Susquehanna Boosts Pure Storage (NYSE:PSTG) Price Target to $80.00

Pure Storage (NYSE:PSTG) had its price target increased by Susquehanna from $75.00 to $80.00 in a research report released on Friday, Benzinga reports. They currently have a positive rating on the technology company’s stock.

PSTG has been the subject of several other research reports. Northland Securities lowered Pure Storage from an outperform rating to a market perform rating and increased their price objective for the company from $58.00 to $68.00 in a report on Thursday, May 30th. KeyCorp lifted their target price on shares of Pure Storage from $64.00 to $79.00 and gave the stock an overweight rating in a research note on Thursday, May 30th. Evercore ISI boosted their target price on shares of Pure Storage from $65.00 to $75.00 and gave the stock an outperform rating in a research report on Thursday, May 30th. Lake Street Capital raised their price target on shares of Pure Storage from $48.00 to $70.00 and gave the stock a buy rating in a report on Thursday, May 30th. Finally, UBS Group boosted their price objective on shares of Pure Storage from $38.00 to $44.00 and gave the company a neutral rating in a report on Thursday, February 29th. Seven research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and an average target price of $67.68.

Pure Storage Trading Down 2.6 %

Shares of NYSE:PSTG opened at $62.83 on Friday. The company has a market capitalization of $20.41 billion, a PE ratio of 224.39, a P/E/G ratio of 6.65 and a beta of 1.06. The company has a current ratio of 2.00, a quick ratio of 1.96 and a debt-to-equity ratio of 0.07. Pure Storage has a 12-month low of $31.00 and a 12-month high of $70.41. The business’s fifty day simple moving average is $58.73 and its 200-day simple moving average is $49.15.

Pure Storage (NYSE:PSTG) last issued its quarterly earnings data on Wednesday, May 29th. The technology company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.02. Pure Storage had a net margin of 3.19% and a return on equity of 15.34%. The firm had revenue of $693.48 million for the quarter, compared to the consensus estimate of $681.37 million. As a group, equities research analysts predict that Pure Storage will post 0.47 earnings per share for the current fiscal year.

Insider Activity at Pure Storage

In other news, Director Mallun Yen sold 4,818 shares of the stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $64.78, for a total transaction of $312,110.04. Following the sale, the director now directly owns 35,498 shares of the company’s stock, valued at approximately $2,299,560.44. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, Director Mallun Yen sold 4,818 shares of Pure Storage stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $64.78, for a total value of $312,110.04. Following the sale, the director now directly owns 35,498 shares in the company, valued at approximately $2,299,560.44. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Ajay Singh sold 37,588 shares of the stock in a transaction that occurred on Friday, April 5th. The shares were sold at an average price of $53.54, for a total value of $2,012,461.52. Following the transaction, the insider now directly owns 380,834 shares of the company’s stock, valued at approximately $20,389,852.36. The disclosure for this sale can be found here. Insiders sold a total of 291,399 shares of company stock worth $15,578,814 in the last three months. Company insiders own 6.00% of the company’s stock.

Institutional Investors Weigh In On Pure Storage

A number of large investors have recently modified their holdings of PSTG. Sei Investments Co. lifted its position in Pure Storage by 19.7% during the third quarter. Sei Investments Co. now owns 464,256 shares of the technology company’s stock worth $16,537,000 after buying an additional 76,421 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Pure Storage by 2.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,168,335 shares of the technology company’s stock worth $41,666,000 after acquiring an additional 28,086 shares during the last quarter. Sequoia Financial Advisors LLC purchased a new position in shares of Pure Storage during the 4th quarter worth $514,000. Private Advisor Group LLC boosted its position in shares of Pure Storage by 44.1% during the 4th quarter. Private Advisor Group LLC now owns 11,235 shares of the technology company’s stock valued at $401,000 after acquiring an additional 3,437 shares during the last quarter. Finally, Raymond James & Associates grew its holdings in shares of Pure Storage by 11.1% in the fourth quarter. Raymond James & Associates now owns 306,862 shares of the technology company’s stock valued at $10,943,000 after purchasing an additional 30,642 shares during the period. 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.