Pure Storage, Inc. (NYSE:PSTG) Receives $68.05 Consensus Price Target from Analysts

Shares of Pure Storage, Inc. (NYSE:PSTG) have received a consensus recommendation of “Moderate Buy” from the twenty analysts that are covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, seven have given a hold recommendation and twelve have assigned a buy recommendation to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $68.05.

Several equities research analysts have recently issued reports on PSTG shares. Lake Street Capital reduced their price objective on shares of Pure Storage from $70.00 to $68.00 and set a “buy” rating on the stock in a research report on Thursday, August 29th. Piper Sandler dropped their price objective on Pure Storage from $60.00 to $56.00 and set a “neutral” rating for the company in a report on Thursday, August 29th. Raymond James lowered their price target on Pure Storage from $73.00 to $70.00 and set an “outperform” rating for the company in a report on Thursday, August 29th. Northland Securities reaffirmed a “market perform” rating and issued a $59.00 price target (down previously from $68.00) on shares of Pure Storage in a research report on Thursday, August 29th. Finally, Susquehanna reiterated a “positive” rating and issued a $80.00 target price on shares of Pure Storage in a research note on Monday, August 26th.

Pure Storage Trading Down 1.9 %

NYSE PSTG opened at $52.91 on Wednesday. The company has a current ratio of 1.99, a quick ratio of 1.96 and a debt-to-equity ratio of 0.07. The stock has a market cap of $17.34 billion, a P/E ratio of 132.27, a P/E/G ratio of 8.48 and a beta of 1.10. Pure Storage has a 12 month low of $31.00 and a 12 month high of $70.41. The stock’s fifty day moving average price is $51.19 and its 200-day moving average price is $56.94.

Pure Storage (NYSE:PSTG) last released its quarterly earnings results on Wednesday, August 28th. The technology company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.10 by $0.10. Pure Storage had a net margin of 4.53% and a return on equity of 17.41%. The firm had revenue of $763.77 million during the quarter, compared to analyst estimates of $756.59 million. As a group, equities analysts forecast that Pure Storage will post 0.43 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider John Colgrove sold 100,000 shares of Pure Storage stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $61.76, for a total transaction of $6,176,000.00. Following the transaction, the insider now owns 700,000 shares in the company, valued at approximately $43,232,000. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CAO Mona Chu sold 20,647 shares of the stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $51.50, for a total transaction of $1,063,320.50. Following the sale, the chief accounting officer now owns 75,992 shares in the company, valued at $3,913,588. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John Colgrove sold 100,000 shares of the stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $61.76, for a total value of $6,176,000.00. Following the completion of the sale, the insider now directly owns 700,000 shares in the company, valued at $43,232,000. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 454,542 shares of company stock worth $24,775,030. 6.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Pure Storage

A number of hedge funds and other institutional investors have recently modified their holdings of PSTG. Sycomore Asset Management acquired a new position in Pure Storage in the 2nd quarter worth about $2,259,000. Texas Permanent School Fund Corp bought a new position in Pure Storage during the 1st quarter valued at about $13,514,000. MinichMacGregor Wealth Management LLC bought a new stake in Pure Storage during the 3rd quarter worth approximately $6,890,000. Heritage Wealth Management Inc. acquired a new stake in shares of Pure Storage in the second quarter valued at $721,000. Finally, Cetera Investment Advisers raised its stake in shares of Pure Storage by 284.9% in the first quarter. Cetera Investment Advisers now owns 55,801 shares of the technology company’s stock worth $2,901,000 after acquiring an additional 41,305 shares during the last quarter. 83.42% of the stock is currently owned by institutional investors.

Pure Storage Company Profile

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.