Pure Storage (PSTG) Sets New 1-Year High at $21.42
Pure Storage Inc (NYSE:PSTG) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $21.42 and last traded at $21.48, with a volume of 1596978 shares. The stock had previously closed at $20.40.
Several brokerages have recently weighed in on PSTG. BidaskClub upgraded Pure Storage from a “sell” rating to a “hold” rating in a report on Tuesday, October 17th. BTIG Research boosted their target price on Pure Storage from $14.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, October 19th. KeyCorp restated a “buy” rating on shares of Pure Storage in a report on Wednesday, November 1st. Wells Fargo & Co began coverage on Pure Storage in a report on Tuesday, November 14th. They set an “outperform” rating and a $22.00 target price on the stock. Finally, UBS Group restated a “buy” rating and set a $22.00 target price (up from $18.00) on shares of Pure Storage in a report on Wednesday, November 29th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $19.18.
The firm has a market capitalization of $4,316.13, a price-to-earnings ratio of -20.68 and a beta of 1.64.
In other Pure Storage news, President David Hatfield sold 130,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $18.05, for a total value of $2,346,500.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Scott Dietzen sold 125,000 shares of the business’s stock in a transaction that occurred on Friday, January 26th. The shares were sold at an average price of $19.55, for a total value of $2,443,750.00. The disclosure for this sale can be found here. Insiders sold 877,362 shares of company stock worth $15,556,864 over the last quarter. 41.47% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in PSTG. Ameritas Investment Partners Inc. raised its position in Pure Storage by 38.8% in the second quarter. Ameritas Investment Partners Inc. now owns 8,171 shares of the technology company’s stock valued at $105,000 after purchasing an additional 2,284 shares during the period. Amalgamated Bank purchased a new stake in shares of Pure Storage during the second quarter worth $151,000. Fortaleza Asset Management Inc. purchased a new stake in shares of Pure Storage during the fourth quarter worth $154,000. SG Americas Securities LLC purchased a new stake in shares of Pure Storage during the fourth quarter worth $162,000. Finally, Principal Financial Group Inc. purchased a new stake in shares of Pure Storage during the second quarter worth $166,000. 39.56% of the stock is currently owned by institutional investors.
Pure Storage Company Profile
Pure Storage, Inc provides a data platform. The Company is focused on delivering software-defined all-flash solutions that are fast and cloud-capable for customers, enabling customers to put data to work for their businesses. Its data platform replaces storage systems designed for mechanical disk with all-flash systems optimized end-to-end for solid-state memory.
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