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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 $22.01.
Chokshi said:
“Despite deceleration in y/y growth trajectory, results and guidance indicate PSTG remains on track for sustained ~30% y/y growth through FY19. The shares remain fairly valued, in our view, We maintain our Hold rating and 12-month price target of $23.”
According to TipRanks.com, Chokshi is a 5-star analyst with an average return of 17.1% and a 64.7% 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 a Moderate Buy with an average price target of $26, implying a 18.1% upside from current levels. In a report issued on August 9, Stifel Nicolaus also maintained a Hold rating on the stock.
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Based on Pure Storage Inc’s latest earnings release for the quarter ending July 31, the company reported a quarterly GAAP net loss of $60.12 million. In comparison, last year the company had a GAAP net loss of $61.7 million.
Based on the recent corporate insider activity of 99 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.
