Pure Storage Inc (PSTG) Gets a Buy Rating from Wells Fargo


In a report released yesterday, Aaron Rakers from Wells Fargo maintained a Buy rating on Pure Storage Inc (PSTG). The company’s shares closed last Monday at $17.65.

According to TipRanks.com, Rakers is a 5-star analyst with an average return of 14.9% and a 65.8% success rate. Rakers covers the Consumer Goods sector, focusing on stocks such as Applied Materials Inc, Dell Technologies Inc, and Cisco Systems Inc.

Pure Storage Inc has an analyst consensus of Strong Buy, with a price target consensus of $20.45, representing a 15.8% upside. In a report issued on September 9, Susquehanna also upgraded the stock to Buy with a $25 price target.

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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 $66.02 million. In comparison, last year the company had a GAAP net loss of $60.12 million.

Based on the recent corporate insider activity of 67 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of PSTG in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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.

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