Pure Storage’s (PSTG) “Outperform” Rating Reaffirmed at Wedbush

Wedbush reiterated their outperform rating on shares of Pure Storage (NYSE:PSTG) in a report released on Monday morning, Benzinga reports. Wedbush currently has a $80.00 target price on the technology company’s stock.

A number of other equities research analysts have also recently commented on PSTG. TD Cowen increased their target price on shares of Pure Storage from $60.00 to $80.00 and gave the company a buy rating in a research report on Thursday, May 30th. Needham & Company LLC reissued a buy rating and issued a $80.00 price objective on shares of Pure Storage in a research report on Friday, June 21st. Northland Capmk lowered Pure Storage from a strong-buy rating to a hold rating in a research report on Thursday, May 30th. Raymond James raised their price target on Pure Storage from $63.00 to $73.00 and gave the stock an outperform rating in a report on Thursday, May 30th. Finally, Piper Sandler assumed coverage on shares of Pure Storage in a report on Monday, August 19th. They set a neutral rating and a $60.00 price objective on the stock. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $69.15.

Pure Storage Stock Down 1.7 %

Shares of NYSE PSTG opened at $60.54 on Monday. Pure Storage has a 12-month low of $31.00 and a 12-month high of $70.41. The stock’s fifty day simple moving average is $61.37 and its two-hundred day simple moving average is $56.44. The stock has a market capitalization of $19.69 billion, a PE ratio of 216.21, a price-to-earnings-growth ratio of 6.29 and a beta of 1.11. The company has a current ratio of 2.00, a quick ratio of 1.96 and a debt-to-equity ratio of 0.07.

Pure Storage (NYSE:PSTG) last issued its quarterly earnings data on Wednesday, May 29th. The technology company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.02. The company had revenue of $693.48 million for 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%. As a group, analysts expect that Pure Storage will post 0.47 EPS for the current fiscal year.

Insider Transactions at Pure Storage

In related news, Director Mallun Yen sold 4,818 shares of the business’s stock in a transaction 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 completion of the transaction, the director now directly owns 35,498 shares in the company, valued at approximately $2,299,560.44. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director Mallun Yen sold 4,818 shares of the firm’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $64.78, for a total transaction of $312,110.04. Following the sale, the director now directly owns 35,498 shares in the company, valued at approximately $2,299,560.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John Colgrove sold 100,000 shares of the company’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $61.76, for a total value of $6,176,000.00. Following the completion of the transaction, the insider now directly owns 700,000 shares of the company’s stock, valued at approximately $43,232,000. The disclosure for this sale can be found here. Insiders have sold 328,995 shares of company stock valued at $19,175,193 in the last 90 days. 6.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Pure Storage

Large investors have recently added to or reduced their stakes in the stock. Banque Cantonale Vaudoise acquired a new stake in shares of Pure Storage in the first quarter valued at about $25,000. Fidelis Capital Partners LLC acquired a new stake in Pure Storage in the 1st quarter worth about $27,000. Massmutual Trust Co. FSB ADV boosted its holdings in 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 buying an additional 161 shares during the last quarter. Larson Financial Group LLC increased its stake in Pure Storage by 242.9% during the 2nd quarter. Larson Financial Group LLC now owns 432 shares of the technology company’s stock worth $28,000 after buying an additional 306 shares in the last quarter. Finally, Principal Securities Inc. acquired a new position in shares of Pure Storage during the fourth quarter valued at approximately $31,000. 83.42% of the stock is currently owned by institutional investors and hedge funds.

About Pure Storage

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.