Analysts Set Pure Storage, Inc. (NYSE:PSTG) PT at $68.05

Pure Storage, Inc. (NYSE:PSTG - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the twenty analysts that are covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, seven have assigned a hold recommendation and twelve have given a buy recommendation to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $68.05.

PSTG has been the subject of a number of recent research reports. Susquehanna reissued a "positive" rating and set a $80.00 price objective on shares of Pure Storage in a research note on Monday, August 26th. Evercore ISI reduced their target price on shares of Pure Storage from $75.00 to $70.00 and set an "outperform" rating on the stock in a report on Thursday, August 29th. Northland Securities reissued a "market perform" rating and issued a $59.00 price objective (down previously from $68.00) on shares of Pure Storage in a research report on Thursday, August 29th. TD Cowen decreased 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 report on Thursday, August 29th. Finally, Wedbush reiterated an "outperform" rating and issued a $80.00 price target on shares of Pure Storage in a report on Monday, August 26th.

Pure Storage Price Performance

PSTG stock traded up $2.91 during midday trading on Wednesday, hitting $54.06. 3,170,228 shares of the stock were exchanged, compared to its average volume of 3,677,454. The stock's 50-day moving average price is $51.20 and its 200-day moving average price is $56.97. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.96 and a current ratio of 1.99. The stock has a market cap of $17.71 billion, a price-to-earnings ratio of 134.85, a PEG ratio of 7.80 and a beta of 1.10. Pure Storage has a fifty-two week low of $31.00 and a fifty-two week high of $70.41.

Pure Storage (NYSE:PSTG - Get Free Report) last released its quarterly earnings results 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. The business had revenue of $763.77 million during the quarter, compared to the consensus estimate of $756.59 million. Pure Storage had a return on equity of 17.41% and a net margin of 4.53%. Research analysts predict that Pure Storage will post 0.43 earnings per share for the current year.

Insiders Place Their Bets

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

Institutional Trading of Pure Storage

Hedge funds have recently made changes to their positions in the stock. Norden Group LLC acquired a new position in Pure Storage in the first quarter worth about $458,000. Private Advisor Group LLC grew its position in shares of Pure Storage by 27.4% in the 1st quarter. Private Advisor Group LLC now owns 14,312 shares of the technology company's stock worth $744,000 after acquiring an additional 3,077 shares in the last quarter. Fidelis Capital Partners LLC bought a new stake in shares of Pure Storage in the 1st quarter valued at approximately $27,000. GSA Capital Partners LLP raised its position in shares of Pure Storage by 107.2% during the 1st quarter. GSA Capital Partners LLP now owns 20,171 shares of the technology company's stock valued at $1,049,000 after acquiring an additional 10,435 shares in the last quarter. Finally, Avidian Wealth Solutions LLC bought a new position in Pure Storage during the first quarter worth $270,000. Institutional investors and hedge funds own 83.42% of the company's stock.

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.