Pure Storage (NYSE:PSTG) Stock Rating Reaffirmed by Wedbush

Wedbush reiterated their outperform rating on shares of Pure Storage (NYSE:PSTG) in a research note issued to investors on Monday morning, Benzinga reports. The brokerage currently has a $80.00 price objective on the technology company’s stock.

PSTG has been the subject of a number of other research reports. Northland Securities downgraded shares of Pure Storage from an outperform rating to a market perform rating and upped their price objective for the stock from $58.00 to $68.00 in a research report on Thursday, May 30th. Northland Capmk downgraded shares of Pure Storage from a strong-buy rating to a hold rating in a research report on Thursday, May 30th. Bank of America increased their target price on Pure Storage from $57.00 to $68.00 and gave the stock a neutral rating in a research note on Thursday, May 30th. Evercore ISI increased their price objective on Pure Storage from $65.00 to $75.00 and gave the stock an outperform rating in a research report on Thursday, May 30th. Finally, UBS Group cut shares of Pure Storage from a neutral rating to a sell rating and upped their price target for the stock from $44.00 to $47.00 in a research note on Tuesday, July 2nd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average target price of $69.15.

Pure Storage Stock Performance

NYSE PSTG opened at $60.54 on Monday. The firm has a market cap of $19.69 billion, a P/E ratio of 216.21, a P/E/G ratio of 6.29 and a beta of 1.11. Pure Storage has a 52-week low of $31.00 and a 52-week high of $70.41. The business’s 50-day moving average price is $61.37 and its 200 day moving average price is $56.44. The company has a quick ratio of 1.96, a current ratio of 2.00 and a debt-to-equity ratio of 0.07.

Pure Storage (NYSE:PSTG) last posted 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. The company had revenue of $693.48 million during the quarter, compared to analysts’ expectations of $681.37 million. Pure Storage had a return on equity of 15.34% and a net margin of 3.19%. On average, equities research analysts expect that Pure Storage will post 0.47 earnings per share for the current year.

Insiders Place Their Bets

In other news, CRO Dan Fitzsimons sold 9,881 shares of the company’s stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $59.32, for a total transaction of $586,140.92. Following the completion of the transaction, the executive now owns 115,601 shares of the company’s stock, valued at approximately $6,857,451.32. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CRO Dan Fitzsimons sold 9,881 shares of the business’s stock in a transaction on Friday, July 19th. The shares were sold at an average price of $59.32, for a total transaction of $586,140.92. Following the completion of the sale, the executive now directly owns 115,601 shares of the company’s stock, valued at approximately $6,857,451.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John Colgrove sold 100,000 shares of the stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $61.76, for a total value of $6,176,000.00. Following the completion of the transaction, the insider now directly owns 700,000 shares in the company, valued at $43,232,000. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 328,995 shares of company stock valued at $19,175,193. Insiders own 6.00% of the company’s stock.

Institutional Trading of Pure Storage

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Cetera Investment Advisers grew its stake in Pure Storage by 8.0% during the second quarter. Cetera Investment Advisers now owns 60,275 shares of the technology company’s stock worth $3,870,000 after buying an additional 4,474 shares during the period. Truist Financial Corp boosted its position in Pure Storage by 19.3% during the 2nd quarter. Truist Financial Corp now owns 12,561 shares of the technology company’s stock worth $807,000 after purchasing an additional 2,028 shares during the period. Wallace Advisory Group LLC purchased a new stake in Pure Storage during the 2nd quarter worth $222,000. Northwestern Mutual Wealth Management Co. increased its holdings in Pure Storage by 34.9% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 9,099 shares of the technology company’s stock valued at $584,000 after purchasing an additional 2,352 shares in the last quarter. Finally, NewEdge Advisors LLC raised its position in Pure Storage by 137.6% in the second quarter. NewEdge Advisors LLC now owns 23,712 shares of the technology company’s stock valued at $1,523,000 after purchasing an additional 13,732 shares during the period. Institutional investors and hedge funds own 83.42% of the company’s stock.

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.