Pure Storage (NYSE:PSTG) PT Raised to $93.00 at Guggenheim

Pure Storage (NYSE:PSTG) had its price target increased by stock analysts at Guggenheim from $72.00 to $93.00 in a research report issued to clients and investors on Thursday, Marketbeat Ratings reports. The brokerage presently has a “buy” rating on the technology company’s stock. Guggenheim’s price objective suggests a potential upside of 62.84% from the stock’s current price.

Other research analysts also recently issued research reports about the company. Piper Sandler reduced their target price on Pure Storage from $60.00 to $56.00 and set a “neutral” rating on the stock in a report on Thursday, August 29th. Wedbush reaffirmed an “outperform” rating and issued a $80.00 price objective on shares of Pure Storage in a report on Monday, August 26th. Lake Street Capital lowered their target price on shares of Pure Storage from $70.00 to $68.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Stifel Nicolaus reduced their price target on shares of Pure Storage from $65.00 to $60.00 and set a “hold” rating on the stock in a research report on Thursday, August 29th. Finally, Northland Securities reaffirmed a “market perform” rating and set a $59.00 price objective (down previously from $68.00) on shares of Pure Storage in a research report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $68.05.

Pure Storage Stock Up 1.1 %

PSTG stock opened at $57.11 on Thursday. The company has a market capitalization of $18.71 billion, a P/E ratio of 142.78, a PEG ratio of 8.45 and a beta of 1.11. The firm has a 50 day simple moving average of $53.14 and a 200-day simple moving average of $56.90. 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 has a twelve month low of $31.00 and a twelve month high of $70.41.

Pure Storage (NYSE:PSTG) last announced its quarterly earnings data on Wednesday, August 28th. The technology company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.10. The company had revenue of $763.77 million during 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%. On average, equities research analysts predict that Pure Storage will post 0.43 earnings per share for the current fiscal year.

Insider Activity at Pure Storage

In related news, CRO Dan Fitzsimons sold 8,895 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $50.67, for a total value of $450,709.65. Following the completion of the transaction, the executive now owns 94,446 shares in the company, valued at $4,785,578.82. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, insider John Colgrove sold 100,000 shares of the business’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $61.76, for a total value of $6,176,000.00. Following the sale, the insider now owns 700,000 shares of the company’s stock, valued at approximately $43,232,000. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CRO Dan Fitzsimons sold 8,895 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $50.67, for a total value of $450,709.65. Following the completion of the sale, the executive now owns 94,446 shares of the company’s stock, valued at approximately $4,785,578.82. This trade 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 $24,282,030 over the last ninety days. 6.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Pure Storage

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Banque Cantonale Vaudoise acquired a new position in shares of Pure Storage in the 1st quarter worth approximately $25,000. Fidelis Capital Partners LLC acquired a new position in Pure Storage in the first quarter worth approximately $27,000. Massmutual Trust Co. FSB ADV increased its holdings in shares of Pure Storage by 61.2% in the second 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 in the last quarter. Larson Financial Group LLC lifted its position in shares of Pure Storage by 242.9% during the 2nd quarter. Larson Financial Group LLC now owns 432 shares of the technology company’s stock valued at $28,000 after acquiring an additional 306 shares during the last quarter. Finally, ORG Wealth Partners LLC bought a new stake in shares of Pure Storage during the 3rd quarter worth $31,000. 83.42% of the stock is currently owned by institutional investors.

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.