Pure Storage (NYSE:PSTG) Rating Lowered to Hold at Wall Street Zen

Pure Storage (NYSE:PSTG) was downgraded by investment analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued on Saturday.

Several other analysts have also issued reports on PSTG. Piper Sandler set a $92.00 price objective on shares of Pure Storage and gave the company an “overweight” rating in a report on Thursday, September 25th. Wedbush lifted their price target on shares of Pure Storage from $90.00 to $100.00 and gave the company an “outperform” rating in a research report on Wednesday. Citigroup lowered their price target on Pure Storage from $110.00 to $105.00 and set a “buy” rating for the company in a research report on Wednesday. Tigress Financial set a $105.00 target price on Pure Storage in a research note on Wednesday. Finally, Raymond James Financial raised their target price on Pure Storage from $88.00 to $99.00 and gave the company an “outperform” rating in a report on Friday, October 17th. Thirteen analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $95.26.

Pure Storage Stock Performance

PSTG opened at $70.37 on Friday. The stock has a market capitalization of $23.13 billion, a PE ratio of 185.18, a P/E/G ratio of 6.71 and a beta of 1.27. Pure Storage has a one year low of $34.51 and a one year high of $100.59. The business’s 50 day moving average price is $88.43 and its 200 day moving average price is $71.39.

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

Insider Activity

In other Pure Storage news, CRO Dan Fitzsimons sold 6,051 shares of the stock in a transaction that occurred on Tuesday, September 23rd. The shares were sold at an average price of $87.42, for a total value of $528,978.42. Following the sale, the executive directly owned 62,759 shares of the company’s stock, valued at approximately $5,486,391.78. This represents a 8.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Ajay Singh sold 7,014 shares of the firm’s stock in a transaction on Wednesday, September 24th. The shares were sold at an average price of $85.85, for a total transaction of $602,151.90. Following the completion of the sale, the insider owned 229,307 shares in the company, valued at $19,686,005.95. The trade was a 2.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 327,311 shares of company stock worth $29,498,100 in the last ninety days. 5.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Pure Storage

Several large investors have recently bought and sold shares of PSTG. Winnow Wealth LLC acquired a new stake in Pure Storage in the third quarter valued at $26,000. Provenance Wealth Advisors LLC acquired a new position in shares of Pure Storage during the 3rd quarter worth about $27,000. Sunbelt Securities Inc. increased its holdings in shares of Pure Storage by 287.1% in the 3rd quarter. Sunbelt Securities Inc. now owns 329 shares of the technology company’s stock valued at $28,000 after acquiring an additional 244 shares during the last quarter. Foster Dykema Cabot & Partners LLC acquired a new stake in shares of Pure Storage during the 3rd quarter worth about $28,000. Finally, Assetmark Inc. raised its position in shares of Pure Storage by 186.6% during the 3rd quarter. Assetmark Inc. now owns 341 shares of the technology company’s stock worth $29,000 after acquiring an additional 222 shares in the last quarter. Hedge funds and other institutional investors own 83.42% of the company’s stock.

Pure Storage Company Profile

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.