In a report released yesterday, George Iwanyc from Oppenheimer maintained a Buy rating on Pure Storage Inc (PSTG), with a price target of $26. The company’s shares closed yesterday at $17.53, close to its 52-week low of $15.81.
Iwanyc wrote:
“Pure reported better than expected FY3Q19 results and raised its FY19 top-line and margin guidance. Strong momentum across FlashBlade and NVMe were cited, with increasing large deal activity and win rates also contributing. Along with continued top-line growth, gross/operating margin impressively expanded by 171bps/912bps YoY, further demonstrating management’s ability to balance growth with improving profitability. Overall, Pure is consistently delivering, and we believe the company is on track to continue to gain share and deliver upside as AFA quickly displaces legacy storage solutions (with NVMe a strong near-term catalyst), sales hiring drives greater reach and ROI over time, and FlashBlade and early hybrid-cloud efforts (Cloud Data Services) gain momentum and open new markets/use cases longer term. Reiterate Outperform; raising estimates and maintain $26 PT.”
According to TipRanks.com, Iwanyc is a 3-star analyst with an average return of 7.2% and a 64.3% success rate. Iwanyc covers the Consumer Goods sector, focusing on stocks such as Hewlett Packard Enterprise, Ceragon Networks, and Juniper Networks.
Currently, the analyst consensus on Pure Storage Inc is a Moderate Buy with an average price target of $27.38.
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The company has a one-year high of $29.14 and a one-year low of $15.81. Currently, Pure Storage Inc has an average volume of 3.53M.
Based on the recent corporate insider activity of 98 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.
