Pure Storage Inc Receives a Hold from Robert W. Baird

Robert W. Baird analyst Jayson Noland maintained a Hold rating on Pure Storage Inc (NYSE: PSTG) today and set a price target of $25. The company’s shares closed yesterday at $20.99.

Noland noted:

“We came out of the Pure investor day incrementally positive. The company continues to be the Storage product thought leader. We view the on- premise storage market as quite challenging but also see some players becoming increasingly irrelevant. Our Neutral rating has been based on industry concerns but we would look at downside to PSTG opportunistically.”

According to TipRanks.com, Noland is a 5-star analyst with an average return of 17.4% and a 63.2% success rate. Noland covers the Consumer Goods sector, focusing on stocks such as Hewlett Packard Enterprise, Palo Alto Networks, and Juniper Networks.

Currently, the analyst consensus on Pure Storage Inc is Strong Buy and the average price target is $25.07, representing a 19.4% 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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Based on Pure Storage Inc’s latest earnings release for the quarter ending April 30, the company reported a quarterly GAAP net loss of $64.3 million. In comparison, last year the company had a GAAP net loss of $62.37 million.

Based on the recent corporate insider activity of 86 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.