Pure Storage, Inc. (NYSE:PSTG) Receives $51.63 Consensus PT from Analysts

Pure Storage, Inc. (NYSE:PSTG) has been assigned a consensus recommendation of “Moderate Buy” from the sixteen analysts that are currently covering the firm, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating on the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $51.63.

A number of research analysts have commented on PSTG shares. JPMorgan Chase & Co. boosted their target price on Pure Storage from $45.00 to $50.00 and gave the company an “overweight” rating in a research note on Thursday, February 29th. KeyCorp upped their price target on Pure Storage from $51.00 to $55.00 and gave the stock an “overweight” rating in a research note on Thursday, February 29th. Bank of America upped their price target on Pure Storage from $42.00 to $50.00 and gave the stock a “neutral” rating in a research note on Thursday, February 29th. Raymond James downgraded Pure Storage from a “strong-buy” rating to an “outperform” rating and upped their price target for the stock from $52.00 to $63.00 in a research note on Friday. Finally, Susquehanna upped their price target on Pure Storage from $45.00 to $65.00 and gave the stock a “positive” rating in a research note on Thursday, April 11th.

Pure Storage Stock Performance

Shares of NYSE PSTG opened at $50.52 on Friday. The business’s 50-day moving average price is $50.14 and its two-hundred day moving average price is $41.38. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.83 and a quick ratio of 1.80. Pure Storage has a one year low of $22.14 and a one year high of $58.46. The company has a market capitalization of $16.41 billion, a P/E ratio of 297.19, a price-to-earnings-growth ratio of 6.42 and a beta of 1.15.

Pure Storage (NYSE:PSTG) last issued its earnings results on Wednesday, February 28th. The technology company reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.10. Pure Storage had a return on equity of 12.60% and a net margin of 2.17%. The firm had revenue of $789.81 million for the quarter, compared to the consensus estimate of $784.31 million. During the same quarter in the previous year, the company posted $0.27 earnings per share. The business’s quarterly revenue was down 2.5% compared to the same quarter last year. Analysts anticipate that Pure Storage will post 0.44 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Pure Storage news, insider Ajay Singh sold 37,588 shares of the company’s stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $53.54, for a total value of $2,012,461.52. Following the completion of the transaction, the insider now owns 380,834 shares of the company’s stock, valued at approximately $20,389,852.36. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Pure Storage news, CFO P. Kevan Krysler sold 15,286 shares of the company’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $52.80, for a total value of $807,100.80. Following the completion of the transaction, the chief financial officer now owns 507,824 shares of the company’s stock, valued at approximately $26,813,107.20. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Ajay Singh sold 37,588 shares of the stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $53.54, for a total value of $2,012,461.52. Following the completion of the transaction, the insider now directly owns 380,834 shares of the company’s stock, valued at $20,389,852.36. The disclosure for this sale can be found here. In the last 90 days, insiders sold 286,581 shares of company stock valued at $15,266,704. Insiders own 6.50% of the company’s stock.

Hedge Funds Weigh In On Pure Storage

A number of hedge funds have recently modified their holdings of the stock. FMR LLC raised its holdings in shares of Pure Storage by 1.4% in the 3rd quarter. FMR LLC now owns 46,793,394 shares of the technology company’s stock worth $1,666,781,000 after buying an additional 663,465 shares in the last quarter. Vanguard Group Inc. grew its position in Pure Storage by 1.8% during the 4th quarter. Vanguard Group Inc. now owns 31,294,297 shares of the technology company’s stock worth $1,115,955,000 after acquiring an additional 567,358 shares during the last quarter. Polar Capital Holdings Plc grew its position in Pure Storage by 33.8% during the 3rd quarter. Polar Capital Holdings Plc now owns 4,068,672 shares of the technology company’s stock worth $144,926,000 after acquiring an additional 1,028,104 shares during the last quarter. First Trust Advisors LP grew its position in Pure Storage by 4.2% during the 4th quarter. First Trust Advisors LP now owns 4,028,716 shares of the technology company’s stock worth $143,664,000 after acquiring an additional 160,877 shares during the last quarter. Finally, Acadian Asset Management LLC grew its position in Pure Storage by 61.5% during the 3rd quarter. Acadian Asset Management LLC now owns 3,399,759 shares of the technology company’s stock worth $121,081,000 after acquiring an additional 1,294,285 shares during the last quarter. 83.42% of the stock is owned by institutional investors and hedge funds.

Pure Storage Company Profile

Pure Storage, Inc, together with its subsidiaries, 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.