Weekly Research Analysts’ Ratings Updates for Pure Storage (PSTG)

A number of firms have modified their ratings and price targets on shares of Pure Storage (NYSE: PSTG) recently:

• 7/2/2024 – Pure Storage was downgraded by analysts at UBS Group AG from a “neutral” rating to a “sell” rating. They now have a $47.00 price target on the stock, up previously from $44.00.
• 6/25/2024 – Pure Storage had its “buy” rating reaffirmed by analysts at Guggenheim. They now have a $72.00 price target on the stock.
• 6/21/2024 – Pure Storage had its price target raised by analysts at Susquehanna from $75.00 to $80.00. They now have a “positive” rating on the stock.
• 6/21/2024 – Pure Storage had its “buy” rating reaffirmed by analysts at Needham & Company LLC. They now have a $80.00 price target on the stock.
• 6/12/2024 – Pure Storage was downgraded by analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating. They now have a $60.00 price target on the stock.
• 5/30/2024 – Pure Storage had its price target raised by analysts at Susquehanna from $65.00 to $75.00. They now have a “positive” rating on the stock.
• 5/30/2024 – Pure Storage had its price target raised by analysts at JPMorgan Chase & Co. from $50.00 to $75.00. They now have an “overweight” rating on the stock.
• 5/30/2024 – Pure Storage had its price target raised by analysts at Wells Fargo & Company from $70.00 to $75.00. They now have an “overweight” rating on the stock.
• 5/30/2024 – Pure Storage had its price target raised by analysts at KeyCorp from $64.00 to $79.00. They now have an “overweight” rating on the stock.
• 5/30/2024 – Pure Storage had its price target raised by analysts at Evercore ISI from $65.00 to $75.00. They now have an “outperform” rating on the stock.
• 5/30/2024 – Pure Storage had its price target raised by analysts at Raymond James from $63.00 to $73.00. They now have an “outperform” rating on the stock.
• 5/30/2024 – Pure Storage had its price target raised by analysts at Bank of America Co. from $57.00 to $68.00. They now have a “neutral” rating on the stock.
• 5/30/2024 – Pure Storage was downgraded by analysts at Northland Securities from an “outperform” rating to a “market perform” rating. They now have a $68.00 price target on the stock, up previously from $58.00.
• 5/30/2024 – Pure Storage was downgraded by analysts at Northland Capmk from a “strong-buy” rating to a “hold” rating.
• 5/30/2024 – Pure Storage had its price target raised by analysts at Stifel Nicolaus from $46.00 to $65.00. They now have a “hold” rating on the stock.
• 5/30/2024 – Pure Storage had its price target raised by analysts at Barclays PLC from $51.00 to $56.00. They now have an “equal weight” rating on the stock.
• 5/30/2024 – Pure Storage had its price target raised by analysts at Citigroup Inc. from $65.00 to $75.00. They now have a “buy” rating on the stock.
• 5/30/2024 – Pure Storage had its price target raised by analysts at Lake Street Capital from $48.00 to $70.00. They now have a “buy” rating on the stock.
• 5/30/2024 – Pure Storage had its price target raised by analysts at TD Cowen from $60.00 to $80.00. They now have a “buy” rating on the stock.
• 5/30/2024 – Pure Storage had its price target raised by analysts at Needham & Company LLC from $66.00 to $80.00. They now have a “buy” rating on the stock.
• 5/28/2024 – Pure Storage had its “outperform” rating reaffirmed by analysts at Wedbush. They now have a $70.00 price target on the stock, up previously from $50.00.
• 5/23/2024 – Pure Storage had its price target raised by analysts at Morgan Stanley from $48.00 to $60.00. They now have an “overweight” rating on the stock.
• 5/21/2024 – Pure Storage was downgraded by analysts at Barclays PLC from an “overweight” rating to an “equal weight” rating. They now have a $51.00 price target on the stock.
• 5/17/2024 – Pure Storage was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating.
• 5/8/2024 – Pure Storage was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating.

Pure Storage Stock Performance

Shares of PSTG opened at $62.79 on Wednesday. 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, Inc. has a twelve month low of $31.00 and a twelve month high of $70.41. The firm’s 50 day moving average price is $60.21 and its two-hundred day moving average price is $50.39. The firm has a market cap of $20.42 billion, a P/E ratio of 224.25, a PEG ratio of 6.47 and a beta of 1.11.

Pure Storage (NYSE:PSTG) last announced its quarterly earnings results 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. Pure Storage had a net margin of 3.19% and a return on equity of 15.34%. The firm had revenue of $693.48 million for the quarter, compared to analyst estimates of $681.37 million. On average, analysts forecast that Pure Storage, Inc. will post 0.47 EPS for the current fiscal year.

Insider Buying and Selling at Pure Storage

In other Pure Storage news, Director Roxanne Taylor sold 36,860 shares of Pure Storage stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $53.76, for a total value of $1,981,593.60. Following the transaction, the director now owns 18,883 shares of the company’s stock, valued at $1,015,150.08. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Ajay Singh sold 37,588 shares of Pure Storage 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 directly owns 380,834 shares in the company, valued at $20,389,852.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Roxanne Taylor sold 36,860 shares of Pure Storage stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $53.76, for a total transaction of $1,981,593.60. Following the completion of the sale, the director now owns 18,883 shares in the company, valued at $1,015,150.08. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 291,399 shares of company stock valued at $15,578,814. 6.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Pure Storage

Hedge funds and other institutional investors have recently made changes to their positions in the business. Naples Money Management LLC acquired a new position in Pure Storage during the fourth quarter worth $25,000. Banque Cantonale Vaudoise acquired a new position in Pure Storage during the first quarter worth $25,000. Fidelis Capital Partners LLC acquired a new position in Pure Storage during the first quarter worth $27,000. Massmutual Trust Co. FSB ADV increased its holdings in Pure Storage by 61.2% during the second 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. Finally, Principal Securities Inc. acquired a new position in Pure Storage during the fourth quarter worth $31,000. 83.42% of the stock is currently owned by institutional investors and hedge funds.

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.