Pure Storage Inc Receives a Buy from Pacific Crest

By Jason Carr

Pacific Crest analyst Alex Kurtz reiterated a Buy rating on Pure Storage Inc (NYSE: PSTG) today and set a price target of $18. The company’s shares opened today at $13.91.

According to TipRanks.com, Kurtz is a 3-star analyst with an average return of 3.5% and a 56.7% success rate. Kurtz covers the Technology sector, focusing on stocks such as Hewlett Packard Enterprise, Super Micro Computer, and CommVault Systems.

Currently, the analyst consensus on Pure Storage Inc is Moderate Buy and the average price target is $15.78, representing a 13.4% upside.

In a report issued on November 28, Stifel Nicolaus also reiterated a Buy rating on the stock.

Based on Pure Storage Inc’s latest earnings report for the quarter ending July 31, the company posted quarterly revenue of $163 million and GAAP net loss of $59.55 million. In comparison, last year the company earned revenue of $131 million and had a GAAP net loss of $56.5 million.

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.