Pure Storage (NYSE:PSTG) Upgraded to Buy at StockNews.com

Posted by on Jun 10th, 2022

Pure Storage (NYSE:PSTG – Get Rating) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Thursday.

Several other analysts have also recently issued reports on PSTG. Susquehanna reissued a “buy” rating and issued a $40.00 target price on shares of Pure Storage in a research note on Thursday, March 3rd. Deutsche Bank Aktiengesellschaft raised their target price on Pure Storage from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday, March 3rd. UBS Group started coverage on Pure Storage in a research note on Tuesday, April 5th. They issued a “neutral” rating and a $36.00 target price on the stock. William Blair reissued an “outperform” rating on shares of Pure Storage in a research note on Thursday, March 3rd. Finally, Wedbush raised their target price on Pure Storage from $33.00 to $34.00 and gave the stock a “neutral” rating in a research note on Thursday, March 3rd. Five investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Pure Storage has a consensus rating of “Buy” and a consensus price target of $36.05.

Shares of NYSE:PSTG traded down $1.00 on Thursday, reaching $26.61. 2,663,395 shares of the company traded hands, compared to its average volume of 4,032,684. The business’s 50-day simple moving average is $28.20 and its 200 day simple moving average is $29.39. Pure Storage has a 52 week low of $17.40 and a 52 week high of $36.71. The stock has a market capitalization of $7.94 billion, a P/E ratio of -106.44 and a beta of 1.52. The company has a current ratio of 2.30, a quick ratio of 2.26 and a debt-to-equity ratio of 1.04.

Pure Storage (NYSE:PSTG – Get Rating) last announced its quarterly earnings data on Wednesday, June 1st. The technology company reported $0.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.21. Pure Storage had a positive return on equity of 4.26% and a negative net margin of 2.96%. The firm had revenue of $620.41 million for the quarter, compared to analysts’ expectations of $521.81 million. During the same period last year, the firm earned ($0.22) earnings per share. The company’s revenue for the quarter was up 50.3% compared to the same quarter last year. Sell-side analysts expect that Pure Storage will post -0.14 EPS for the current fiscal year.

In other Pure Storage news, insider Ajay Singh sold 36,338 shares of Pure Storage stock in a transaction that occurred on Wednesday, March 23rd. The shares were sold at an average price of $34.39, for a total value of $1,249,663.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Andrew William Fraser Brown sold 11,564 shares of Pure Storage stock in a transaction that occurred on Monday, March 21st. The stock was sold at an average price of $35.20, for a total transaction of $407,052.80. The disclosure for this sale can be found here. 6.80% of the stock is owned by insiders.

A number of large investors have recently bought and sold shares of PSTG. Wellington Management Group LLP grew its position in shares of Pure Storage by 1,122.1% during the 3rd quarter. Wellington Management Group LLP now owns 4,026,960 shares of the technology company’s stock valued at $101,319,000 after acquiring an additional 3,697,454 shares during the period. Two Sigma Advisers LP grew its position in shares of Pure Storage by 84.1% during the 3rd quarter. Two Sigma Advisers LP now owns 4,598,900 shares of the technology company’s stock valued at $115,708,000 after acquiring an additional 2,100,700 shares during the period. Norges Bank bought a new stake in shares of Pure Storage during the 4th quarter valued at $67,556,000. Marshall Wace LLP grew its position in shares of Pure Storage by 855.4% during the 4th quarter. Marshall Wace LLP now owns 1,417,574 shares of the technology company’s stock valued at $46,143,000 after acquiring an additional 1,269,195 shares during the period. Finally, Bank of Nova Scotia bought a new stake in shares of Pure Storage during the 1st quarter valued at $43,620,000. 80.13% of the stock is owned by institutional investors and hedge funds.

About Pure Storage (Get Rating)

Pure Storage, Inc provides data storage technologies, products, and services in the United States and internationally. The company's Purity software is shared across its products and provides enterprise-class data services, such as data reduction, data protection, and encryption, as well as storage protocols, including block, file, and object.

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