Needham & Company LLC Reiterates Buy Rating for Pure Storage (NYSE:PSTG)

Needham & Company LLC reaffirmed their buy rating on shares of Pure Storage (NYSE:PSTGFree Report) in a research report report published on Friday, Benzinga reports. The firm currently has a $80.00 price objective on the technology company’s stock.

Several other research firms also recently commented on PSTG. Raymond James increased their price objective on Pure Storage from $63.00 to $73.00 and gave the company an outperform rating in a report on Thursday, May 30th. UBS Group increased their price target on shares of Pure Storage from $38.00 to $44.00 and gave the company a neutral rating in a research note on Thursday, February 29th. Morgan Stanley lowered 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 research note on Wednesday, June 12th. Barclays raised their target price on shares of Pure Storage from $51.00 to $56.00 and gave the company an equal weight rating in a research note on Thursday, May 30th. Finally, Northland Securities downgraded Pure Storage from an outperform rating to a market perform rating and boosted their price target for the stock from $58.00 to $68.00 in a research report on Thursday, May 30th. Seven research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Pure Storage has an average rating of Moderate Buy and a consensus target price of $67.68.

View Our Latest Analysis on Pure Storage

Pure Storage Stock Down 2.2 %

Shares of PSTG stock opened at $64.48 on Friday. The firm’s fifty day moving average price is $58.52 and its two-hundred day moving average price is $48.93. Pure Storage has a 1 year low of $31.00 and a 1 year high of $70.41. 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 firm has a market capitalization of $20.95 billion, a P/E ratio of 230.29, a PEG ratio of 6.65 and a beta of 1.06.

Pure Storage (NYSE:PSTGGet Free Report) last released its earnings results on Wednesday, May 29th. The technology company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.02. Pure Storage had a return on equity of 15.34% and a net margin of 3.19%. The business had revenue of $693.48 million for the quarter, compared to the consensus estimate of $681.37 million. On average, equities analysts predict that Pure Storage will post 0.47 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Ajay Singh sold 37,588 shares of the business’s stock in a transaction dated Friday, April 5th. The stock was sold at an average price of $53.54, for a total value of $2,012,461.52. Following the completion of the transaction, the insider now owns 380,834 shares of the company’s stock, valued at $20,389,852.36. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, insider Ajay Singh sold 37,588 shares of the company’s stock in a transaction that occurred on Friday, April 5th. The shares were sold at an average price of $53.54, for a total transaction of $2,012,461.52. Following the completion of the sale, the insider now owns 380,834 shares of the company’s stock, valued at approximately $20,389,852.36. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Mallun Yen sold 4,818 shares of Pure Storage stock in a transaction that occurred on 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 transaction, the director now directly owns 35,498 shares in the company, valued at $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 worth $15,578,814 in the last 90 days. Company insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Pure Storage

Institutional investors have recently modified their holdings of the business. Teachers Retirement System of The State of Kentucky acquired a new position in Pure Storage during the first quarter worth about $5,095,000. Cetera Advisors LLC grew its holdings in shares of Pure Storage by 3.0% during the 1st quarter. Cetera Advisors LLC now owns 19,214 shares of the technology company’s stock valued at $999,000 after purchasing an additional 555 shares during the last quarter. Cetera Investment Advisers grew its holdings in shares of Pure Storage by 284.9% during the 1st quarter. Cetera Investment Advisers now owns 55,801 shares of the technology company’s stock valued at $2,901,000 after purchasing an additional 41,305 shares during the last quarter. Virtu Financial LLC acquired a new position in Pure Storage during the 1st quarter worth approximately $2,889,000. Finally, Comerica Bank lifted its stake in Pure Storage by 1.6% in the 1st quarter. Comerica Bank now owns 272,506 shares of the technology company’s stock valued at $14,168,000 after purchasing an additional 4,287 shares during the last quarter. Institutional investors and hedge funds own 83.42% of the company’s stock.

About Pure Storage

(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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Analyst Recommendations for Pure Storage (NYSE:PSTG)

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