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Maxim Group analyst Nehal Chokshi reiterated a Hold rating on Pure Storage Inc (PSTG) today and set a price target of $21. The company’s shares closed yesterday at $17.53, close to its 52-week low of $15.81.
Chokshi commented:
“Solid results relative to guidance due to strength with FlashBlade. In-line guidance, S&M spend appears to be on track for just 21% y/y growth in FY19, which is incrementally concerning from our perspective. Cloud data services needs to mature before becoming impactful, in our view. Reiterating Hold rating and reducing 12-month price target to $21, from $23.”
According to TipRanks.com, Chokshi is a 4-star analyst with an average return of 8.9% and a 54.6% success rate. Chokshi covers the Consumer Goods sector, focusing on stocks such as Hewlett Packard Enterprise, Super Micro Computer, and Palo Alto Networks.
Pure Storage Inc has an analyst consensus of Moderate Buy, with a price target consensus of $27.15, which is a 54.9% upside from current levels. In a report issued on November 14, Stifel Nicolaus also maintained a Hold rating on the stock.
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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.
