Pure Storage, Inc. (NYSE:PSTG – Get Rating)'s share price gapped up before the market opened on Thursday after Susquehanna Bancshares raised their price target on the stock from $40.00 to $44.00. The stock had previously closed at $29.19, but opened at $30.30. Pure Storage shares last traded at $30.21, with a volume of 68,137 shares trading hands.
Other research analysts also recently issued reports about the company. Lake Street Capital upped their price target on Pure Storage from $36.00 to $38.00 and gave the stock a "buy" rating in a research note on Thursday, September 1st. UBS Group upped their price target on Pure Storage to $33.00 in a research note on Tuesday, September 6th. Barclays upped their price target on Pure Storage from $39.00 to $42.00 and gave the stock an "overweight" rating in a research note on Thursday, September 1st. Raymond James upped their price target on Pure Storage from $39.00 to $42.00 and gave the stock a "strong-buy" rating in a research note on Thursday, September 1st. Finally, KeyCorp upped their price target on Pure Storage from $34.00 to $39.00 and gave the stock an "overweight" rating in a research note on Thursday, September 1st. Three analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $38.89.
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Insider Activity at Pure Storage
In related news, Director Andrew William Fraser Brown sold 12,637 shares of the stock in a transaction that occurred on Monday, September 12th. The stock was sold at an average price of $30.18, for a total transaction of $381,384.66. Following the completion of the sale, the director now directly owns 55,448 shares of the company's stock, valued at $1,673,420.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 6.80% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Pure Storage
Institutional investors and hedge funds have recently bought and sold shares of the company. Ellevest Inc. boosted its holdings in shares of Pure Storage by 50.4% in the third quarter. Ellevest Inc. now owns 994 shares of the technology company's stock worth $27,000 after acquiring an additional 333 shares during the period. Elequin Capital LP bought a new position in shares of Pure Storage in the first quarter worth $29,000. Altshuler Shaham Ltd bought a new position in shares of Pure Storage in the third quarter worth $31,000. IndexIQ Advisors LLC bought a new position in shares of Pure Storage in the first quarter worth $32,000. Finally, Whittier Trust Co. boosted its holdings in shares of Pure Storage by 286.8% in the third quarter. Whittier Trust Co. now owns 1,176 shares of the technology company's stock worth $32,000 after acquiring an additional 872 shares during the period. 82.91% of the stock is owned by institutional investors.
Pure Storage Price Performance
The stock has a fifty day moving average price of $29.08 and a 200 day moving average price of $27.94. The stock has a market capitalization of $9.03 billion, a P/E ratio of -486.42, a price-to-earnings-growth ratio of 8.06 and a beta of 1.32.
Pure Storage (NYSE:PSTG – Get Rating) last posted its quarterly earnings results on Wednesday, August 31st. The technology company reported $0.05 EPS for the quarter, topping analysts' consensus estimates of ($0.05) by $0.10. Pure Storage had a positive return on equity of 8.41% and a negative net margin of 0.57%. The firm had revenue of $646.80 million during the quarter, compared to analyst estimates of $636.06 million. During the same period last year, the company earned ($0.06) earnings per share. The business's revenue for the quarter was up 30.2% on a year-over-year basis. Research analysts anticipate that Pure Storage, Inc. will post 0.1 earnings per share for the current year.
Pure Storage Company Profile
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Pure Storage, Inc 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.
Further Reading
- Get a free copy of the StockNews.com research report on Pure Storage (PSTG)
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