Pure Storage (NYSE:PSTG) Earns Outperform Rating from Analysts at Oppenheimer

Oppenheimer assumed coverage on shares of Pure Storage (NYSE:PSTGGet Free Report) in a note issued to investors on Wednesday,Benzinga reports. The brokerage set an “outperform” rating and a $70.00 price target on the technology company’s stock. Oppenheimer’s target price indicates a potential upside of 39.58% from the stock’s previous close.

A number of other equities analysts have also commented on the stock. TD Cowen lowered their price target on shares of Pure Storage from $80.00 to $70.00 and set a “buy” rating on the stock in a research report on Thursday, August 29th. Needham & Company LLC lowered their price target on shares of Pure Storage from $80.00 to $62.00 and set a “buy” rating on the stock in a research report on Thursday, August 29th. Guggenheim raised their price target on shares of Pure Storage from $72.00 to $93.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Lake Street Capital lowered their price target on shares of Pure Storage from $70.00 to $68.00 and set a “buy” rating on the stock in a research report on Thursday, August 29th. Finally, Northland Securities reiterated a “market perform” rating and set a $59.00 price objective (down from $68.00) on shares of Pure Storage in a research note on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $68.15.

View Our Latest Stock Analysis on Pure Storage

Pure Storage Price Performance

Shares of PSTG opened at $50.15 on Wednesday. The firm has a market capitalization of $16.43 billion, a PE ratio of 125.38, a PEG ratio of 8.25 and a beta of 1.10. The company’s 50-day moving average is $51.21 and its 200-day moving average is $57.02. Pure Storage has a fifty-two week low of $31.00 and a fifty-two week high of $70.41. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.99 and a quick ratio of 1.96.

Pure Storage (NYSE:PSTGGet Free Report) last released its quarterly earnings results on Wednesday, August 28th. The technology company reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.10. Pure Storage had a net margin of 4.53% and a return on equity of 17.41%. The business had revenue of $763.77 million for the quarter, compared to analyst estimates of $756.59 million. Equities analysts forecast that Pure Storage will post 0.43 EPS for the current year.

Insider Buying and Selling

In related news, insider John Colgrove sold 100,000 shares of Pure Storage stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $57.32, for a total transaction of $5,732,000.00. Following the sale, the insider now directly owns 300,000 shares in the company, valued at $17,196,000. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CAO Mona Chu sold 25,000 shares of Pure Storage stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $50.32, for a total value of $1,258,000.00. Following the completion of the sale, the chief accounting officer now owns 96,639 shares in the company, valued at $4,862,874.48. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider John Colgrove sold 100,000 shares of Pure Storage stock in a transaction on Monday, October 21st. The shares were sold at an average price of $57.32, for a total transaction of $5,732,000.00. Following the completion of the sale, the insider now owns 300,000 shares of the company’s stock, valued at $17,196,000. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 454,542 shares of company stock worth $24,775,030 in the last ninety days. Company insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Pure Storage

Hedge funds have recently bought and sold shares of the company. Massmutual Trust Co. FSB ADV raised its stake in Pure Storage by 61.2% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 424 shares of the technology company’s stock valued at $27,000 after acquiring an additional 161 shares during the period. Larson Financial Group LLC grew its holdings in shares of Pure Storage by 242.9% during the second quarter. Larson Financial Group LLC now owns 432 shares of the technology company’s stock worth $28,000 after purchasing an additional 306 shares in the last quarter. FSC Wealth Advisors LLC purchased a new position in shares of Pure Storage during the second quarter worth about $33,000. ORG Partners LLC purchased a new position in shares of Pure Storage during the second quarter worth about $35,000. Finally, City State Bank grew its holdings in shares of Pure Storage by 175.0% during the second quarter. City State Bank now owns 550 shares of the technology company’s stock worth $35,000 after purchasing an additional 350 shares in the last quarter. 83.42% of the stock is owned by hedge funds and other institutional investors.

Pure Storage Company Profile

(Get Free Report)

Pure Storage, Inc engages in the provision of data storage and management technologies, products, and services in the United States and internationally. Its Purity software is shared across its products and provides enterprise-class data services, such as always-on data reduction, data protection, and encryption, as well as storage protocols, including block, file, and object.

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