Pure Storage (NYSE:PSTG) PT Lowered to $70.00

Pure Storage (NYSE:PSTG) had its price objective reduced by equities research analysts at TD Cowen from $80.00 to $70.00 in a report issued on Thursday, MarketBeat reports. The brokerage presently has a “buy” rating on the technology company’s stock. TD Cowen’s price objective would indicate a potential upside of 36.48% from the stock’s previous close.

PSTG has been the subject of several other research reports. Stifel Nicolaus boosted their price target on Pure Storage from $46.00 to $65.00 and gave the company a “hold” rating in a report on Thursday, May 30th. Raymond James boosted their price objective on Pure Storage from $63.00 to $73.00 and gave the company an “outperform” rating in a research note on Thursday, May 30th. Evercore ISI raised their target price on shares of Pure Storage from $65.00 to $75.00 and gave the stock an “outperform” rating in a research note on Thursday, May 30th. Citigroup upped their price target on shares of Pure Storage from $65.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. Finally, Morgan Stanley downgraded shares of Pure Storage from an “overweight” rating to an “equal weight” rating and set a $60.00 price objective on the stock. in a research report on Wednesday, June 12th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, Pure Storage currently has an average rating of “Moderate Buy” and a consensus target price of $65.85.

Pure Storage Stock Performance

PSTG opened at $51.29 on Thursday. The company’s 50 day moving average is $60.47 and its 200 day moving average is $56.58. The company has a current ratio of 2.00, a quick ratio of 1.96 and a debt-to-equity ratio of 0.07. The company has a market cap of $16.68 billion, a price-to-earnings ratio of 183.18, a PEG ratio of 6.29 and a beta of 1.11. Pure Storage has a 12-month low of $31.00 and a 12-month high of $70.41.

Pure Storage (NYSE:PSTG) last issued its quarterly earnings results on Wednesday, May 29th. The technology company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.02. The business had revenue of $693.48 million for the quarter, compared to analysts’ expectations of $681.37 million. Pure Storage had a net margin of 3.19% and a return on equity of 15.34%. On average, equities research analysts predict that Pure Storage will post 0.47 EPS for the current year.

Insider Buying and Selling

In other Pure Storage news, CRO Dan Fitzsimons sold 9,881 shares of the stock in a transaction on Friday, July 19th. The shares were sold at an average price of $59.32, for a total transaction of $586,140.92. Following the completion of the transaction, the executive now owns 115,601 shares in the company, valued at $6,857,451.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Pure Storage news, CFO P. Kevan Krysler sold 14,296 shares of the company’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 transaction of $911,941.84. Following the sale, the chief financial officer now directly owns 518,623 shares in the company, valued at $33,082,961.17. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CRO Dan Fitzsimons sold 9,881 shares of Pure Storage stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $59.32, for a total value of $586,140.92. Following the completion of the transaction, the executive now owns 115,601 shares of the company’s stock, valued at approximately $6,857,451.32. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 328,995 shares of company stock worth $19,175,193. Insiders own 6.00% of the company’s stock.

Institutional Investors Weigh In On Pure Storage

Hedge funds and other institutional investors have recently made changes to their positions in the company. Sycomore Asset Management purchased a new stake in Pure Storage in the 2nd quarter worth about $2,259,000. Cetera Investment Advisers raised its holdings in shares of Pure Storage by 8.0% in the second quarter. Cetera Investment Advisers now owns 60,275 shares of the technology company’s stock worth $3,870,000 after buying an additional 4,474 shares during the period. Truist Financial Corp raised its holdings in shares of Pure Storage by 19.3% in the second quarter. Truist Financial Corp now owns 12,561 shares of the technology company’s stock worth $807,000 after buying an additional 2,028 shares during the period. Wallace Advisory Group LLC bought a new stake in shares of Pure Storage during the 2nd quarter worth approximately $222,000. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in Pure Storage by 34.9% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 9,099 shares of the technology company’s stock valued at $584,000 after acquiring an additional 2,352 shares during the period. Hedge funds and other 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.