Pure Storage (PSTG) Stock Price Down 6.1%

Pure Storage Inc (NYSE:PSTG) shares traded down 6.1% during mid-day trading on Monday . The company traded as low as $20.58 and last traded at $20.75. 3,228,500 shares changed hands during trading, an increase of 3% from the average session volume of 3,149,362 shares. The stock had previously closed at $22.10.

A number of research analysts recently issued reports on the stock. Credit Suisse Group assumed coverage on shares of Pure Storage in a report on Thursday, April 11th. They set a “neutral” rating and a $23.00 price objective for the company. Lake Street Capital decreased their price objective on shares of Pure Storage to $26.00 and set a “buy” rating for the company in a report on Friday, March 1st. Zacks Investment Research cut shares of Pure Storage from a “buy” rating to a “hold” rating in a report on Wednesday, March 6th. ValuEngine cut shares of Pure Storage from a “buy” rating to a “hold” rating in a report on Wednesday, May 8th. Finally, Oppenheimer set a $26.00 price objective on shares of Pure Storage and gave the company a “buy” rating in a report on Tuesday, March 19th. Eight research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $26.10.

The firm has a market cap of $5.19 billion, a price-to-earnings ratio of -29.60 and a beta of 1.71. The company has a current ratio of 3.34, a quick ratio of 3.25 and a debt-to-equity ratio of 0.61.

Pure Storage (NYSE:PSTG) last released its quarterly earnings results on Thursday, February 28th. The technology company reported ($0.08) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.06) by ($0.02). The company had revenue of $422.22 million during the quarter, compared to analyst estimates of $443.27 million. Pure Storage had a negative net margin of 13.12% and a negative return on equity of 22.64%. On average, equities research analysts expect that Pure Storage Inc will post -0.53 earnings per share for the current fiscal year.

In other news, Director Scott Dietzen sold 33,000 shares of the business’s stock in a transaction on Friday, April 26th. The shares were sold at an average price of $22.43, for a total value of $740,190.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Timothy Riitters sold 5,210 shares of the business’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $20.46, for a total transaction of $106,596.60. The disclosure for this sale can be found here. Insiders sold 564,260 shares of company stock valued at $11,880,961 in the last quarter. Corporate insiders own 10.00% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. MUFG Securities EMEA plc bought a new stake in shares of Pure Storage in the fourth quarter worth $1,253,000. Sumitomo Mitsui Asset Management Company LTD bought a new stake in shares of Pure Storage in the fourth quarter worth $15,658,000. Norges Bank bought a new stake in shares of Pure Storage in the fourth quarter worth $18,708,000. Zweig DiMenna Associates LLC bought a new stake in shares of Pure Storage in the fourth quarter worth $6,762,000. Finally, Legal & General Group Plc lifted its position in shares of Pure Storage by 284.1% in the third quarter. Legal & General Group Plc now owns 77,579 shares of the technology company’s stock worth $2,014,000 after purchasing an additional 57,382 shares in the last quarter. 73.63% of the stock is currently owned by institutional investors and hedge funds.

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About Pure Storage (NYSE:PSTG)

Pure Storage, Inc engages in building a data platform that enables businesses to enhance performance and reduce complexity and costs worldwide. The company delivers its data platform through Purity Operating Environment, an optimized software for solid-state memory that offers enterprise-class storage and protocol services; FlashArray and FlashBlade optimized hardware products for solid-state memory to enhance the performance and density of flash, optimize its advanced software services, and reduce solution cost for customers; Pure1, a cloud-based management and support software; and FlashStack and Artificial Intelligence Ready Infrastructure converged infrastructure solutions.

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