Pure Storage (NYSE:PSTG) Price Target Cut to $70.00 by Analysts at TD Cowen

Pure Storage (NYSE:PSTG) had its price target decreased by TD Cowen from $80.00 to $70.00 in a research report released on Thursday, MarketBeat Ratings reports. TD Cowen currently has a buy rating on the technology company’s stock.

Several other research firms also recently commented on PSTG. StockNews.com upgraded shares of Pure Storage from a hold rating to a buy rating in a research report on Friday, May 17th. Evercore ISI upped their target price on shares of Pure Storage from $65.00 to $75.00 and gave the company an outperform rating in a report on Thursday, May 30th. Northland Capmk downgraded shares of Pure Storage from a strong-buy rating to a hold rating in a research note on Thursday, May 30th. Lake Street Capital upped their price objective on Pure Storage from $48.00 to $70.00 and gave the company a buy rating in a research note on Thursday, May 30th. Finally, Northland Securities lowered Pure Storage from an outperform rating to a market perform rating and boosted their target price for the company from $58.00 to $68.00 in a report on Thursday, May 30th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, Pure Storage presently has a consensus rating of Moderate Buy and an average price target of $65.85.

Pure Storage Trading Down 15.8 %

NYSE PSTG opened at $50.32 on Thursday. Pure Storage has a 12 month low of $31.00 and a 12 month high of $70.41. The company has a market capitalization of $16.37 billion, a price-to-earnings ratio of 179.71, a price-to-earnings-growth ratio of 6.29 and a beta of 1.11. 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 firm’s fifty day moving average price is $61.05 and its 200 day moving average price is $56.57.

Pure Storage (NYSE:PSTG) last issued its quarterly earnings data on Wednesday, August 28th. The technology company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.10. Pure Storage had a return on equity of 15.34% and a net margin of 3.19%. The company had revenue of $763.77 million for the quarter, compared to analyst estimates of $756.59 million. On average, sell-side analysts expect that Pure Storage will post 0.47 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO P. Kevan Krysler sold 14,296 shares of the business’s stock in a transaction on Friday, July 5th. The stock was sold at an average price of $63.79, for a total value of $911,941.84. Following the completion of the transaction, the chief financial officer now directly owns 518,623 shares of the company’s stock, valued at $33,082,961.17. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CRO Dan Fitzsimons sold 9,881 shares of the 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 transaction, the executive now directly owns 115,601 shares in the company, valued at approximately $6,857,451.32. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO P. Kevan Krysler sold 14,296 shares of the firm’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $63.79, for a total transaction of $911,941.84. Following the completion of the sale, the chief financial officer now directly owns 518,623 shares in the company, valued at $33,082,961.17. The disclosure for this sale can be found here. Insiders sold 328,995 shares of company stock worth $19,175,193 in the last ninety days. Insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Sycomore Asset Management acquired a new position in Pure Storage in the 2nd quarter worth $2,259,000. Cetera Investment Advisers lifted its stake in shares of Pure Storage by 8.0% in the second quarter. Cetera Investment Advisers now owns 60,275 shares of the technology company’s stock worth $3,870,000 after acquiring an additional 4,474 shares in the last quarter. Truist Financial Corp boosted its holdings in Pure Storage by 19.3% in the second quarter. Truist Financial Corp now owns 12,561 shares of the technology company’s stock valued at $807,000 after purchasing an additional 2,028 shares during the last quarter. Wallace Advisory Group LLC acquired a new stake in Pure Storage during the 2nd quarter valued at approximately $222,000. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in Pure Storage by 34.9% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 9,099 shares of the technology company’s stock worth $584,000 after purchasing an additional 2,352 shares during the last quarter. 83.42% of the stock is currently owned by hedge funds and other institutional investors.

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.