Maxim Group Keeps a Hold Rating on Pure Storage Inc

Maxim Group analyst Nehal Chokshi maintained a Hold rating on Pure Storage Inc (NYSE: PSTG) today and set a price target of $23. The company’s shares closed yesterday at $23.58, close to its 52-week high of $24.31.

Chokshi noted:

“Despite deceleration in y/y growth trajectory, results and guidance indicate PSTG remains on track to sustaining ~30% y/y growth. Maintaining Hold rating as we believe the shares are fairly valued, though raising 12-month price target to $23, from $21.”

According to TipRanks.com, Chokshi is a 5-star analyst with an average return of 18.9% and a 68.6% success rate. Chokshi covers the Consumer Goods sector, focusing on stocks such as Hewlett Packard Enterprise, Super Micro Computer, and Palo Alto Networks.

Currently, the analyst consensus on Pure Storage Inc is Strong Buy and the average price target is $24.45, representing a 3.7% upside.

In a report issued on May 15, Susquehanna also maintained a Hold rating on the stock with a $22 price target.

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The company has a one-year high of $24.31 and a one-year low of $10.30. Currently, Pure Storage Inc has an average volume of 3.32M.

Based on the recent corporate insider activity of 84 insiders, corporate insider sentiment is negative on the stock.

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Pure Storage, Inc. engages in the provision of flash-based storage solutions. Its technology replaces storage systems designed for mechanical disk with all-flash systems optimized 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, CA.