Pure Storage Inc (PSTG) Receives a Hold from Credit Suisse

By Jason Carr

Credit Suisse analyst Matthew Cabral maintained a Hold rating on Pure Storage Inc (PSTGResearch Report) yesterday and set a price target of $14. The company’s shares closed last Monday at $17.72.

According to TipRanks.com, Cabral is a 3-star analyst with an average return of 7.3% and a 73.7% success rate. Cabral covers the Consumer Goods sector, focusing on stocks such as Dell Technologies Inc, Apple Inc, and NetApp.

Pure Storage Inc has an analyst consensus of Strong Buy, with a price target consensus of $20.75, implying a 17.1% upside from current levels. In a report released yesterday, Goldman Sachs also maintained a Hold rating on the stock with a $18 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.