Pure Storage (NYSE:PSTG) Receives “Positive” Rating from Susquehanna

Susquehanna restated their positive rating on shares of Pure Storage (NYSE:PSTG) in a report released on Monday, Benzinga reports. They currently have a $80.00 price target on the technology company’s stock.

Several other brokerages have also recently weighed in on PSTG. Morgan Stanley cut 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. Needham & Company LLC restated a buy rating and set a $80.00 target price on shares of Pure Storage in a report on Friday, June 21st. Guggenheim restated a buy rating and set a $72.00 target price on shares of Pure Storage in a report on Tuesday, June 25th. Northland Capmk cut Pure Storage from a strong-buy rating to a hold rating in a report on Thursday, May 30th. Finally, Wells Fargo & Company boosted their target price on Pure Storage from $70.00 to $75.00 and gave the stock an overweight rating in a report on Thursday, May 30th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $65.85.

Pure Storage Price Performance

NYSE:PSTG opened at $50.32 on Monday. Pure Storage has a 12 month low of $31.00 and a 12 month high of $70.41. The stock has a 50 day moving average of $61.05 and a two-hundred day moving average of $56.57. The company has a current ratio of 2.00, a quick ratio of 1.96 and a debt-to-equity ratio of 0.07. The firm has a market cap of $16.37 billion, a P/E ratio of 179.71, a price-to-earnings-growth ratio of 6.29 and a beta of 1.11.

Pure Storage (NYSE:PSTG) last posted its quarterly earnings data on Wednesday, August 28th. The technology company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.10 by $0.10. Pure Storage had a return on equity of 15.34% and a net margin of 3.19%. The company had revenue of $763.77 million during the quarter, compared to analyst estimates of $756.59 million. On average, analysts expect that Pure Storage will post 0.47 earnings per share for the current fiscal year.

Insider Transactions at Pure Storage

In related news, insider John Colgrove sold 100,000 shares of the stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $59.50, for a total value of $5,950,000.00. Following the transaction, the insider now owns 900,000 shares of the company’s stock, valued at $53,550,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Pure Storage news, CFO P. Kevan Krysler sold 14,296 shares of the company’s stock in a transaction on Friday, July 5th. The shares were sold at an average price of $63.79, for a total value of $911,941.84. Following the completion of the transaction, the chief financial officer now owns 518,623 shares in the company, valued at $33,082,961.17. The transaction 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 company’s stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $59.50, for a total transaction of $5,950,000.00. Following the completion of the transaction, the insider now owns 900,000 shares of the company’s stock, valued at approximately $53,550,000. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 328,995 shares of company stock valued at $19,175,193. 6.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Pure Storage

Several large investors have recently bought and sold shares of the stock. International Assets Investment Management LLC boosted its stake in shares of Pure Storage by 1,937.8% during the fourth quarter. International Assets Investment Management LLC now owns 4,422 shares of the technology company’s stock worth $158,000 after buying an additional 4,205 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in shares of Pure Storage during the fourth quarter worth about $45,000. Cerity Partners LLC acquired a new stake in shares of Pure Storage during the fourth quarter worth about $236,000. CWM LLC boosted its stake in shares of Pure Storage by 30.5% during the fourth quarter. CWM LLC now owns 6,145 shares of the technology company’s stock worth $219,000 after buying an additional 1,435 shares during the period. Finally, Truist Financial Corp boosted its stake in shares of Pure Storage by 10.0% during the fourth quarter. Truist Financial Corp now owns 9,141 shares of the technology company’s stock worth $326,000 after buying an additional 830 shares during the period. Institutional investors and hedge funds 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.