Pure Storage (NYSE:PSTG) Price Target Raised to $51.00

Pure Storage (NYSE:PSTGFree Report) had its target price increased by KeyCorp from $47.00 to $51.00 in a research note released on Friday, Benzinga reports. They currently have an overweight rating on the technology company’s stock.

Several other equities research analysts have also commented on the company. Wedbush cut their price objective on Pure Storage from $45.00 to $40.00 and set an outperform rating for the company in a research note on Thursday, November 30th. TD Cowen cut their price objective on Pure Storage from $50.00 to $42.00 and set an outperform rating for the company in a research note on Thursday, November 30th. Stifel Nicolaus cut their price objective on Pure Storage from $41.00 to $38.00 and set a buy rating for the company in a research note on Thursday, November 30th. Raymond James cut their price objective on Pure Storage from $45.00 to $42.00 and set a strong-buy rating for the company in a research note on Thursday, November 30th. Finally, Guggenheim assumed coverage on Pure Storage in a research note on Thursday, December 7th. They set a buy rating and a $48.00 price objective for the company. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $42.19.

Get Our Latest Analysis on Pure Storage

Pure Storage Price Performance

Shares of Pure Storage stock opened at $44.51 on Friday. 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 twelve month low of $22.14 and a twelve month high of $45.34. The business has a 50-day moving average price of $37.79 and a 200 day moving average price of $36.62. The firm has a market cap of $14.06 billion, a PE ratio of 234.28, a P/E/G ratio of 6.59 and a beta of 1.11.

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

Insider Activity at Pure Storage

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

Institutional Trading of Pure Storage

A number of large investors have recently modified their holdings of PSTG. Naples Money Management LLC purchased a new stake in shares of Pure Storage during the fourth quarter worth $25,000. Global Retirement Partners LLC purchased a new stake in shares of Pure Storage during the third quarter worth $28,000. Principal Securities Inc. purchased a new stake in shares of Pure Storage during the fourth quarter worth $31,000. ST Germain D J Co. Inc. purchased a new stake in shares of Pure Storage during the second quarter worth $32,000. Finally, First Horizon Advisors Inc. purchased a new stake in shares of Pure Storage during the second quarter worth $33,000. Hedge funds and other institutional investors own 82.98% of the company’s stock.

About Pure Storage

(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.

Featured Articles

Analyst Recommendations for Pure Storage (NYSE:PSTG)

Receive News & Ratings for Pure Storage Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pure Storage and related companies with MarketBeat.com's FREE daily email newsletter.