Pure Storage (PSTG) was Downgraded to a Hold Rating at Northland Securities

Pure Storage (PSTGResearch Report) received a Hold rating and a $27.00 price target from Northland Securities analyst Nehal Chokshi today. The company’s shares closed last Wednesday at $25.76.

According to TipRanks.com, Chokshi is a 5-star analyst with an average return of 22.8% and a 64.1% success rate. Chokshi covers the Technology sector, focusing on stocks such as Super Micro Computer, Palo Alto Networks, and Avid Technology.

Currently, the analyst consensus on Pure Storage is a Moderate Buy with an average price target of $29.80, representing a 18.3% upside. In a report issued on February 22, Deutsche Bank also maintained a Hold rating on the stock with a $24.00 price target.

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Based on Pure Storage’s latest earnings release for the quarter ending October 31, the company reported a quarterly revenue of $411 million and GAAP net loss of $74.22 million. In comparison, last year the company earned revenue of $428 million and had a GAAP net loss of $29.98 million.

Based on the recent corporate insider activity of 34 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of PSTG in relation to earlier this year.

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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.