Pure Storage (NYSE:PSTG) Given New $51.00 Price Target at KeyCorp

Pure Storage (NYSE:PSTGFree Report) had its price objective raised by KeyCorp from $47.00 to $51.00 in a research report sent to investors on Friday morning, Benzinga reports. They currently have an overweight rating on the technology company’s stock.

A number of other equities analysts have also weighed in on the stock. Stifel Nicolaus cut their price objective on shares of Pure Storage from $41.00 to $38.00 and set a buy rating for the company in a research report on Thursday, November 30th. TheStreet raised shares of Pure Storage from a c rating to a b- rating in a research report on Wednesday, November 29th. JPMorgan Chase & Co. cut their price objective on shares of Pure Storage from $45.00 to $40.00 and set an overweight rating for the company in a research report on Thursday, November 30th. TD Cowen cut their price objective on shares of Pure Storage from $50.00 to $42.00 and set an outperform rating for the company in a research report on Thursday, November 30th. Finally, Morgan Stanley cut their price objective on shares of Pure Storage from $42.00 to $40.00 and set an overweight rating for the company in a research report on Thursday, November 30th. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $42.19.

View Our Latest Stock Report on Pure Storage

Pure Storage Stock Down 0.5 %

Shares of NYSE:PSTG opened at $44.51 on Friday. The company has a market cap of $14.06 billion, a price-to-earnings ratio of 234.28, a PEG ratio of 6.59 and a beta of 1.11. The firm’s 50-day simple moving average is $37.79 and its 200-day simple moving average is $36.62. The company has a quick ratio of 1.78, a current ratio of 1.82 and a debt-to-equity ratio of 0.09. Pure Storage has a fifty-two week low of $22.14 and a fifty-two week high of $45.34.

Pure Storage (NYSE:PSTGGet Free Report) last announced its earnings results on Wednesday, November 29th. The technology company reported $0.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.10. The company had revenue of $762.80 million during the quarter, compared to analysts’ expectations of $761.49 million. Pure Storage had a net margin of 2.47% and a return on equity of 13.10%. The firm’s quarterly revenue was up 12.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.08 earnings per share. As a group, equities research analysts predict that Pure Storage will post 0.31 earnings per share for the current year.

Insiders Place Their Bets

In other Pure Storage news, Director Roxanne Taylor sold 16,216 shares of the business’s stock in a transaction that occurred on Tuesday, December 19th. The shares were sold at an average price of $37.05, for a total transaction of $600,802.80. Following the completion of the sale, the director now directly owns 55,743 shares in the company, valued at $2,065,278.15. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, Director Roxanne Taylor sold 16,216 shares of the company’s stock in a transaction on Tuesday, December 19th. The shares were sold at an average price of $37.05, for a total value of $600,802.80. Following the completion of the transaction, the director now directly owns 55,743 shares in the company, valued at $2,065,278.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Gregory Tomb sold 8,475 shares of the company’s stock in a transaction on Wednesday, December 6th. The shares were sold at an average price of $32.53, for a total transaction of $275,691.75. Following the completion of the transaction, the director now owns 30,612 shares of the company’s stock, valued at $995,808.36. The disclosure for this sale can be found here. 6.50% of the stock is owned by insiders.

Institutional Trading of Pure Storage

Several institutional investors have recently added to or reduced their stakes in PSTG. Naples Money Management LLC acquired a new stake in Pure Storage in the fourth quarter valued at $25,000. Global Retirement Partners LLC acquired a new stake in shares of Pure Storage during the third quarter worth $28,000. Principal Securities Inc. acquired a new stake in shares of Pure Storage during the fourth quarter worth $31,000. ST Germain D J Co. Inc. acquired a new stake in shares of Pure Storage during the second quarter worth $32,000. Finally, First Horizon Advisors Inc. acquired a new stake in shares of Pure Storage during the second quarter worth $33,000. 82.98% of the stock is owned by institutional investors and hedge funds.

Pure Storage Company Profile

(Get Free Report)

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.

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