Maxim Group Keeps Their Buy Rating on Pure Storage Inc

By Jason Carr

Maxim Group analyst Nehal Chokshi reiterated a Buy rating on Pure Storage Inc (NYSE: PSTG) today and set a price target of $20. The company’s shares closed yesterday at $10.81.

Chokshi noted:

“Above consensus results and July Q guidance likely driven by FlashArray outperformance. Flashblade ramp going roughly as expected, but risks still exist.”

According to TipRanks.com, Chokshi is a 4-star analyst with an average return of 14.5% and a 61.8% success rate. Chokshi covers the Technology sector, focusing on stocks such as Hewlett Packard Enterprise, Dot Hill Systems Corp, and Super Micro Computer.

Currently, the analyst consensus on Pure Storage Inc is Moderate Buy and the average price target is $14.45, representing a 33.7% upside.

In a report released today, Oppenheimer also reiterated a Buy rating on the stock with a $15 price target.

Based on Pure Storage Inc’s latest earnings report for the quarter ending April 30, the company posted quarterly revenue of $183 million and GAAP net loss of $62.37 million. In comparison, last year the company earned revenue of $140 million and had a GAAP net loss of $63.46 million.

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.