Pure Storage (NYSE:PSTG) Stock Rating Lowered by Northland Securities

Pure Storage (NYSE:PSTGGet Free Report) was downgraded by equities researchers at Northland Securities from an “outperform” rating to a “market perform” rating in a report issued on Thursday, Briefing.com reports. They presently have a $68.00 target price on the technology company’s stock, up from their prior target price of $58.00. Northland Securities’ price objective indicates a potential downside of 0.07% from the company’s previous close.

Other analysts also recently issued research reports about the stock. KeyCorp boosted their price objective on shares of Pure Storage from $64.00 to $79.00 and gave the stock an “overweight” rating in a report on Thursday. JPMorgan Chase & Co. boosted their price objective on shares of Pure Storage from $45.00 to $50.00 and gave the stock an “overweight” rating in a report on Thursday, February 29th. Susquehanna boosted their price objective on shares of Pure Storage from $45.00 to $65.00 and gave the stock a “positive” rating in a report on Thursday, April 11th. Morgan Stanley boosted their price objective on shares of Pure Storage from $48.00 to $60.00 and gave the stock an “overweight” rating in a report on Thursday, May 23rd. Finally, Wedbush reissued an “outperform” rating and set a $70.00 price objective (up previously from $50.00) on shares of Pure Storage in a report on Tuesday. Five investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $56.95.

Get Our Latest Report on PSTG

Pure Storage Stock Up 8.0 %

Shares of NYSE:PSTG opened at $68.05 on Thursday. The company has a market cap of $22.11 billion, a price-to-earnings ratio of 400.32, a PEG ratio of 6.97 and a beta of 1.15. The firm’s 50-day simple moving average is $54.35 and its 200-day simple moving average is $45.35. The company has a quick ratio of 1.80, a current ratio of 1.83 and a debt-to-equity ratio of 0.08. Pure Storage has a fifty-two week low of $27.98 and a fifty-two week high of $68.05.

Pure Storage (NYSE:PSTGGet Free Report) last issued its earnings results on Wednesday, February 28th. The technology company reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.10. The business had revenue of $789.81 million for the quarter, compared to the consensus estimate of $784.31 million. Pure Storage had a net margin of 2.17% and a return on equity of 12.60%. The business’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.27 earnings per share. As a group, equities research analysts predict that Pure Storage will post 0.46 earnings per share for the current year.

Insider Activity

In other news, CRO Dan Fitzsimons sold 29,283 shares of the company’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $52.14, for a total value of $1,526,815.62. Following the completion of the transaction, the executive now directly owns 138,105 shares in the company, valued at $7,200,794.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Pure Storage news, CRO Dan Fitzsimons sold 29,283 shares of the stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $52.14, for a total transaction of $1,526,815.62. Following the transaction, the executive now directly owns 138,105 shares in the company, valued at approximately $7,200,794.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO P. Kevan Krysler sold 15,286 shares of the stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $52.80, for a total transaction of $807,100.80. Following the transaction, the chief financial officer now owns 507,824 shares in the company, valued at $26,813,107.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 286,581 shares of company stock worth $15,266,704. 6.00% of the stock is currently owned by company insiders.

Institutional Trading of Pure Storage

Institutional investors and hedge funds have recently modified their holdings of the business. Sei Investments Co. raised its holdings in shares of Pure Storage by 19.7% during the third quarter. Sei Investments Co. now owns 464,256 shares of the technology company’s stock worth $16,537,000 after purchasing an additional 76,421 shares during the period. William Blair Investment Management LLC raised its holdings in shares of Pure Storage by 11.4% during the third quarter. William Blair Investment Management LLC now owns 687,600 shares of the technology company’s stock worth $24,492,000 after purchasing an additional 70,620 shares during the period. Weil Company Inc. acquired a new stake in shares of Pure Storage in the 3rd quarter worth about $433,000. Sequoia Financial Advisors LLC acquired a new stake in shares of Pure Storage in the 4th quarter worth about $514,000. Finally, Private Advisor Group LLC increased its holdings in shares of Pure Storage by 44.1% in the 4th quarter. Private Advisor Group LLC now owns 11,235 shares of the technology company’s stock worth $401,000 after acquiring an additional 3,437 shares during the period. 83.42% of the stock is owned by institutional investors and hedge funds.

About Pure Storage

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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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