Pure Storage, Inc. (NYSE:PSTG) Given Consensus Recommendation of “Moderate Buy” by Brokerages

by · The Markets Daily

Shares of Pure Storage, Inc. (NYSE:PSTG – Get Free Report) have earned a consensus rating of “Moderate Buy” from the nineteen research firms that are presently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, six have given a hold rating and twelve have given a buy rating to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $95.2632.

Several analysts have recently commented on the company. Oppenheimer assumed coverage on Pure Storage in a report on Monday, November 17th. They set an “outperform” rating and a $120.00 price objective for the company. Morgan Stanley set a $83.00 price target on Pure Storage in a research note on Wednesday, December 3rd. Wedbush raised their price target on Pure Storage from $90.00 to $100.00 and gave the stock an “outperform” rating in a report on Wednesday, December 3rd. Barclays upped their price objective on shares of Pure Storage from $70.00 to $77.00 and gave the company an “equal weight” rating in a report on Wednesday, December 3rd. Finally, Susquehanna set a $105.00 target price on shares of Pure Storage in a research report on Wednesday, December 3rd.

Get Our Latest Research Report on PSTG

Insiders Place Their Bets

In related news, insider John Colgrove sold 100,000 shares of the company’s stock in a transaction on Monday, December 8th. The stock was sold at an average price of $71.31, for a total value of $7,131,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Ajay Singh sold 7,178 shares of Pure Storage stock in a transaction dated Tuesday, December 23rd. The stock was sold at an average price of $67.14, for a total value of $481,930.92. Following the sale, the insider directly owned 215,091 shares of the company’s stock, valued at approximately $14,441,209.74. This represents a 3.23% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 207,178 shares of company stock worth $16,771,931 over the last three months. Corporate insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On Pure Storage

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

Pure Storage Stock Performance

PSTG stock opened at $68.40 on Friday. Pure Storage has a one year low of $34.51 and a one year high of $100.59. The firm has a market cap of $22.58 billion, a price-to-earnings ratio of 180.01, a PEG ratio of 5.47 and a beta of 1.27. The firm has a 50-day simple moving average of $71.98 and a two-hundred day simple moving average of $76.05.

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

About Pure Storage

(Get Free Report)

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.

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