Pure Storage (NYSE:PSTG) Receives Positive Rating from Susquehanna

Pure Storage (NYSE:PSTG)‘s stock had its “positive” rating reiterated by stock analysts at Susquehanna in a research report issued to clients and investors on Monday, Benzinga reports. They currently have a $80.00 target price on the technology company’s stock. Susquehanna’s target price suggests a potential upside of 29.93% from the company’s previous close.

PSTG has been the subject of a number of other research reports. Northland Securities lowered Pure Storage from an “outperform” rating to a “market perform” rating and raised their price objective for the company from $58.00 to $68.00 in a research report on Thursday, May 30th. Stifel Nicolaus lifted their price target on Pure Storage from $46.00 to $65.00 and gave the stock a “hold” rating in a research report on Thursday, May 30th. Wedbush reissued an “outperform” rating and set a $70.00 price objective (up from $50.00) on shares of Pure Storage in a research report on Tuesday, May 28th. TD Cowen lifted their target price on shares of Pure Storage from $60.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. Finally, Northland Capmk cut shares of Pure Storage from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 30th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $68.65.

Pure Storage Trading Up 0.0 %

PSTG stock traded up $0.01 during trading on Monday, reaching $61.57. The company had a trading volume of 223,442 shares, compared to its average volume of 3,847,685. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.00 and a quick ratio of 1.96. Pure Storage has a 52 week low of $31.00 and a 52 week high of $70.41. The business has a 50 day moving average of $61.51 and a 200 day moving average of $56.32. The company has a market cap of $20.02 billion, a P/E ratio of 219.89, a PEG ratio of 6.29 and a beta of 1.11.

Pure Storage (NYSE:PSTG) last announced its earnings results on Wednesday, May 29th. The technology company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.02. Pure Storage had a net margin of 3.19% and a return on equity of 15.34%. The firm had revenue of $693.48 million for the quarter, compared to analysts’ expectations of $681.37 million. As a group, sell-side analysts forecast that Pure Storage will post 0.47 earnings per share for the current fiscal year.

Insider Buying and Selling at Pure Storage

In other Pure Storage news, CFO P. Kevan Krysler sold 14,296 shares of the firm’s stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $63.79, for a total transaction of $911,941.84. Following the sale, the chief financial officer now owns 518,623 shares in the company, valued at approximately $33,082,961.17. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Director Mallun Yen sold 4,818 shares of the company’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $64.78, for a total value of $312,110.04. Following the completion of the transaction, the director now owns 35,498 shares of the company’s stock, valued at $2,299,560.44. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO P. Kevan Krysler sold 14,296 shares of the business’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $63.79, for a total value of $911,941.84. Following the completion of the transaction, the chief financial officer now directly owns 518,623 shares in the company, valued at $33,082,961.17. The disclosure for this sale can be found here. Over the last quarter, insiders sold 328,995 shares of company stock valued at $19,175,193. Company insiders own 6.00% of the company’s stock.

Institutional Investors Weigh In On Pure Storage

Several institutional investors and hedge funds have recently modified their holdings of PSTG. Norges Bank bought a new position in shares of Pure Storage during the fourth quarter worth $115,452,000. Bank of New York Mellon Corp boosted its holdings in shares of Pure Storage by 56.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,696,390 shares of the technology company’s stock valued at $237,345,000 after purchasing an additional 1,327,873 shares during the last quarter. Principal Financial Group Inc. grew its position in shares of Pure Storage by 4,095.7% during the first quarter. Principal Financial Group Inc. now owns 1,121,344 shares of the technology company’s stock valued at $58,299,000 after purchasing an additional 1,094,618 shares in the last quarter. Frontier Capital Management Co. LLC increased its holdings in shares of Pure Storage by 835.2% in the fourth quarter. Frontier Capital Management Co. LLC now owns 1,078,454 shares of the technology company’s stock worth $38,458,000 after purchasing an additional 963,140 shares during the last quarter. Finally, Nikko Asset Management Americas Inc. lifted its position in shares of Pure Storage by 83.9% in the fourth quarter. Nikko Asset Management Americas Inc. now owns 2,068,255 shares of the technology company’s stock worth $73,733,000 after buying an additional 943,850 shares in the last quarter. Institutional investors own 83.42% of the company’s stock.

About Pure Storage

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.