Pure Storage, Inc. (NYSE:PSTG) Receives Consensus Rating of “Moderate Buy” from Brokerages

Pure Storage, Inc. (NYSE:PSTG) has been assigned a consensus rating of “Moderate Buy” from the twenty ratings firms that are presently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and twelve have issued a buy rating on the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $66.95.

A number of equities analysts recently issued reports on PSTG shares. Piper Sandler decreased their price target on shares of Pure Storage from $60.00 to $56.00 and set a “neutral” rating for the company in a research note on Thursday, August 29th. Lake Street Capital decreased their price target on shares of Pure Storage from $70.00 to $68.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Northland Securities restated a “market perform” rating and issued a $59.00 price objective (down previously from $68.00) on shares of Pure Storage in a report on Thursday, August 29th. Morgan Stanley cut shares of Pure Storage from an “overweight” rating to an “equal weight” rating and set a $60.00 price objective on the stock. in a report on Wednesday, June 12th. Finally, Needham & Company LLC cut their price objective on shares of Pure Storage from $80.00 to $62.00 and set a “buy” rating on the stock in a report on Thursday, August 29th.

Pure Storage Stock Performance

Shares of NYSE:PSTG opened at $50.19 on Tuesday. Pure Storage has a 12 month low of $31.00 and a 12 month high of $70.41. The company has a market cap of $16.32 billion, a price-to-earnings ratio of 179.25, a price-to-earnings-growth ratio of 7.69 and a beta of 1.11. The company has a 50-day moving average price of $55.34 and a 200-day moving average price of $56.97. The company has a current ratio of 1.99, a quick ratio of 1.96 and a debt-to-equity ratio of 0.07.

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

Insiders Place Their Bets

In other Pure Storage news, insider John Colgrove sold 100,000 shares of Pure Storage stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $49.94, for a total value of $4,994,000.00. Following the completion of the sale, the insider now owns 500,000 shares of the company’s stock, valued at approximately $24,970,000. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Pure Storage news, CFO P. Kevan Krysler sold 14,296 shares of Pure Storage stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $63.79, for a total value of $911,941.84. Following the completion of the sale, the chief financial officer now owns 518,623 shares of the company’s stock, valued at approximately $33,082,961.17. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider John Colgrove sold 100,000 shares of Pure Storage stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $49.94, for a total transaction of $4,994,000.00. Following the transaction, the insider now owns 500,000 shares in the company, valued at approximately $24,970,000. The disclosure for this sale can be found here. In the last quarter, insiders sold 424,177 shares of company stock valued at $23,857,083. Company insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Massmutual Trust Co. FSB ADV boosted its stake in shares of Pure Storage by 61.2% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 424 shares of the technology company’s stock worth $27,000 after acquiring an additional 161 shares during the last quarter. Larson Financial Group LLC boosted its stake in shares of Pure Storage by 242.9% during the 2nd quarter. Larson Financial Group LLC now owns 432 shares of the technology company’s stock worth $28,000 after acquiring an additional 306 shares during the last quarter. Banque Cantonale Vaudoise purchased a new position in shares of Pure Storage during the 1st quarter worth $25,000. FSC Wealth Advisors LLC purchased a new position in shares of Pure Storage during the 2nd quarter worth $33,000. Finally, Fidelis Capital Partners LLC purchased a new position in shares of Pure Storage during the 1st quarter worth $27,000. Hedge funds and other 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.