Pure Storage (NYSE:PSTG) Raised to “Buy” at StockNews.com

StockNews.com upgraded shares of Pure Storage (NYSE:PSTGFree Report) from a hold rating to a buy rating in a report released on Friday.

Several other equities research analysts have also weighed in on PSTG. Wedbush restated an outperform rating and issued a $50.00 target price on shares of Pure Storage in a report on Thursday, February 29th. Citigroup started coverage on shares of Pure Storage in a research note on Friday, March 15th. They issued a buy rating and a $65.00 target price on the stock. Barclays boosted their target price on shares of Pure Storage from $42.00 to $51.00 and gave the stock an overweight rating in a research report on Thursday, February 29th. Raymond James downgraded Pure Storage from a strong-buy rating to an outperform rating and raised their price target for the company from $52.00 to $63.00 in a research report on Friday, April 19th. Finally, Evercore ISI boosted their price objective on Pure Storage from $41.00 to $48.00 and gave the stock an outperform rating in a research report on Friday, February 23rd. Three equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of Moderate Buy and a consensus price target of $51.63.

Read Our Latest Stock Report on PSTG

Pure Storage Stock Performance

PSTG stock opened at $59.15 on Friday. The firm has a 50 day moving average of $52.79 and a two-hundred day moving average of $43.97. Pure Storage has a 12 month low of $24.00 and a 12 month high of $60.51. The company has a market capitalization of $19.22 billion, a price-to-earnings ratio of 347.96, a P/E/G ratio of 7.68 and a beta of 1.15. The company has a quick ratio of 1.80, a current ratio of 1.83 and a debt-to-equity ratio of 0.08.

Pure Storage (NYSE:PSTGGet Free Report) last released its quarterly earnings data on Wednesday, February 28th. The technology company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.10. Pure Storage had a net margin of 2.17% and a return on equity of 12.60%. The business had revenue of $789.81 million during the quarter, compared to analyst estimates of $784.31 million. During the same quarter in the previous year, the business earned $0.27 EPS. Pure Storage’s quarterly revenue was down 2.5% compared to the same quarter last year. As a group, equities analysts anticipate that Pure Storage will post 0.44 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO P. Kevan Krysler sold 15,286 shares of the company’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $52.80, for a total value of $807,100.80. Following the sale, the chief financial officer now directly owns 507,824 shares in the company, valued at approximately $26,813,107.20. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Roxanne Taylor sold 36,860 shares of the business’s stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $53.76, for a total value of $1,981,593.60. Following the transaction, the director now directly owns 18,883 shares of the company’s stock, valued at approximately $1,015,150.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO P. Kevan Krysler sold 15,286 shares of the business’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $52.80, for a total value of $807,100.80. Following the completion of the transaction, the chief financial officer now directly owns 507,824 shares in the company, valued at approximately $26,813,107.20. The disclosure for this sale can be found here. Insiders sold 286,581 shares of company stock valued at $15,266,704 over the last quarter. Corporate insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Naples Money Management LLC bought a new stake in shares of Pure Storage during the 4th quarter valued at $25,000. Banque Cantonale Vaudoise bought a new position in Pure Storage during the 1st quarter worth approximately $25,000. Fidelis Capital Partners LLC acquired a new position in Pure Storage during the first quarter valued at approximately $27,000. Principal Securities Inc. bought a new stake in Pure Storage in the fourth quarter valued at approximately $31,000. Finally, Lindbrook Capital LLC raised its holdings in Pure Storage by 295.6% in the first quarter. Lindbrook Capital LLC now owns 633 shares of the technology company’s stock worth $33,000 after purchasing an additional 473 shares during the period. Institutional investors and hedge funds own 83.42% of the company’s stock.

About Pure Storage

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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.

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