Pure Storage (NYSE:PSTG) Rating Lowered to Equal Weight at Morgan Stanley

Morgan Stanley downgraded shares of Pure Storage (NYSE:PSTG) from an overweight rating to an equal weight rating in a research report report published on Wednesday morning, Marketbeat Ratings reports. They currently have $60.00 target price on the technology company’s stock.

Several other research analysts also recently issued reports on the company. Bank of America upped their price objective on Pure Storage from $57.00 to $68.00 and gave the company a neutral rating in a research note on Thursday, May 30th. Stifel Nicolaus raised their price target on shares of Pure Storage from $46.00 to $65.00 and gave the company a hold rating in a research note on Thursday, May 30th. Lake Street Capital boosted their price objective on shares of Pure Storage from $48.00 to $70.00 and gave the stock a buy rating in a research note on Thursday, May 30th. KeyCorp raised their target price on Pure Storage from $64.00 to $79.00 and gave the stock an overweight rating in a research report on Thursday, May 30th. Finally, TD Cowen upped their price target on Pure Storage from $60.00 to $80.00 and gave the company a buy rating in a research report on Thursday, May 30th. Seven analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Pure Storage has a consensus rating of Moderate Buy and a consensus price target of $66.15.

Pure Storage Trading Down 0.9 %

NYSE PSTG opened at $67.68 on Wednesday. Pure Storage has a twelve month low of $31.00 and a twelve month high of $68.87. The business’s fifty day moving average is $57.18 and its 200 day moving average is $47.66. The company has a quick ratio of 1.96, a current ratio of 2.00 and a debt-to-equity ratio of 0.07. The company has a market cap of $21.99 billion, a price-to-earnings ratio of 241.71, a price-to-earnings-growth ratio of 6.88 and a beta of 1.06.

Insider Activity

In other news, Director Roxanne Taylor sold 36,860 shares of the business’s stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $53.76, for a total transaction of $1,981,593.60. Following the completion of the sale, the director now owns 18,883 shares in the company, valued at $1,015,150.08. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other Pure Storage news, insider Ajay Singh sold 37,588 shares of Pure Storage stock in a transaction dated Friday, April 5th. The stock was sold at an average price of $53.54, for a total transaction of $2,012,461.52. Following the completion of the transaction, the insider now owns 380,834 shares in the company, valued at approximately $20,389,852.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Roxanne Taylor sold 36,860 shares of the business’s stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $53.76, for a total value of $1,981,593.60. Following the sale, the director now directly owns 18,883 shares of the company’s stock, valued at $1,015,150.08. The disclosure for this sale can be found here. Insiders sold a total of 291,399 shares of company stock worth $15,578,814 in the last three months. Company insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Janney Montgomery Scott LLC boosted its holdings in Pure Storage by 2.3% during the 3rd quarter. Janney Montgomery Scott LLC now owns 44,063 shares of the technology company’s stock worth $1,570,000 after acquiring an additional 1,011 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Pure Storage by 1.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,847,868 shares of the technology company’s stock valued at $65,821,000 after purchasing an additional 21,351 shares in the last quarter. Vanguard Personalized Indexing Management LLC boosted its holdings in Pure Storage by 7.6% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 14,871 shares of the technology company’s stock worth $530,000 after purchasing an additional 1,054 shares during the last quarter. HighTower Advisors LLC grew its position in Pure Storage by 9.8% in the 3rd quarter. HighTower Advisors LLC now owns 13,240 shares of the technology company’s stock worth $472,000 after purchasing an additional 1,185 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased its stake in Pure Storage by 28.5% in the 3rd quarter. Canada Pension Plan Investment Board now owns 175,300 shares of the technology company’s stock valued at $6,244,000 after buying an additional 38,900 shares during the last quarter. Hedge funds and other institutional investors own 83.42% of the company’s stock.

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.