Pure Storage Inc Gets a Hold Rating from Jefferies

By Ryan Adsit

In a report released yesterday, James Kisner from Jefferies reiterated a Hold rating on Pure Storage Inc (NYSE: PSTG), with a price target of $11.50. The company’s shares closed yesterday at $10.81.

According to TipRanks.com, Kisner is a 5-star analyst with an average return of 13.8% and a 59.1% success rate. Kisner covers the Technology sector, focusing on stocks such as Hewlett Packard Enterprise, Ceragon Networks, and Juniper Networks.

Currently, the analyst consensus on Pure Storage Inc is Moderate Buy and the average price target is $13.83, representing a 27.9% upside.

In a report issued on May 18, Morgan Stanley also downgraded the stock to Hold with a $12 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.

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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.