Pure Storage (NYSE:PSTG) Trading 2.2% Higher

Pure Storage, Inc. (NYSE:PSTGGet Free Report) shares rose 2.2% during mid-day trading on Tuesday . The company traded as high as $51.87 and last traded at $51.61. Approximately 303,697 shares traded hands during trading, a decline of 93% from the average daily volume of 4,585,479 shares. The stock had previously closed at $50.51.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on PSTG. UBS Group raised their target price on shares of Pure Storage from $38.00 to $44.00 and gave the company a “neutral” rating in a report on Thursday, February 29th. JPMorgan Chase & Co. raised their target price on shares of Pure Storage from $45.00 to $50.00 and gave the company an “overweight” rating in a report on Thursday, February 29th. TD Cowen raised their target price on shares of Pure Storage from $42.00 to $60.00 and gave the company an “outperform” rating in a report on Thursday, February 29th. Barclays raised their target price on shares of Pure Storage from $42.00 to $51.00 and gave the company an “overweight” rating in a report on Thursday, February 29th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $66.00 target price on shares of Pure Storage in a report on Thursday, April 11th. Three investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $51.63.

Read Our Latest Report on PSTG

Pure Storage Stock Performance

The firm has a market capitalization of $16.45 billion, a P/E ratio of 297.90, a P/E/G ratio of 6.73 and a beta of 1.15. The firm has a 50-day moving average price of $50.49 and a two-hundred day moving average price of $41.56. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.83 and a quick ratio of 1.80.

Pure Storage (NYSE:PSTGGet Free Report) last released its earnings results on Wednesday, February 28th. The technology company reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.10. Pure Storage had a return on equity of 12.60% and a net margin of 2.17%. The business had revenue of $789.81 million during the quarter, compared to the consensus estimate of $784.31 million. During the same period last year, the company earned $0.27 earnings per share. The business’s revenue for the quarter was down 2.5% compared to the same quarter last year. On average, analysts forecast that Pure Storage, Inc. will post 0.44 EPS for the current fiscal year.

Insider Transactions at Pure Storage

In other news, CFO P. Kevan Krysler sold 15,286 shares of Pure Storage stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $52.80, for a total transaction of $807,100.80. Following the completion of the sale, the chief financial officer now directly owns 507,824 shares in the company, valued at $26,813,107.20. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director Andrew William Fraser Brown sold 20,564 shares of Pure Storage stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $52.31, for a total value of $1,075,702.84. Following the completion of the sale, the director now directly owns 24,400 shares in the company, valued at $1,276,364. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO P. Kevan Krysler sold 15,286 shares of Pure Storage stock in a transaction dated Wednesday, April 17th. The shares were 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 $26,813,107.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 286,581 shares of company stock worth $15,266,704. 6.50% of the stock is currently owned by insiders.

Institutional Trading of Pure Storage

Institutional investors and hedge funds have recently made changes to their positions in the company. Banque Cantonale Vaudoise bought a new stake in shares of Pure Storage in the first quarter valued at about $25,000. Naples Money Management LLC bought a new stake in shares of Pure Storage in the fourth quarter valued at about $25,000. Global Retirement Partners LLC purchased a new position in Pure Storage in the third quarter valued at about $28,000. Principal Securities Inc. purchased a new position in Pure Storage in the fourth quarter valued at about $31,000. Finally, Rise Advisors LLC purchased a new position in Pure Storage in the first quarter valued at about $48,000. 83.42% of the stock is currently owned by institutional investors.

Pure Storage Company Profile

(Get Free Report)

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.

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