Pure Storage, Inc. (NYSE:PSTG) Receives Average Rating of “Moderate Buy” from Analysts

Pure Storage, Inc. (NYSE:PSTG) has been given an average recommendation of “Moderate Buy” by the twenty analysts that are currently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, seven have given a hold recommendation and twelve have given a buy recommendation to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $66.95.

A number of equities research analysts have recently issued reports on PSTG shares. Susquehanna restated a “positive” rating and set a $80.00 price objective on shares of Pure Storage in a report on Monday, August 26th. Northland Capmk cut Pure Storage from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 30th. Citigroup dropped their price objective on Pure Storage from $75.00 to $67.00 and set a “buy” rating for the company in a report on Thursday, August 29th. Stifel Nicolaus reduced their target price on Pure Storage from $65.00 to $60.00 and set a “hold” rating on the stock in a report on Thursday, August 29th. Finally, Needham & Company LLC dropped their price target on Pure Storage from $80.00 to $62.00 and set a “buy” rating for the company in a research note on Thursday, August 29th.

Pure Storage Stock Performance

NYSE PSTG opened at $49.60 on Tuesday. The firm’s fifty day moving average price is $56.95 and its two-hundred day moving average price is $57.18. Pure Storage has a 1 year low of $31.00 and a 1 year high of $70.41. The firm has a market capitalization of $16.13 billion, a P/E ratio of 177.14, a price-to-earnings-growth ratio of 7.49 and a beta of 1.11. The company has a current ratio of 1.99, a quick ratio of 1.96 and a debt-to-equity ratio of 0.07.

Insider Buying and Selling

In other Pure Storage news, CRO Dan Fitzsimons sold 9,881 shares of the stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $59.32, for a total value of $586,140.92. Following the completion of the transaction, the executive now directly owns 115,601 shares in the company, valued at $6,857,451.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Pure Storage news, CRO Dan Fitzsimons sold 9,881 shares of the company’s stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $59.32, for a total value of $586,140.92. Following the completion of the transaction, the executive now directly owns 115,601 shares in the company, valued at approximately $6,857,451.32. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider John Colgrove sold 100,000 shares of the firm’s stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $59.50, for a total transaction of $5,950,000.00. Following the transaction, the insider now directly owns 900,000 shares of the company’s stock, valued at approximately $53,550,000. The disclosure for this sale can be found here. Insiders have sold 324,177 shares of company stock worth $18,863,083 in the last 90 days. Insiders own 6.00% of the company’s stock.

Institutional Investors Weigh In On Pure Storage

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Heritage Wealth Management Inc. bought a new stake in Pure Storage in the second quarter valued at approximately $721,000. Sanctuary Advisors LLC bought a new stake in shares of Pure Storage in the 2nd quarter valued at $988,000. Sycomore Asset Management acquired a new stake in shares of Pure Storage during the second quarter worth $2,259,000. Cetera Investment Advisers increased its position in shares of Pure Storage by 8.0% during the second quarter. Cetera Investment Advisers now owns 60,275 shares of the technology company’s stock worth $3,870,000 after buying an additional 4,474 shares during the period. Finally, Truist Financial Corp raised its stake in Pure Storage by 19.3% during the second quarter. Truist Financial Corp now owns 12,561 shares of the technology company’s stock worth $807,000 after buying an additional 2,028 shares during the last quarter. Institutional investors and hedge funds 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.