Pure Storage (NYSE:PSTG) PT Lowered to $60.00 at Stifel Nicolaus

Pure Storage (NYSE:PSTG) had its price target decreased by Stifel Nicolaus from $65.00 to $60.00 in a research note issued to investors on Thursday, Benzinga reports. Stifel Nicolaus currently has a hold rating on the technology company’s stock.

Other equities analysts have also recently issued reports about the stock. Bank of America lifted their price objective on shares of Pure Storage from $57.00 to $68.00 and gave the stock a neutral rating in a research note on Thursday, May 30th. Morgan Stanley cut shares of Pure Storage from an overweight rating to an equal weight rating and set a $60.00 price objective for the company. in a research note on Wednesday, June 12th. Wedbush reissued an outperform rating and issued a $80.00 price objective on shares of Pure Storage in a research note on Monday, August 26th. Susquehanna reissued a positive rating and issued a $80.00 price objective on shares of Pure Storage in a research note on Monday, August 26th. Finally, Northland Capmk cut shares of Pure Storage from a strong-buy rating to a hold rating in a research note on Thursday, May 30th. One analyst has rated the stock with a sell rating, seven have given a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and an average price target of $66.95.

Pure Storage Stock Performance

PSTG opened at $51.29 on Thursday. The stock has a market capitalization of $16.68 billion, a price-to-earnings ratio of 183.18, a PEG ratio of 5.40 and a beta of 1.11. The company has a fifty day moving average of $60.47 and a 200 day moving average of $56.58. Pure Storage has a fifty-two week low of $31.00 and a fifty-two week high of $70.41. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.96 and a current ratio of 1.99.

Pure Storage (NYSE:PSTG) last posted its earnings results on Wednesday, May 29th. The technology company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.02. The company had revenue of $693.48 million during the quarter, compared to analysts’ expectations of $681.37 million. Pure Storage had a net margin of 4.53% and a return on equity of 17.41%. As a group, sell-side analysts forecast that Pure Storage will post 0.45 earnings per share for the current fiscal year.

Insider Activity at Pure Storage

In related news, Director Mallun Yen sold 4,818 shares of Pure Storage stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $64.78, for a total transaction of $312,110.04. Following the completion of the sale, the director now owns 35,498 shares in the company, valued at approximately $2,299,560.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, insider John Colgrove sold 100,000 shares of the business’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $59.50, for a total value of $5,950,000.00. Following the completion of the sale, the insider now owns 900,000 shares in the company, valued at approximately $53,550,000. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Mallun Yen sold 4,818 shares of the business’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $64.78, for a total transaction 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 disclosure for this sale can be found here. Insiders sold 328,995 shares of company stock worth $19,175,193 in the last 90 days. 6.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Pure Storage

Large investors have recently modified their holdings of the business. Massmutual Trust Co. FSB ADV raised its holdings in shares of Pure Storage by 61.2% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 424 shares of the technology company’s stock valued at $27,000 after purchasing an additional 161 shares in the last quarter. Larson Financial Group LLC raised its holdings in shares of Pure Storage by 242.9% in the 2nd quarter. Larson Financial Group LLC now owns 432 shares of the technology company’s stock valued at $28,000 after purchasing an additional 306 shares in the last quarter. Banque Cantonale Vaudoise bought a new stake in shares of Pure Storage in the 1st quarter valued at about $25,000. FSC Wealth Advisors LLC bought a new stake in shares of Pure Storage in the 2nd quarter valued at about $33,000. Finally, Fidelis Capital Partners LLC bought a new stake in shares of Pure Storage in the 1st quarter valued at about $27,000. Institutional investors own 83.42% of the company’s stock.

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.