Pure Storage (NYSE:PSTG – Get Rating) had its target price upped by investment analysts at Susquehanna from $40.00 to $44.00 in a research note issued to investors on Thursday, The Fly reports. Susquehanna's price objective indicates a potential upside of 50.74% from the company's previous close.
Several other brokerages have also weighed in on PSTG. JPMorgan Chase & Co. decreased their price objective on Pure Storage from $43.00 to $40.00 and set an "overweight" rating on the stock in a report on Friday, November 25th. Northland Securities lifted their price objective on Pure Storage from $44.00 to $47.00 in a report on Thursday, September 1st. Lake Street Capital lifted their price objective on Pure Storage from $36.00 to $38.00 and gave the stock a "buy" rating in a report on Thursday, September 1st. The Goldman Sachs Group lifted their price objective on Pure Storage to $44.00 in a report on Tuesday, September 6th. Finally, KeyCorp lifted their price objective on Pure Storage from $34.00 to $39.00 and gave the stock an "overweight" rating in a report on Thursday, September 1st. Three investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $38.67.
Get Pure Storage alerts:Pure Storage Stock Down 0.9 %
Shares of NYSE PSTG opened at $29.19 on Thursday. The business's 50 day moving average is $29.08 and its two-hundred day moving average is $27.94. The company has a market cap of $8.73 billion, a P/E ratio of -486.42, a P/E/G ratio of 8.06 and a beta of 1.32. Pure Storage has a 12 month low of $21.90 and a 12 month high of $36.71.
Pure Storage (NYSE:PSTG – Get Rating) last issued its quarterly earnings results on Wednesday, August 31st. The technology company reported $0.05 EPS for the quarter, topping the consensus estimate 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 company had revenue of $646.80 million for the quarter, compared to the consensus estimate of $636.06 million. During the same period in the previous year, the business posted ($0.06) EPS. The company's revenue for the quarter was up 30.2% on a year-over-year basis. Sell-side analysts expect that Pure Storage will post 0.1 earnings per share for the current fiscal year.Insiders Place Their Bets
In other Pure Storage news, Director Andrew William Fraser Brown sold 12,637 shares of the business's stock in a transaction on Monday, September 12th. The stock was sold at an average price of $30.18, for a total value of $381,384.66. Following the transaction, the director now owns 55,448 shares of the company's stock, valued at $1,673,420.64. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 6.80% of the company's stock.
Institutional Investors Weigh In On Pure Storage
A number of institutional investors and hedge funds have recently made changes to their positions in the company. Toroso Investments LLC bought a new stake in shares of Pure Storage during the third quarter worth $312,000. Glenmede Trust Co. NA increased its holdings in Pure Storage by 233.4% in the third quarter. Glenmede Trust Co. NA now owns 97,371 shares of the technology company's stock valued at $2,664,000 after purchasing an additional 68,168 shares during the last quarter. Advisory Research Inc. increased its holdings in Pure Storage by 2.1% in the third quarter. Advisory Research Inc. now owns 22,277 shares of the technology company's stock valued at $610,000 after purchasing an additional 452 shares during the last quarter. CreativeOne Wealth LLC bought a new stake in Pure Storage in the third quarter valued at about $501,000. Finally, Neuberger Berman Group LLC increased its holdings in Pure Storage by 7.2% in the third quarter. Neuberger Berman Group LLC now owns 116,287 shares of the technology company's stock valued at $3,188,000 after purchasing an additional 7,860 shares during the last quarter. Institutional investors own 82.91% of the company's stock.
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.
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