Pure Storage (NYSE:PSTG) Receives “Buy” Rating from Guggenheim

Guggenheim restated their buy rating on shares of Pure Storage (NYSE:PSTGFree Report) in a research report released on Tuesday, Benzinga reports. They currently have a $72.00 target price on the technology company’s stock.

Other equities research analysts have also issued research reports about the stock. Northland Securities lowered shares of Pure Storage from an outperform rating to a market perform rating and increased their price objective for the stock from $58.00 to $68.00 in a research note on Thursday, May 30th. Morgan Stanley downgraded 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 report on Wednesday, June 12th. KeyCorp increased their price target on Pure Storage from $64.00 to $79.00 and gave the company an overweight rating in a research note on Thursday, May 30th. StockNews.com upgraded shares of Pure Storage from a hold rating to a buy rating in a research report on Friday, May 17th. Finally, Barclays upped their price target on Pure Storage from $51.00 to $56.00 and gave the company an equal weight rating in a report on Thursday, May 30th. Seven investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $68.95.

Read Our Latest Research Report on PSTG

Pure Storage Stock Up 4.0 %

Shares of Pure Storage stock opened at $65.21 on Tuesday. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.00 and a quick ratio of 1.96. Pure Storage has a 1-year low of $31.00 and a 1-year high of $70.41. The business has a 50-day moving average of $59.40 and a 200-day moving average of $49.56. The company has a market capitalization of $21.21 billion, a PE ratio of 232.89, a P/E/G ratio of 6.34 and a beta of 1.06.

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

Insider Activity at Pure Storage

In related news, Director Scott Dietzen sold 147,000 shares of the firm’s stock in a transaction that occurred on Friday, April 12th. The shares were sold at an average price of $53.49, for a total transaction of $7,863,030.00. Following the transaction, the director now owns 100,000 shares of the company’s stock, valued at $5,349,000. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, Director Scott Dietzen sold 147,000 shares of the company’s stock in a transaction dated Friday, April 12th. The stock was sold at an average price of $53.49, for a total transaction of $7,863,030.00. Following the completion of the sale, the director now owns 100,000 shares in the company, valued at approximately $5,349,000. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Mallun Yen sold 4,818 shares of the stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $64.78, for a total value of $312,110.04. Following the transaction, the director now owns 35,498 shares in the company, valued at approximately $2,299,560.44. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 291,399 shares of company stock valued at $15,578,814. Insiders own 6.00% of the company’s stock.

Institutional Trading of Pure Storage

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Naples Money Management LLC bought a new stake in Pure Storage in the 4th quarter valued at $25,000. Banque Cantonale Vaudoise acquired a new position in Pure Storage in the first quarter worth $25,000. Fidelis Capital Partners LLC acquired a new position in Pure Storage during the 1st quarter worth about $27,000. Principal Securities Inc. bought a new stake in shares of Pure Storage during the fourth quarter valued at approximately $31,000. Finally, Lindbrook Capital LLC raised its position in Pure Storage by 295.6% in the 1st quarter. Lindbrook Capital LLC now owns 633 shares of the technology company’s stock worth $33,000 after purchasing an additional 473 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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