Pure Storage (NYSE:PSTG) Trading 1.3% Higher

Pure Storage, Inc. (NYSE:PSTG) was up 1.3% during mid-day trading on Monday . The stock traded as high as $65.31 and last traded at $65.07. Approximately 515,014 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 4,275,778 shares. The stock had previously closed at $64.21.

Analyst Ratings Changes

Several research analysts recently commented on the company. Needham & Company LLC reissued a “buy” rating and set a $80.00 target price on shares of Pure Storage in a research note on Friday, June 21st. TD Cowen boosted their price objective on Pure Storage from $60.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. Bank of America raised their target price on shares of Pure Storage from $57.00 to $68.00 and gave the company a “neutral” rating in a report on Thursday, May 30th. Evercore ISI boosted their price target on shares of Pure Storage from $65.00 to $75.00 and gave the stock an “outperform” rating in a report on Thursday, May 30th. Finally, Barclays raised their price objective on shares of Pure Storage from $51.00 to $56.00 and gave the company an “equal weight” rating in a report on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $69.11.

Pure Storage Trading Down 4.2 %

The business’s 50 day simple moving average is $60.21 and its 200 day simple moving average is $50.39. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.00 and a quick ratio of 1.96. The company has a market capitalization of $20.42 billion, a price-to-earnings ratio of 224.25, a price-to-earnings-growth ratio of 6.47 and a beta of 1.11.

Pure Storage (NYSE:PSTG) last issued its quarterly earnings results on Wednesday, May 29th. The technology company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.02. Pure Storage had a return on equity of 15.34% and a net margin of 3.19%. The firm had revenue of $693.48 million for the quarter, compared to analysts’ expectations of $681.37 million. Research analysts anticipate that Pure Storage, Inc. will post 0.47 EPS for the current year.

Insider Buying and Selling

In other news, insider Ajay Singh sold 37,588 shares of Pure Storage stock in a transaction dated Friday, April 5th. The shares were sold at an average price of $53.54, for a total value of $2,012,461.52. Following the sale, the insider now owns 380,834 shares of the company’s stock, valued at $20,389,852.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, 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 owns 35,498 shares of the company’s stock, valued at $2,299,560.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ajay Singh sold 37,588 shares of the firm’s stock in a transaction on Friday, April 5th. The shares were sold at an average price of $53.54, for a total value of $2,012,461.52. Following the completion of the sale, the insider now directly owns 380,834 shares of the company’s stock, valued at approximately $20,389,852.36. 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 Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Naples Money Management LLC acquired a new position in shares of Pure Storage during the 4th quarter worth $25,000. Banque Cantonale Vaudoise acquired a new position in Pure Storage during the first quarter worth about $25,000. Fidelis Capital Partners LLC purchased a new stake in shares of Pure Storage in the first quarter valued at about $27,000. Massmutual Trust Co. FSB ADV grew its position in shares of Pure Storage by 61.2% in the second quarter. Massmutual Trust Co. FSB ADV now owns 424 shares of the technology company’s stock valued at $27,000 after purchasing an additional 161 shares during the last quarter. Finally, Principal Securities Inc. purchased a new position in shares of Pure Storage during the 4th quarter worth approximately $31,000. 83.42% of the stock is currently owned by institutional investors and hedge funds.

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.