Pure Storage (NYSE:PSTG) Coverage Initiated by Analysts at Oppenheimer

Oppenheimer started coverage on shares of Pure Storage (NYSE:PSTG) in a research note released on Wednesday morning, MarketBeat Ratings reports. The firm issued an outperform rating and a $70.00 price target on the technology company’s stock.

A number of other analysts have also recently weighed in on PSTG. TD Cowen lowered their price target on Pure Storage from $80.00 to $70.00 and set a “buy” rating on the stock in a research report on Thursday, August 29th. Wedbush restated an “outperform” rating and issued a $80.00 price target on shares of Pure Storage in a research report on Monday, August 26th. Lake Street Capital cut 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. UBS Group decreased their price target on Pure Storage from $47.00 to $45.00 and set a “sell” rating on the stock in a research report on Thursday, August 29th. Finally, Piper Sandler cut their price objective on Pure Storage from $60.00 to $56.00 and set a “neutral” rating for the company in a research report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $68.15.

Pure Storage Stock Up 0.2 %

PSTG stock opened at $49.99 on Wednesday. Pure Storage has a twelve month low of $31.00 and a twelve month high of $70.41. The company has a quick ratio of 1.96, a current ratio of 1.99 and a debt-to-equity ratio of 0.07. The company has a market cap of $16.38 billion, a PE ratio of 124.68, a price-to-earnings-growth ratio of 7.86 and a beta of 1.10. The business’s 50-day simple moving average is $51.31 and its 200 day simple moving average is $56.95.

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 for the quarter, compared to analyst estimates of $756.59 million. Pure Storage had a return on equity of 17.41% and a net margin of 4.53%. On average, research analysts anticipate that Pure Storage will post 0.43 earnings per share for the current year.

Insider Buying and Selling

In other Pure Storage news, insider John Colgrove sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $57.32, for a total transaction of $5,732,000.00. Following the transaction, the insider now owns 300,000 shares of the company’s stock, valued at $17,196,000. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, insider John Colgrove sold 100,000 shares of the stock in a transaction on Monday, October 21st. The stock was sold at an average price of $57.32, for a total value of $5,732,000.00. Following the sale, the insider now owns 300,000 shares in the company, valued at approximately $17,196,000. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CRO Dan Fitzsimons sold 8,895 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $50.67, for a total transaction of $450,709.65. Following the completion of the transaction, the executive now owns 94,446 shares in the company, 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. Over the last quarter, insiders have sold 454,542 shares of company stock worth $24,775,030. Corporate insiders own 6.00% of the company’s stock.

Institutional Trading of Pure Storage

Large investors have recently modified their holdings of the stock. Massmutual Trust Co. FSB ADV lifted its holdings in shares of Pure Storage by 61.2% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 424 shares of the technology company’s stock worth $27,000 after acquiring an additional 161 shares during the period. Nvwm LLC grew its position in Pure Storage by 23.3% in the third quarter. Nvwm LLC now owns 1,027 shares of the technology company’s stock valued at $52,000 after acquiring an additional 194 shares during the last quarter. Harbour Investments Inc. raised its stake in Pure Storage by 3.0% during the second quarter. Harbour Investments Inc. now owns 6,912 shares of the technology company’s stock worth $444,000 after acquiring an additional 202 shares in the last quarter. Michael S. Ryan Inc. lifted its holdings in shares of Pure Storage by 4.8% in the second quarter. Michael S. Ryan Inc. now owns 4,542 shares of the technology company’s stock worth $292,000 after acquiring an additional 208 shares during the last quarter. Finally, Larson Financial Group LLC boosted its stake in shares of Pure Storage by 49.1% in the 3rd quarter. Larson Financial Group LLC now owns 644 shares of the technology company’s stock valued at $32,000 after purchasing an additional 212 shares in the last quarter. 83.42% of the stock is owned by institutional investors and hedge funds.

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.