Pure Storage (NYSE:PSTG) Rating Reiterated by Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Pure Storage (NYSE:PSTGFree Report) in a report released on Friday morning, Benzinga reports. They currently have a $80.00 target price on the technology company’s stock.

PSTG has been the subject of a number of other research reports. Evercore ISI boosted their price objective 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. Raymond James upped their price target on shares of Pure Storage from $63.00 to $73.00 and gave the company an outperform rating in a report on Thursday, May 30th. Morgan Stanley cut shares of Pure Storage from an overweight rating to an equal weight rating and set a $60.00 price target for the company. in a report on Wednesday, June 12th. JPMorgan Chase & Co. upped their price target on shares of Pure Storage from $50.00 to $75.00 and gave the company an overweight rating in a report on Thursday, May 30th. Finally, Barclays upped their price target 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. Seven investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Pure Storage has an average rating of Moderate Buy and an average target price of $67.68.

Read Our Latest Report on Pure Storage

Pure Storage Stock Down 2.6 %

Shares of NYSE PSTG opened at $62.83 on Friday. The stock has a market cap of $20.41 billion, a P/E ratio of 224.39, a P/E/G ratio of 6.65 and a beta of 1.06. The firm has a 50 day moving average price of $58.73 and a 200 day moving average price of $49.15. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.96 and a current ratio of 2.00. Pure Storage has a 52-week low of $31.00 and a 52-week high of $70.41.

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

Insiders Place Their Bets

In other Pure Storage news, Director Scott Dietzen sold 147,000 shares of the company’s stock in a transaction on Friday, April 12th. The shares were sold at an average price of $53.49, for a total transaction of $7,863,030.00. Following the sale, the director now directly owns 100,000 shares of the company’s stock, valued at $5,349,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Scott Dietzen sold 147,000 shares of the stock in a transaction dated Friday, April 12th. The shares were sold at an average price of $53.49, for a total value of $7,863,030.00. Following the transaction, the director now directly owns 100,000 shares of the company’s stock, valued at $5,349,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Roxanne Taylor sold 36,860 shares of the stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $53.76, for a total transaction of $1,981,593.60. Following the completion of the transaction, the director now directly owns 18,883 shares in the company, valued at $1,015,150.08. The disclosure for this sale can be found here. Over the last three months, insiders have sold 291,399 shares of company stock valued at $15,578,814. 6.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Pure Storage

Several large investors have recently modified their holdings of PSTG. Naples Money Management LLC acquired a new position in shares of Pure Storage in the fourth quarter valued at about $25,000. Banque Cantonale Vaudoise acquired a new position in shares of Pure Storage in the first quarter valued at about $25,000. Fidelis Capital Partners LLC acquired a new position in shares of Pure Storage in the first quarter valued at about $27,000. Principal Securities Inc. acquired a new position in shares of Pure Storage in the fourth quarter valued at about $31,000. Finally, Lindbrook Capital LLC grew its stake in shares of Pure Storage by 295.6% in the first quarter. Lindbrook Capital LLC now owns 633 shares of the technology company’s stock valued at $33,000 after acquiring an additional 473 shares in the last quarter. 83.42% of the stock is owned by institutional investors.

Pure Storage Company Profile

(Get Free Report)

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.

See Also

Analyst Recommendations for Pure Storage (NYSE:PSTG)

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