Pure Storage, Inc. (NYSE:PSTG) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Pure Storage, Inc. (NYSE:PSTG) have earned an average rating of “Moderate Buy” from the twenty brokerages that are presently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and twelve have assigned a buy rating to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $68.05.

PSTG has been the topic of a number of research analyst reports. Needham & Company LLC reduced their target price on Pure Storage from $80.00 to $62.00 and set a “buy” rating on the stock in a research report on Thursday, August 29th. Wedbush restated an “outperform” rating and issued a $80.00 price objective on shares of Pure Storage in a report on Monday, August 26th. Lake Street Capital lowered their target price on shares of Pure Storage from $70.00 to $68.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Susquehanna reissued a “positive” rating and issued a $80.00 price target on shares of Pure Storage in a research note on Monday, August 26th. Finally, Evercore ISI decreased their price objective on shares of Pure Storage from $75.00 to $70.00 and set an “outperform” rating on the stock in a report on Thursday, August 29th.

Pure Storage Trading Up 2.9 %

Shares of PSTG opened at $51.16 on Wednesday. The company has a current ratio of 1.99, a quick ratio of 1.96 and a debt-to-equity ratio of 0.07. The firm has a 50-day moving average price of $51.20 and a 200 day moving average price of $56.97. Pure Storage has a 12-month low of $31.00 and a 12-month high of $70.41. The firm has a market capitalization of $16.76 billion, a P/E ratio of 127.90, a P/E/G ratio of 7.99 and a beta of 1.10.

Pure Storage (NYSE:PSTG) last posted its quarterly earnings results on Wednesday, August 28th. The technology company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.10. The business had revenue of $763.77 million during the quarter, compared to analysts’ expectations of $756.59 million. Pure Storage had a net margin of 4.53% and a return on equity of 17.41%. Sell-side analysts forecast that Pure Storage will post 0.43 EPS for the current year.

Insider Buying and Selling

In other Pure Storage news, insider John Colgrove sold 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $49.94, for a total transaction of $4,994,000.00. Following the sale, the insider now owns 500,000 shares of the company’s stock, valued at approximately $24,970,000. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Pure Storage news, insider John Colgrove sold 100,000 shares of the firm’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $49.94, for a total transaction of $4,994,000.00. Following the transaction, the insider now owns 500,000 shares of the company’s stock, valued at approximately $24,970,000. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Mona Chu sold 20,647 shares of Pure Storage stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $51.50, for a total value of $1,063,320.50. Following the sale, the chief accounting officer now owns 75,992 shares in the company, valued at $3,913,588. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 454,542 shares of company stock worth $24,775,030. Corporate insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Pure Storage

A number of hedge funds have recently modified their holdings of PSTG. Victory Capital Management Inc. grew its position in Pure Storage by 6.9% during the 3rd quarter. Victory Capital Management Inc. now owns 230,393 shares of the technology company’s stock worth $11,575,000 after purchasing an additional 14,901 shares during the last quarter. Venturi Wealth Management LLC increased its holdings in shares of Pure Storage by 40.9% in the third quarter. Venturi Wealth Management LLC now owns 754 shares of the technology company’s stock valued at $38,000 after purchasing an additional 219 shares during the period. Chartwell Investment Partners LLC purchased a new stake in shares of Pure Storage during the third quarter worth approximately $722,000. Crossmark Global Holdings Inc. lifted its holdings in shares of Pure Storage by 9.0% during the third quarter. Crossmark Global Holdings Inc. now owns 21,555 shares of the technology company’s stock worth $1,082,000 after purchasing an additional 1,783 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. grew its position in Pure Storage by 15.1% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 725,000 shares of the technology company’s stock valued at $36,424,000 after buying an additional 95,000 shares during the last quarter. 83.42% of the stock is currently owned by hedge funds and other institutional investors.

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.