Pure Storage (NYSE:PSTG) Earns “Buy” Rating from Guggenheim

Guggenheim reiterated their buy rating on shares of Pure Storage (NYSE:PSTG) in a research report released on Tuesday morning, Benzinga reports. They currently have a $72.00 price objective on the technology company’s stock.

PSTG has been the topic of several other reports. UBS Group boosted their price target on shares of Pure Storage from $38.00 to $44.00 and gave the stock a neutral rating in a research report on Thursday, February 29th. Lake Street Capital boosted their price target on shares of Pure Storage from $48.00 to $70.00 and gave the stock a buy rating in a research report on Thursday, May 30th. Wedbush reissued an outperform rating and issued a $70.00 price target (up previously from $50.00) on shares of Pure Storage in a research note on Tuesday, May 28th. Bank of America lifted their price target on Pure Storage from $57.00 to $68.00 and gave the stock a neutral rating in a research note on Thursday, May 30th. Finally, Susquehanna lifted their price target on Pure Storage from $75.00 to $80.00 and gave the stock a positive rating in a research note on Friday, June 21st. Seven research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $68.95.

Pure Storage Price Performance

Shares of Pure Storage stock opened at $64.20 on Tuesday. 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’s 50-day moving average price is $59.70 and its two-hundred day moving average price is $49.78. Pure Storage has a 52 week low of $31.00 and a 52 week high of $70.41. The stock has a market cap of $20.88 billion, a PE ratio of 229.29, a price-to-earnings-growth ratio of 6.32 and a beta of 1.06.

Pure Storage (NYSE:PSTG) last issued its quarterly earnings results on Wednesday, May 29th. The technology company reported ($0.02) EPS for the quarter, topping the consensus estimate 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 anticipate that Pure Storage will post 0.47 EPS for the current fiscal year.

Insider Buying and Selling at Pure Storage

In related news, Director Mallun Yen sold 4,818 shares of the business’s stock in a transaction that occurred on 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 sale, the director now owns 35,498 shares of the company’s stock, valued at approximately $2,299,560.44. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, CFO P. Kevan Krysler sold 15,286 shares of the business’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $52.80, for a total value of $807,100.80. Following the completion of the sale, the chief financial officer now owns 507,824 shares of the company’s stock, valued at approximately $26,813,107.20. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Mallun Yen sold 4,818 shares of the business’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $64.78, for a total value of $312,110.04. Following the completion of the sale, the director now directly owns 35,498 shares of the company’s stock, valued at approximately $2,299,560.44. The disclosure for this sale can be found here. Insiders have sold a total of 291,399 shares of company stock valued at $15,578,814 in the last 90 days. 6.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Pure Storage

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Banque Cantonale Vaudoise acquired a new stake in Pure Storage in the 1st quarter worth approximately $25,000. Fidelis Capital Partners LLC acquired a new stake in Pure Storage in the 1st quarter worth approximately $27,000. Lindbrook Capital LLC lifted its holdings in Pure Storage by 295.6% in the 1st quarter. Lindbrook Capital LLC now owns 633 shares of the technology company’s stock worth $33,000 after purchasing an additional 473 shares during the last quarter. Naples Money Management LLC acquired a new stake in Pure Storage in the 4th quarter worth approximately $25,000. Finally, Principal Securities Inc. acquired a new stake in Pure Storage in the 4th quarter worth approximately $31,000. 83.42% of the stock is currently owned by institutional investors and hedge funds.

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.