Pure Storage (NYSE:PSTG) Stock Price Up 3.9% – Here’s What Happened

by · The Cerbat Gem

Shares of Pure Storage, Inc. (NYSE:PSTG – Get Free Report) traded up 3.9% during mid-day trading on Friday . The stock traded as high as $89.18 and last traded at $89.0960. 2,550,566 shares traded hands during trading, a decline of 12% from the average session volume of 2,891,005 shares. The stock had previously closed at $85.77.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Bank of America upped their target price on Pure Storage from $76.00 to $80.00 and gave the stock a “neutral” rating in a report on Thursday, August 28th. Citigroup boosted their price target on Pure Storage from $81.00 to $110.00 and gave the stock a “buy” rating in a research report on Tuesday, October 21st. Raymond James Financial upped their price objective on Pure Storage from $88.00 to $99.00 and gave the stock an “outperform” rating in a research note on Friday, October 17th. Cowen reiterated a “buy” rating on shares of Pure Storage in a research note on Thursday, August 28th. Finally, Evercore ISI boosted their target price on shares of Pure Storage from $90.00 to $105.00 and gave the stock an “outperform” rating in a report on Monday, October 20th. Thirteen 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, the stock has an average rating of “Moderate Buy” and an average target price of $92.61.

Read Our Latest Report on Pure Storage

Pure Storage Trading Up 3.9%

The stock has a 50-day simple moving average of $89.04 and a 200 day simple moving average of $70.34. The company has a market cap of $29.28 billion, a price-to-earnings ratio of 217.31, a PEG ratio of 8.99 and a beta of 1.24.

Pure Storage (NYSE:PSTG – Get Free Report) last released its earnings results on Tuesday, September 9th. The technology company reported $0.44 EPS for the quarter. Pure Storage had a return on equity of 11.34% and a net margin of 4.15%.The firm had revenue of $763.77 million during the quarter. As a group, research analysts forecast that Pure Storage, Inc. will post 0.44 EPS for the current fiscal year.

Insider Activity at Pure Storage

In other Pure Storage news, CAO Mona Chu sold 9,091 shares of the business’s stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $84.91, for a total value of $771,916.81. Following the completion of the transaction, the chief accounting officer directly owned 107,353 shares of the company’s stock, valued at approximately $9,115,343.23. The trade was a 7.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Ajay Singh sold 7,014 shares of the company’s stock in a transaction that occurred on Wednesday, September 24th. The stock was sold at an average price of $85.85, for a total value of $602,151.90. Following the completion of the sale, the insider owned 229,307 shares in the company, valued at approximately $19,686,005.95. This represents a 2.97% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 347,811 shares of company stock worth $31,067,815 in the last three months. Company insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On Pure Storage

A number of institutional investors have recently modified their holdings of the business. CIBC Bancorp USA Inc. purchased a new position in shares of Pure Storage during the 3rd quarter valued at approximately $933,000. Caerus Investment Advisors LLC acquired a new stake in Pure Storage during the third quarter worth about $220,000. Sunbelt Securities Inc. grew its position in Pure Storage by 287.1% in the third quarter. Sunbelt Securities Inc. now owns 329 shares of the technology company’s stock worth $28,000 after acquiring an additional 244 shares during the period. Captrust Financial Advisors raised its holdings in Pure Storage by 14.7% in the 3rd quarter. Captrust Financial Advisors now owns 63,533 shares of the technology company’s stock valued at $5,325,000 after buying an additional 8,148 shares during the period. Finally, Coldstream Capital Management Inc. increased its holdings in Pure Storage by 12.9% in the 3rd quarter. Coldstream Capital Management Inc. now owns 5,663 shares of the technology company’s stock valued at $475,000 after purchasing an additional 647 shares during the last quarter. 83.42% of the stock is currently owned by institutional investors and hedge funds.

About Pure Storage

(Get Free Report)

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.

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