Pure Storage, Inc. (NYSE:PSTG) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Pure Storage, Inc. (NYSE:PSTG) have been given a consensus recommendation of “Moderate Buy” by the twenty analysts that are currently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have assigned a buy rating to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $95.2632.

A number of research firms have weighed in on PSTG. Lake Street Capital upped their price objective on shares of Pure Storage from $80.00 to $92.00 and gave the stock a “buy” rating in a research report on Wednesday, December 3rd. Northland Securities set a $77.00 target price on shares of Pure Storage in a research note on Wednesday, December 3rd. Morgan Stanley set a $83.00 price target on shares of Pure Storage in a research report on Wednesday, December 3rd. Cowen reaffirmed a “buy” rating on shares of Pure Storage in a research note on Wednesday, December 3rd. Finally, Piper Sandler set a $92.00 price objective on Pure Storage and gave the stock an “overweight” rating in a research note on Thursday, September 25th.

Pure Storage Trading Up 3.0%

Shares of PSTG stock opened at $69.02 on Monday. Pure Storage has a 12-month low of $34.51 and a 12-month high of $100.59. The business’s 50 day moving average is $80.02 and its two-hundred day moving average is $73.69. The company has a market capitalization of $22.79 billion, a P/E ratio of 181.62, a P/E/G ratio of 7.66 and a beta of 1.26.

Pure Storage (NYSE:PSTG) last posted its quarterly earnings data on Tuesday, September 9th. The technology company reported $0.44 EPS for the quarter. Pure Storage had a return on equity of 10.60% and a net margin of 3.74%.The business had revenue of $763.77 million during the quarter. On average, research analysts predict that Pure Storage will post 0.44 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Pure Storage news, insider Ajay Singh sold 7,178 shares of the firm’s stock in a transaction on Tuesday, December 23rd. The stock was sold at an average price of $67.14, for a total value of $481,930.92. Following the transaction, the insider owned 215,091 shares in the company, valued at approximately $14,441,209.74. This trade represents a 3.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider John Colgrove sold 100,000 shares of Pure Storage stock in a transaction on Monday, December 8th. The stock was sold at an average price of $71.31, for a total transaction of $7,131,000.00. The SEC filing for this sale provides additional information. Insiders sold 307,178 shares of company stock worth $26,020,931 over the last ninety days. Corporate insiders own 5.60% of the company’s stock.

Hedge Funds Weigh In On Pure Storage

Hedge funds and other institutional investors have recently modified their holdings of the business. Advisors Asset Management Inc. lifted its holdings in Pure Storage by 514.2% in the first quarter. Advisors Asset Management Inc. now owns 19,845 shares of the technology company’s stock valued at $879,000 after acquiring an additional 16,614 shares during the last quarter. AQR Capital Management LLC increased its stake in Pure Storage by 86.3% during the first quarter. AQR Capital Management LLC now owns 749,999 shares of the technology company’s stock worth $33,075,000 after acquiring an additional 347,405 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new stake in Pure Storage in the first quarter valued at $541,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Pure Storage by 129.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,742 shares of the technology company’s stock valued at $387,000 after purchasing an additional 4,926 shares during the last quarter. Finally, Nissay Asset Management Corp Japan ADV grew its holdings in shares of Pure Storage by 0.7% during the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 37,866 shares of the technology company’s stock worth $1,676,000 after purchasing an additional 265 shares during the period. 83.42% of the stock is owned by hedge funds and other institutional investors.

About Pure Storage

Pure Storage, Inc (NYSE: PSTG) is a technology company that designs and sells data storage hardware and software for enterprise and cloud environments. The company is best known for its all-flash storage arrays that are engineered to deliver high performance, low latency and simplified management compared with traditional disk-based systems. Its product portfolio includes purpose-built arrays and software aimed at transactional databases, virtualized infrastructures, analytics and large-scale file/object workloads.

Key product and software offerings include the FlashArray family for block storage and FlashBlade for file and object workloads, together with Purity, the company’s storage operating environment.