,210 shares of the technology company’s stock valued at $70,000 after acquiring an additional 1,300 shares in the last quarter. Institutional investors and hedge funds own 79.14% of the company’s stock.

About Pure Storage

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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Analyst Recommendations for Pure Storage (NYSE:PSTG)

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