Pure Storage (NYSE:PSTG) Earns “Buy” Rating from Guggenheim

Guggenheim reiterated their buy rating on shares of Pure Storage (NYSE:PSTG) in a research report released on Tuesday morning, Benzinga reports. Guggenheim currently has a $72.00 price target on the technology company’s stock.

Other analysts have also recently issued reports about the company. TD Cowen raised their price objective on Pure Storage from $60.00 to $80.00 and gave the company a buy rating in a research report on Thursday, May 30th. Citigroup lifted their price target on Pure Storage from $65.00 to $75.00 and gave the stock a buy rating in a report on Thursday, May 30th. Lake Street Capital lifted their price target on Pure Storage from $48.00 to $70.00 and gave the stock a buy rating in a report on Thursday, May 30th. Stifel Nicolaus lifted their price target on Pure Storage from $46.00 to $65.00 and gave the stock a hold rating in a report on Thursday, May 30th. Finally, Barclays lifted their price target on Pure Storage from $51.00 to $56.00 and gave the stock an equal weight rating in a report on Thursday, May 30th. Seven research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $68.95.

Pure Storage Stock Performance

PSTG opened at $64.20 on Tuesday. Pure Storage has a 12-month low of $31.00 and a 12-month high of $70.41. The stock has a market cap of $20.88 billion, a price-to-earnings ratio of 229.29, a PEG ratio of 6.32 and a beta of 1.06. The business has a 50 day moving average of $59.70 and a 200-day moving average of $49.78. The company has a quick ratio of 1.96, a current ratio of 2.00 and a debt-to-equity ratio of 0.07.

Pure Storage (NYSE:PSTG) last released its quarterly earnings data on Wednesday, May 29th. The technology company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.02. Pure Storage had a return on equity of 15.34% and a net margin of 3.19%. The company had revenue of $693.48 million during the quarter, compared to analysts’ expectations of $681.37 million. On average, equities research analysts expect that Pure Storage will post 0.47 earnings per share for the current year.

Insider Buying and Selling at Pure Storage

In other news, CFO P. Kevan Krysler sold 15,286 shares of Pure Storage stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $52.80, for a total value of $807,100.80. Following the transaction, the chief financial officer now owns 507,824 shares in the company, valued at approximately $26,813,107.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CFO P. Kevan Krysler sold 15,286 shares of Pure Storage stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $52.80, for a total value of $807,100.80. Following the transaction, the chief financial officer now owns 507,824 shares in the company, valued at approximately $26,813,107.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CRO Dan Fitzsimons sold 29,283 shares of Pure Storage stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $52.14, for a total value of $1,526,815.62. Following the completion of the transaction, the executive now owns 138,105 shares in the company, valued at approximately $7,200,794.70. The disclosure for this sale can be found here. Insiders sold 291,399 shares of company stock valued at $15,578,814 in the last three months. Corporate insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Pure Storage

Hedge funds and other institutional investors have recently modified their holdings of the business. Sei Investments Co. grew its position in Pure Storage by 19.7% during the 3rd quarter. Sei Investments Co. now owns 464,256 shares of the technology company’s stock worth $16,537,000 after acquiring an additional 76,421 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Pure Storage by 2.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,168,335 shares of the technology company’s stock worth $41,666,000 after acquiring an additional 28,086 shares during the last quarter. Sequoia Financial Advisors LLC bought a new stake in Pure Storage during the 4th quarter worth $514,000. Private Advisor Group LLC grew its position in Pure Storage by 44.1% during the 4th quarter. Private Advisor Group LLC now owns 11,235 shares of the technology company’s stock worth $401,000 after acquiring an additional 3,437 shares during the last quarter. Finally, Raymond James & Associates grew its position in Pure Storage by 11.1% during the 4th quarter. Raymond James & Associates now owns 306,862 shares of the technology company’s stock worth $10,943,000 after acquiring an additional 30,642 shares during the last quarter. Institutional investors own 83.42% of the company’s stock.

About Pure Storage

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.