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

by · The Markets Daily

Pure Storage, Inc. (NYSE:PSTG – Get Free Report) has received an average rating of “Moderate Buy” from the twenty-two ratings firms that are covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, six have given a hold recommendation and fifteen have assigned a buy recommendation to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $72.70.

A number of brokerages have recently commented on PSTG. Oppenheimer started coverage on shares of Pure Storage in a report on Wednesday, November 13th. They issued an “outperform” rating and a $70.00 price target on the stock. JPMorgan Chase & Co. increased their target price on Pure Storage from $60.00 to $75.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Stifel Nicolaus lifted their price target on Pure Storage from $60.00 to $65.00 and gave the stock a “hold” rating in a research note on Wednesday, December 4th. Lake Street Capital increased their price objective on Pure Storage from $68.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Finally, Evercore ISI upped their target price on Pure Storage from $70.00 to $75.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th.

Check Out Our Latest Research Report on PSTG

Pure Storage Stock Down 1.8 %

Shares of NYSE PSTG opened at $62.48 on Thursday. The company has a current ratio of 1.77, a quick ratio of 1.74 and a debt-to-equity ratio of 0.07. The business has a 50-day moving average of $56.54 and a 200-day moving average of $56.86. The firm has a market capitalization of $20.38 billion, a price-to-earnings ratio of 164.43, a PEG ratio of 7.69 and a beta of 1.13. Pure Storage has a 12 month low of $34.32 and a 12 month high of $70.41.

Insider Buying and Selling

In other news, insider John Colgrove sold 100,000 shares of the stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $65.55, for a total value of $6,555,000.00. Following the completion of the transaction, the insider now owns 7,316,722 shares of the company’s stock, valued at approximately $479,611,127.10. This represents a 1.35 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CRO Dan Fitzsimons sold 8,895 shares of the firm’s stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $64.11, for a total value of $570,258.45. Following the completion of the transaction, the executive now owns 72,927 shares of the company’s stock, valued at approximately $4,675,349.97. The trade was a 10.87 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 337,853 shares of company stock valued at $19,538,191 over the last quarter. 6.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Pure Storage

Institutional investors have recently added to or reduced their stakes in the company. Franklin Resources Inc. boosted its position in shares of Pure Storage by 210.2% in the 3rd quarter. Franklin Resources Inc. now owns 2,553,402 shares of the technology company’s stock worth $137,628,000 after purchasing an additional 1,730,123 shares in the last quarter. Tidal Investments LLC boosted its holdings in Pure Storage by 2.0% in the third quarter. Tidal Investments LLC now owns 69,711 shares of the technology company’s stock worth $3,502,000 after acquiring an additional 1,343 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Pure Storage in the third quarter worth $119,000. World Investment Advisors LLC purchased a new stake in shares of Pure Storage in the third quarter worth $477,000. Finally, Sanctuary Advisors LLC increased its holdings in shares of Pure Storage by 15.1% during the third quarter. Sanctuary Advisors LLC now owns 17,709 shares of the technology company’s stock valued at $915,000 after acquiring an additional 2,317 shares in the last quarter. Institutional investors own 83.42% of the company’s stock.

Pure Storage Company Profile

(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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