Pure Storage, Inc. (NYSE:PSTG) Receives $69.11 Average PT from Analysts

Shares of Pure Storage, Inc. (NYSE:PSTG) have earned an average rating of “Moderate Buy” from the twenty analysts that are currently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have issued a buy rating on the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $69.11.

PSTG has been the topic of a number of research analyst reports. Morgan Stanley cut shares of Pure Storage from an “overweight” rating to an “equal weight” rating and set a $60.00 target price on the stock. in a report on Wednesday, June 12th. Northland Capmk cut shares of Pure Storage from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 30th. Needham & Company LLC reissued a “buy” rating and issued a $80.00 price target on shares of Pure Storage in a report on Friday, June 21st. Wells Fargo & Company increased their price target on shares of Pure Storage from $70.00 to $75.00 and gave the company an “overweight” rating in a report on Thursday, May 30th. Finally, TD Cowen increased their price target on shares of Pure Storage from $60.00 to $80.00 and gave the company a “buy” rating in a report on Thursday, May 30th.

Pure Storage Trading Up 2.8 %

Pure Storage stock opened at $67.70 on Thursday. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.00 and a quick ratio of 1.96. The firm has a 50-day moving average of $61.85 and a 200-day moving average of $51.50. The company has a market cap of $22.02 billion, a price-to-earnings ratio of 241.79, a P/E/G ratio of 6.57 and a beta of 1.11. Pure Storage has a one year low of $31.00 and a one year high of $70.41.

Pure Storage (NYSE:PSTG) last issued its earnings results 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. The company had revenue of $693.48 million for the quarter, compared to analysts’ expectations of $681.37 million. Pure Storage had a net margin of 3.19% and a return on equity of 15.34%. On average, equities analysts expect that Pure Storage will post 0.47 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Scott Dietzen sold 147,000 shares of the stock in a transaction that occurred on Friday, April 12th. The shares were sold at an average price of $53.49, for a total transaction of $7,863,030.00. Following the sale, the director now owns 100,000 shares in the company, valued at approximately $5,349,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Pure Storage news, Director Andrew William Fraser Brown sold 20,564 shares of the firm’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $52.31, for a total value of $1,075,702.84. Following the sale, the director now owns 24,400 shares in the company, valued at $1,276,364. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Scott Dietzen sold 147,000 shares of the firm’s stock in a transaction that occurred on Friday, April 12th. The shares were sold at an average price of $53.49, for a total transaction of $7,863,030.00. Following the completion of the sale, the director now owns 100,000 shares in the company, valued at approximately $5,349,000. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 231,247 shares of company stock worth $12,496,701. Corporate insiders own 6.00% of the company’s stock.

Institutional Trading of Pure Storage

A number of hedge funds have recently added to or reduced their stakes in the stock. Linden Thomas Advisory Services LLC acquired a new stake in Pure Storage in the second quarter valued at approximately $1,240,000. Gulf International Bank UK Ltd acquired a new stake in Pure Storage in the second quarter valued at approximately $1,936,000. CWM LLC boosted its position in Pure Storage by 37.0% in the second quarter. CWM LLC now owns 8,252 shares of the technology company’s stock valued at $530,000 after buying an additional 2,228 shares in the last quarter. City State Bank raised its stake 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 valued at $35,000 after acquiring an additional 350 shares during the last quarter. Finally, Versant Capital Management Inc raised its stake in shares of Pure Storage by 954.1% during the second quarter. Versant Capital Management Inc now owns 896 shares of the technology company’s stock valued at $58,000 after acquiring an additional 811 shares during the last quarter. Institutional investors and hedge funds 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.