Pure Storage (NYSE:PSTG) Coverage Initiated by Analysts at Oppenheimer

Oppenheimer began coverage on shares of Pure Storage (NYSE:PSTG - Free Report) in a research note released on Wednesday, Marketbeat.com reports. The firm issued an outperform rating and a $70.00 target price on the technology company's stock.

Other research analysts have also issued reports about the stock. Wedbush reaffirmed an "outperform" rating and issued a $80.00 price target on shares of Pure Storage in a research note on Monday, August 26th. Piper Sandler decreased their target price on Pure Storage from $60.00 to $56.00 and set a "neutral" rating on the stock in a research report on Thursday, August 29th. Needham & Company LLC lowered their price target on Pure Storage from $80.00 to $62.00 and set a "buy" rating on the stock in a research note on Thursday, August 29th. Raymond James reduced their price objective on Pure Storage from $73.00 to $70.00 and set an "outperform" rating for the company in a research note on Thursday, August 29th. Finally, TD Cowen lowered their target price on shares of Pure Storage from $80.00 to $70.00 and set a "buy" rating on the stock in a research note on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $68.15.

Pure Storage Price Performance

PSTG stock traded up $0.25 during mid-day trading on Wednesday, reaching $50.40. 8,363,292 shares of the company's stock were exchanged, compared to its average volume of 3,685,332. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.99 and a quick ratio of 1.96. Pure Storage has a 12-month low of $31.00 and a 12-month high of $70.41. The stock's 50 day moving average is $51.26 and its 200 day moving average is $57.00. The company has a market cap of $16.52 billion, a price-to-earnings ratio of 131.43, a price-to-earnings-growth ratio of 7.86 and a beta of 1.10.

Pure Storage (NYSE:PSTG - Get Free Report) last issued its quarterly earnings results on Wednesday, August 28th. The technology company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.10 by $0.10. The company had revenue of $763.77 million during the quarter, compared to analyst estimates of $756.59 million. Pure Storage had a net margin of 4.53% and a return on equity of 17.41%. On average, research analysts expect that Pure Storage will post 0.43 EPS for the current year.

Insider Activity at Pure Storage

In other news, insider John Colgrove sold 100,000 shares of the firm's stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $49.94, for a total value of $4,994,000.00. Following the completion of the transaction, the insider now owns 500,000 shares of the company's stock, valued at approximately $24,970,000. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, insider John Colgrove sold 100,000 shares of the business's stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $49.94, for a total transaction of $4,994,000.00. Following the completion of the transaction, the insider now directly owns 500,000 shares of the company's stock, valued at $24,970,000. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CRO Dan Fitzsimons sold 8,895 shares of Pure Storage stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $50.67, for a total value of $450,709.65. Following the completion of the transaction, the executive now owns 94,446 shares of the company's stock, valued at $4,785,578.82. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 454,542 shares of company stock worth $24,775,030. 6.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Pure Storage

A number of large investors have recently modified their holdings of the company. Sycomore Asset Management acquired a new position in shares of Pure Storage during the second quarter worth $2,259,000. MinichMacGregor Wealth Management LLC acquired a new position in shares of Pure Storage during the 3rd quarter worth about $6,890,000. Heritage Wealth Management Inc. acquired a new position in shares of Pure Storage during the 2nd quarter worth about $721,000. Cetera Investment Advisers increased its holdings in shares of Pure Storage by 284.9% in the 1st quarter. Cetera Investment Advisers now owns 55,801 shares of the technology company's stock valued at $2,901,000 after acquiring an additional 41,305 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co raised its position in shares of Pure Storage by 182.5% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 216,808 shares of the technology company's stock worth $11,262,000 after acquiring an additional 140,071 shares in the last quarter. 83.42% of the stock is owned by hedge funds and other institutional investors.

About Pure Storage

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.