Pure Storage, Inc. (NYSE:PSTG) Receives Consensus Rating of “Moderate Buy” from Analysts

Pure Storage, Inc. (NYSE:PSTG) has been given a consensus recommendation of “Moderate Buy” by the twenty ratings firms that are currently covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell rating, seven have given a hold rating and twelve have given a buy rating to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $66.95.

PSTG has been the subject of several research reports. Piper Sandler cut their price objective on shares of Pure Storage from $60.00 to $56.00 and set a “neutral” rating for the company in a research report on Thursday, August 29th. TD Cowen reduced their price target on Pure Storage from $80.00 to $70.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Susquehanna reaffirmed a “positive” rating and issued a $80.00 price objective on shares of Pure Storage in a report on Monday, August 26th. Raymond James dropped their target price on Pure Storage from $73.00 to $70.00 and set an “outperform” rating for the company in a report on Thursday, August 29th. Finally, Guggenheim restated a “buy” rating and issued a $72.00 price target on shares of Pure Storage in a research note on Tuesday, June 25th.

Pure Storage Stock Up 1.6 %

PSTG opened at $53.41 on Friday. The stock’s fifty day simple moving average is $53.11 and its 200 day simple moving average is $56.86. Pure Storage has a 1-year low of $31.00 and a 1-year high of $70.41. The stock has a market cap of $17.37 billion, a PE ratio of 190.75, a price-to-earnings-growth ratio of 8.33 and a beta of 1.11. The company has a current ratio of 1.99, a quick ratio of 1.96 and a debt-to-equity ratio of 0.07.

Pure Storage (NYSE:PSTG) last issued its quarterly earnings data on Wednesday, August 28th. The technology company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.10. The company had revenue of $763.77 million for the quarter, compared to analyst estimates of $756.59 million. Pure Storage had a net margin of 4.53% and a return on equity of 17.41%. As a group, research analysts expect that Pure Storage will post 0.43 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider John Colgrove sold 100,000 shares of Pure Storage stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $49.94, for a total transaction of $4,994,000.00. Following the sale, the insider now directly owns 500,000 shares of the company’s stock, valued at approximately $24,970,000. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CAO Mona Chu sold 25,000 shares of the stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $50.32, for a total value of $1,258,000.00. Following the completion of the transaction, the chief accounting officer now directly owns 96,639 shares in the company, valued at approximately $4,862,874.48. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John Colgrove sold 100,000 shares of the business’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $49.94, for a total value of $4,994,000.00. Following the sale, the insider now owns 500,000 shares in the company, valued at $24,970,000. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 464,423 shares of company stock valued at $24,868,171. 6.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Pure Storage

Hedge funds have recently made changes to their positions in the company. Massmutual Trust Co. FSB ADV raised its holdings 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 buying an additional 161 shares during the last quarter. Harbour Investments Inc. lifted its holdings in shares of Pure Storage by 3.0% during the second quarter. Harbour Investments Inc. now owns 6,912 shares of the technology company’s stock worth $444,000 after purchasing an additional 202 shares during the period. Michael S. Ryan Inc. grew its stake in shares of Pure Storage by 4.8% in the second quarter. Michael S. Ryan Inc. now owns 4,542 shares of the technology company’s stock worth $292,000 after purchasing an additional 208 shares during the last quarter. Bank Pictet & Cie Europe AG increased its holdings in Pure Storage by 3.2% in the second quarter. Bank Pictet & Cie Europe AG now owns 7,202 shares of the technology company’s stock valued at $462,000 after purchasing an additional 223 shares during the period. Finally, Hanseatic Management Services Inc. raised its position in Pure Storage by 2.4% during the 2nd quarter. Hanseatic Management Services Inc. now owns 12,579 shares of the technology company’s stock worth $808,000 after purchasing an additional 296 shares during the last quarter. 83.42% of the stock is owned by institutional investors and hedge funds.

Pure Storage Company Profile

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.