Pure Storage (NYSE:PSTG) Shares Gap Down to $65.51

Pure Storage, Inc. (NYSE:PSTGGet Free Report) shares gapped down before the market opened on Tuesday . The stock had previously closed at $65.51, but opened at $61.00. Pure Storage shares last traded at $61.78, with a volume of 804,687 shares traded.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PSTG. TD Cowen boosted their price target on Pure Storage from $60.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. Morgan Stanley lowered Pure Storage from an “overweight” rating to an “equal weight” rating and set a $60.00 price target for the company. in a research report on Wednesday, June 12th. Needham & Company LLC reiterated a “buy” rating and set a $80.00 price target on shares of Pure Storage in a research report on Friday, June 21st. Bank of America boosted their price target on Pure Storage from $57.00 to $68.00 and gave the stock a “neutral” rating in a research report on Thursday, May 30th. Finally, Northland Capmk lowered Pure Storage from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $69.11.

Read Our Latest Analysis on PSTG

Pure Storage Stock Performance

The company has a market cap of $20.71 billion, a P/E ratio of 227.46, a P/E/G ratio of 6.32 and a beta of 1.11. The firm has a 50 day moving average price of $60.48 and a 200-day moving average price of $50.48. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.96 and a current ratio of 2.00.

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

Insider Transactions at Pure Storage

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. In related news, Director Scott Dietzen sold 147,000 shares of the stock in a transaction that occurred on 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Ajay Singh sold 37,588 shares of the stock in a transaction that occurred on Friday, April 5th. The shares were sold at an average price of $53.54, for a total value of $2,012,461.52. Following the sale, the insider now owns 380,834 shares of the company’s stock, valued at approximately $20,389,852.36. The disclosure for this sale can be found here. In the last quarter, insiders sold 254,539 shares of company stock worth $13,597,221. 6.00% of the stock is owned by corporate insiders.

Institutional Trading of Pure Storage

Several hedge funds have recently added to or reduced their stakes in PSTG. Massmutual Trust Co. FSB ADV lifted its position in shares of Pure Storage by 61.2% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 424 shares of the technology company’s stock worth $27,000 after acquiring an additional 161 shares during the period. Michael S. Ryan Inc. lifted its position in shares of Pure Storage by 4.8% in the 2nd quarter. Michael S. Ryan Inc. now owns 4,542 shares of the technology company’s stock worth $292,000 after acquiring an additional 208 shares during the period. Franklin Resources Inc. lifted its position in shares of Pure Storage by 0.4% in the 4th quarter. Franklin Resources Inc. now owns 54,073 shares of the technology company’s stock worth $1,928,000 after acquiring an additional 242 shares during the period. DecisionPoint Financial LLC lifted its position in shares of Pure Storage by 53.3% in the 1st quarter. DecisionPoint Financial LLC now owns 1,150 shares of the technology company’s stock worth $61,000 after acquiring an additional 400 shares during the period. Finally, Motley Fool Asset Management LLC lifted its position in shares of Pure Storage by 6.8% in the 1st quarter. Motley Fool Asset Management LLC now owns 6,340 shares of the technology company’s stock worth $330,000 after acquiring an additional 405 shares during the period. Institutional investors 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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