Pure Storage (NYSE:PSTG) Rating Reiterated by Guggenheim

Pure Storage (NYSE:PSTG)‘s stock had its “buy” rating reiterated by analysts at Guggenheim in a report released on Tuesday, Benzinga reports. They presently have a $72.00 target price on the technology company’s stock. Guggenheim’s price target points to a potential upside of 14.81% from the stock’s previous close.

PSTG has been the topic of several other research reports. Susquehanna lifted their target price on shares of Pure Storage from $75.00 to $80.00 and gave the stock a “positive” rating in a research note on Friday, June 21st. Northland Capmk cut shares of Pure Storage from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 30th. Citigroup raised their target price on shares of Pure Storage from $65.00 to $75.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. Wedbush restated an “outperform” rating and issued a $70.00 price target (up from $50.00) on shares of Pure Storage in a research report on Tuesday, May 28th. Finally, Bank of America lifted their price objective on Pure Storage from $57.00 to $68.00 and gave the stock a “neutral” rating in a research report on Thursday, May 30th. Seven equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $68.95.

Pure Storage Stock Performance

Shares of NYSE PSTG opened at $62.71 on Tuesday. The company has a market capitalization of $20.40 billion, a PE ratio of 223.96, a price-to-earnings-growth ratio of 6.34 and a beta of 1.06. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.96 and a current ratio of 2.00. The company’s fifty day moving average price is $58.93 and its 200 day moving average price is $49.36. Pure Storage has a 1 year low of $31.00 and a 1 year high of $70.41.

Pure Storage (NYSE:PSTG) last issued its quarterly earnings data on Wednesday, May 29th. The technology company reported ($0.02) earnings per share for the quarter, topping 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 business had revenue of $693.48 million during the quarter, compared to the consensus estimate of $681.37 million. On average, research analysts predict that Pure Storage will post 0.47 earnings per share for the current year.

Insider Buying and Selling

In other Pure Storage news, insider Ajay Singh sold 37,588 shares of the company’s stock in a transaction on Friday, April 5th. The shares were sold at an average price of $53.54, for a total transaction of $2,012,461.52. Following the completion of the transaction, the insider now owns 380,834 shares in the company, valued at approximately $20,389,852.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Pure Storage news, insider Ajay Singh sold 37,588 shares of the stock in a transaction on Friday, April 5th. The stock was sold at an average price of $53.54, for a total value of $2,012,461.52. Following the completion of the transaction, the insider now owns 380,834 shares in the company, valued at $20,389,852.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Mallun Yen sold 4,818 shares of the company’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $64.78, for a total transaction of $312,110.04. Following the transaction, the director now directly owns 35,498 shares in the company, valued at $2,299,560.44. The disclosure for this sale can be found here. Insiders sold a total of 291,399 shares of company stock valued at $15,578,814 over the last three months. 6.00% of the stock is currently owned by company insiders.

Institutional Trading of Pure Storage

A number of institutional investors have recently bought and sold shares of PSTG. HighTower Advisors LLC grew its stake in Pure Storage by 9.8% in the 3rd quarter. HighTower Advisors LLC now owns 13,240 shares of the technology company’s stock valued at $472,000 after acquiring an additional 1,185 shares during the last quarter. Kestra Advisory Services LLC lifted its holdings in shares of Pure Storage by 43.2% in the third quarter. Kestra Advisory Services LLC now owns 15,469 shares of the technology company’s stock valued at $551,000 after purchasing an additional 4,669 shares in the last quarter. Invesco Ltd. grew its position in shares of Pure Storage by 82.1% in the third quarter. Invesco Ltd. now owns 517,692 shares of the technology company’s stock valued at $18,440,000 after purchasing an additional 233,389 shares during the last quarter. Hsbc Holdings PLC increased its stake in shares of Pure Storage by 322.2% during the 3rd quarter. Hsbc Holdings PLC now owns 64,872 shares of the technology company’s stock worth $2,303,000 after purchasing an additional 94,072 shares in the last quarter. Finally, Mariner LLC raised its position in shares of Pure Storage by 2.9% during the 3rd quarter. Mariner LLC now owns 19,548 shares of the technology company’s stock worth $696,000 after purchasing an additional 553 shares during the last quarter. 83.42% of the stock is currently owned by hedge funds and other institutional investors.

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.