Pure Storage (NYSE:PSTG) PT Lowered to $37.00

Pure Storage (NYSE:PSTG – Get Rating) had its price objective decreased by research analysts at Barclays from $42.00 to $37.00 in a research report issued to clients and investors on Thursday, The Fly reports. The brokerage currently has an “overweight” rating on the technology company’s stock. Barclays‘s target price suggests a potential upside of 50.65% from the company’s previous close.

Other equities research analysts also recently issued reports about the stock. Credit Suisse Group reiterated an “outperform” rating and set a $40.00 price target on shares of Pure Storage in a report on Wednesday, February 22nd. TheStreet upgraded shares of Pure Storage from a “c” rating to a “b” rating in a report on Wednesday, November 30th. Wedbush raised their target price on shares of Pure Storage to $36.00 in a research report on Friday, December 2nd. StockNews.com raised shares of Pure Storage from a “hold” rating to a “buy” rating in a research report on Wednesday. Finally, JPMorgan Chase & Co. decreased their target price on shares of Pure Storage from $43.00 to $40.00 and set an “overweight” rating on the stock in a research report on Friday, November 25th. Three analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $36.68.

Pure Storage Trading Up 0.5 %

NYSE:PSTG opened at $24.56 on Thursday. The company has a market capitalization of $7.43 billion, a P/E ratio of 116.95, a price-to-earnings-growth ratio of 9.30 and a beta of 1.26. Pure Storage has a twelve month low of $21.90 and a twelve month high of $36.71. The firm has a 50-day moving average price of $28.13 and a two-hundred day moving average price of $28.80.

Pure Storage (NYSE:PSTG – Get Rating) last issued its quarterly earnings results on Wednesday, November 30th. The technology company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.09. The business had revenue of $676.05 million during the quarter, compared to the consensus estimate of $671.84 million. Pure Storage had a net margin of 2.65% and a return on equity of 17.48%. On average, equities research analysts predict that Pure Storage will post 0.15 earnings per share for the current year.

Insider Activity

In other news, CFO P. Kevan Krysler sold 27,679 shares of Pure Storage stock in a transaction that occurred on Thursday, December 29th. The shares were sold at an average price of $27.06, for a total transaction of $748,993.74. Following the sale, the chief financial officer now owns 480,831 shares in the company, valued at $13,011,286.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Gregory Tomb sold 10,643 shares of Pure Storage stock in a transaction that occurred on Tuesday, December 27th. The shares were sold at an average price of $26.65, for a total transaction of $283,635.95. Following the sale, the director now owns 30,544 shares in the company, valued at $813,997.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO P. Kevan Krysler sold 27,679 shares of Pure Storage stock in a transaction that occurred on Thursday, December 29th. The shares were sold at an average price of $27.06, for a total transaction of $748,993.74. Following the sale, the chief financial officer now owns 480,831 shares in the company, valued at approximately $13,011,286.86. The disclosure for this sale can be found here. Insiders have sold 59,170 shares of company stock worth $1,605,075 over the last 90 days. Company insiders own 6.80% of the company’s stock.

Institutional Trading of Pure Storage

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Voya Investment Management LLC increased its stake in shares of Pure Storage by 1.2% in the fourth quarter. Voya Investment Management LLC now owns 1,586,219 shares of the technology company’s stock worth $42,447,000 after buying an additional 18,362 shares during the last quarter. Natixis increased its stake in shares of Pure Storage by 23.5% in the fourth quarter. Natixis now owns 809,300 shares of the technology company’s stock worth $21,657,000 after buying an additional 153,800 shares during the last quarter. Adalta Capital Management LLC increased its stake in shares of Pure Storage by 54.3% in the fourth quarter. Adalta Capital Management LLC now owns 7,100 shares of the technology company’s stock worth $190,000 after buying an additional 2,500 shares during the last quarter. Truist Financial Corp bought a new stake in shares of Pure Storage in the fourth quarter worth $231,000. Finally, American Trust bought a new stake in shares of Pure Storage in the fourth quarter worth $489,000. Institutional investors own 84.96% of the company’s stock.

Pure Storage Company Profile

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Pure Storage, Inc engages in the provision of flash-based storage solutions. Its technology replaces storage systems designed for mechanical disks with all-flash systems optimized end-to-end for solid-state memory. The company was founded by John Hayes and John Colgrove in October 2009 and is headquartered in Mountain View, CA.