Pure Storage (NYSE:PSTG) Shares Gap Up Following Analyst Upgrade

Pure Storage, Inc. (NYSE:PSTGGet Free Report) gapped up before the market opened on Thursday after Citigroup raised their price target on the stock from $65.00 to $75.00. The stock had previously closed at $63.00, but opened at $68.50. Citigroup currently has a buy rating on the stock. Pure Storage shares last traded at $62.23, with a volume of 1,259,031 shares.

A number of other research analysts also recently commented on the stock. Stifel Nicolaus boosted their price objective on shares of Pure Storage from $46.00 to $65.00 and gave the company a “hold” rating in a research report on Thursday. Barclays boosted their price target on shares of Pure Storage from $51.00 to $56.00 and gave the company an “equal weight” rating in a report on Thursday. TD Cowen lifted their price objective on Pure Storage from $60.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday. Evercore ISI boosted their target price on Pure Storage from $65.00 to $75.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, Susquehanna raised their price target on Pure Storage from $65.00 to $75.00 and gave the stock a “positive” rating in a research note on Thursday. Five investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $66.15.

Read Our Latest Analysis on PSTG

Insider Buying and Selling

In other news, Director Scott Dietzen sold 147,000 shares of the firm’s stock in a transaction dated Friday, April 12th. The stock was sold at an average price of $53.49, for a total value of $7,863,030.00. Following the sale, the director now directly owns 100,000 shares of the company’s stock, valued at $5,349,000. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director Scott Dietzen sold 147,000 shares of the company’s stock in a transaction that occurred on Friday, April 12th. The stock was sold at an average price of $53.49, for a total transaction of $7,863,030.00. Following the completion of the transaction, the director now directly owns 100,000 shares in the company, valued at $5,349,000. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Ajay Singh sold 37,588 shares of the stock in a transaction that occurred on Friday, April 5th. The shares were sold at an average price of $53.54, for a total value of $2,012,461.52. Following the completion of the sale, 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 three months, insiders sold 286,581 shares of company stock valued at $15,266,704. Company insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Banque Cantonale Vaudoise acquired a new stake in Pure Storage during the first quarter worth about $25,000. Fidelis Capital Partners LLC bought a new stake in shares of Pure Storage in the 1st quarter worth approximately $27,000. Lindbrook Capital LLC grew its holdings in shares of Pure Storage by 295.6% during the 1st quarter. Lindbrook Capital LLC now owns 633 shares of the technology company’s stock worth $33,000 after purchasing an additional 473 shares in the last quarter. Naples Money Management LLC bought a new stake in shares of Pure Storage during the fourth quarter valued at approximately $25,000. Finally, Principal Securities Inc. acquired a new position in shares of Pure Storage in the fourth quarter valued at $31,000. Institutional investors own 83.42% of the company’s stock.

Pure Storage Stock Up 0.4 %

The firm has a market capitalization of $20.56 billion, a price-to-earnings ratio of 372.26, a price-to-earnings-growth ratio of 6.97 and a beta of 1.15. The business has a 50 day moving average of $54.56 and a 200 day moving average of $45.48. 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 (NYSE:PSTGGet Free Report) last announced its quarterly earnings data on Wednesday, February 28th. The technology company reported $0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.17 by $0.10. The company had revenue of $789.81 million during the quarter, compared to analysts’ expectations of $784.31 million. Pure Storage had a net margin of 2.17% and a return on equity of 12.60%. The business’s revenue was down 2.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.27 EPS. On average, equities analysts anticipate that Pure Storage, Inc. will post 0.46 EPS for the current year.

Pure Storage Company Profile

(Get Free Report)

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.

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