Pure Storage (NYSE:PSTG) Stock Price Down 2.3%

Pure Storage, Inc. (NYSE:PSTG)’s share price fell 2.3% during mid-day trading on Friday . The stock traded as low as $63.01 and last traded at $64.42. 1,926,299 shares changed hands during trading, a decline of 55% from the average session volume of 4,291,169 shares. The stock had previously closed at $65.96.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on PSTG. Needham & Company LLC restated a “buy” rating and set a $80.00 target price on shares of Pure Storage in a research report on Friday. TD Cowen boosted their price objective on Pure Storage from $60.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. JPMorgan Chase & Co. boosted their price objective on Pure Storage from $50.00 to $75.00 and gave the company an “overweight” 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 objective for the company. in a research report on Wednesday, June 12th. Finally, Barclays boosted their price objective on Pure Storage from $51.00 to $56.00 and gave the company an “equal weight” rating in a research report on Thursday, May 30th. Seven equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, Pure Storage presently has a consensus rating of “Moderate Buy” and a consensus target price of $67.68.

Pure Storage Trading Down 2.2 %

The company has a market cap of $20.95 billion, a P/E ratio of 230.29, a PEG ratio of 6.65 and a beta of 1.06. The company has a current ratio of 2.00, a quick ratio of 1.96 and a debt-to-equity ratio of 0.07. The business has a 50 day moving average price of $58.52 and a 200-day moving average price of $48.81.

Pure Storage (NYSE:PSTG) last announced its quarterly earnings data on Wednesday, May 29th. The technology company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.02. Pure Storage had a return on equity of 15.34% and a net margin of 3.19%. The company had revenue of $693.48 million for the quarter, compared to analysts’ expectations of $681.37 million. Analysts forecast that Pure Storage, Inc. will post 0.47 earnings per share for the current fiscal year.

Insider Transactions at Pure Storage

In related news, Director Mallun Yen sold 4,818 shares of the stock in a transaction on Friday, June 7th. The stock was sold at an average price of $64.78, for a total value of $312,110.04. Following the sale, the director now 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 can be accessed through this hyperlink. In related news, Director Mallun Yen sold 4,818 shares of the stock in a transaction on Friday, June 7th. The stock was sold at an average price of $64.78, for a total value of $312,110.04. Following the sale, the director now 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 can be accessed through this hyperlink. Also, Director Scott Dietzen sold 147,000 shares of the stock in a transaction on Friday, April 12th. The shares were sold at an average price of $53.49, for a total value 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 disclosure for this sale can be found here. Insiders have sold a total of 291,399 shares of company stock worth $15,578,814 in the last 90 days. Corporate insiders own 6.00% of the company’s stock.

Institutional Investors Weigh In On Pure Storage

A number of large investors have recently added to or reduced their stakes in the business. Naples Money Management LLC acquired a new position in Pure Storage in the 4th quarter valued at $25,000. Banque Cantonale Vaudoise acquired a new position in Pure Storage in the 1st quarter valued at $25,000. Fidelis Capital Partners LLC acquired a new position in Pure Storage in the 1st quarter valued at $27,000. Principal Securities Inc. acquired a new position in Pure Storage in the 4th quarter valued at $31,000. Finally, Lindbrook Capital LLC grew its holdings in Pure Storage by 295.6% in the 1st quarter. Lindbrook Capital LLC now owns 633 shares of the technology company’s stock valued at $33,000 after buying an additional 473 shares in the last quarter. Institutional investors own 83.42% of the company’s stock.

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.