Pure Storage (NYSE:PSTG) Now Covered by Oppenheimer

Oppenheimer initiated coverage on shares of Pure Storage (NYSE:PSTG) in a research report released on Monday morning, MarketBeat Ratings reports. The firm issued an outperform rating and a $120.00 price objective on the technology company’s stock.

A number of other analysts also recently commented on the company. Weiss Ratings reissued a “hold (c)” rating on shares of Pure Storage in a research note on Wednesday, October 8th. Wedbush upped their price target on shares of Pure Storage from $70.00 to $80.00 and gave the company an “outperform” rating in a report on Thursday, August 28th. Bank of America raised their price objective on shares of Pure Storage from $76.00 to $80.00 and gave the company a “neutral” rating in a research report on Thursday, August 28th. UBS Group set a $110.00 target price on shares of Pure Storage in a report on Tuesday, October 21st. Finally, JPMorgan Chase & Co. increased their target price on shares of Pure Storage from $80.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, October 16th. Thirteen equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $92.61.

Pure Storage Stock Down 0.5%

Shares of PSTG opened at $84.17 on Monday. The firm has a market capitalization of $27.66 billion, a PE ratio of 205.30, a P/E/G ratio of 8.99 and a beta of 1.24. The firm has a 50-day moving average price of $89.34 and a 200 day moving average price of $68.74. Pure Storage has a 52-week low of $34.51 and a 52-week high of $100.59.

Pure Storage (NYSE:PSTG) last posted its quarterly earnings data on Tuesday, September 9th. The technology company reported $0.44 earnings per share (EPS) for the quarter. Pure Storage had a net margin of 4.15% and a return on equity of 11.34%. The business had revenue of $763.77 million during the quarter. On average, equities analysts expect that Pure Storage will post 0.44 EPS for the current year.

Insider Transactions at Pure Storage

In other Pure Storage news, Director Roxanne Taylor sold 3,000 shares of Pure Storage stock in a transaction that occurred on Thursday, September 4th. The shares were sold at an average price of $76.93, for a total transaction of $230,790.00. Following the transaction, the director directly owned 16,343 shares in the company, valued at approximately $1,257,266.99. The trade was a 15.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Ajay Singh sold 7,014 shares of the business’s stock in a transaction on Wednesday, September 24th. The shares were sold at an average price of $85.85, for a total transaction of $602,151.90. Following the sale, the insider directly owned 229,307 shares in the company, valued at approximately $19,686,005.95. This trade represents a 2.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 443,111 shares of company stock worth $36,793,439. 5.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Pure Storage

Institutional investors have recently bought and sold shares of the business. Mechanics Financial Corp acquired a new position in shares of Pure Storage in the 2nd quarter valued at about $25,000. Winnow Wealth LLC purchased a new position in Pure Storage during the third quarter valued at approximately $26,000. Provenance Wealth Advisors LLC acquired a new position in Pure Storage in the 3rd quarter valued at approximately $27,000. Foster Dykema Cabot & Partners LLC acquired a new position in Pure Storage in the 3rd quarter valued at approximately $28,000. Finally, Assetmark Inc. lifted its position in Pure Storage by 186.6% in the 3rd quarter. Assetmark Inc. now owns 341 shares of the technology company’s stock worth $29,000 after buying an additional 222 shares in the last quarter. 83.42% of the stock is currently owned by institutional investors and hedge funds.

Pure Storage Company Profile

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.