Pure Storage’s (PSTG) “Buy” Rating Reiterated at Guggenheim

Guggenheim reiterated their buy rating on shares of Pure Storage (NYSE:PSTG) in a research note published on Tuesday morning, Benzinga reports. They currently have a $72.00 target price on the technology company’s stock.

A number of other research firms have also weighed in on PSTG. Raymond James upped their price objective on Pure Storage from $63.00 to $73.00 and gave the stock an outperform rating in a research note on Thursday, May 30th. Stifel Nicolaus lifted their price objective on shares of Pure Storage from $46.00 to $65.00 and gave the stock a hold rating in a research note on Thursday, May 30th. Susquehanna boosted their target price on Pure Storage from $75.00 to $80.00 and gave the company a positive rating in a research report on Friday, June 21st. Lake Street Capital increased their price objective on shares of Pure Storage from $48.00 to $70.00 and gave the stock a buy rating in a research report on Thursday, May 30th. Finally, UBS Group lifted their target price on Pure Storage from $38.00 to $44.00 and gave the stock a neutral rating in a research report on Thursday, February 29th. Seven analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of Moderate Buy and an average target price of $68.95.

Pure Storage Trading Up 4.0 %

Pure Storage stock opened at $65.21 on Tuesday. 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 firm has a market capitalization of $21.21 billion, a price-to-earnings ratio of 232.89, a P/E/G ratio of 6.34 and a beta of 1.06. The firm has a 50 day moving average of $59.40 and a 200 day moving average of $49.56.

Pure Storage (NYSE:PSTG) last announced its quarterly earnings data on Wednesday, May 29th. The technology company reported ($0.02) EPS for the quarter, beating the consensus estimate 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, research analysts predict that Pure Storage will post 0.47 earnings per share for the current year.

Insider Activity

In other Pure Storage news, Director Mallun Yen sold 4,818 shares of the company’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $64.78, for a total transaction of $312,110.04. Following the transaction, the director now owns 35,498 shares in the company, valued at approximately $2,299,560.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Pure Storage news, Director Roxanne Taylor sold 36,860 shares of Pure Storage stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $53.76, for a total transaction of $1,981,593.60. Following the completion of the transaction, the director now owns 18,883 shares in the company, valued at approximately $1,015,150.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Mallun Yen sold 4,818 shares of the company’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $64.78, for a total transaction of $312,110.04. Following the completion of the transaction, the director now owns 35,498 shares of the company’s stock, valued at approximately $2,299,560.44. The disclosure for this sale can be found here. In the last quarter, insiders sold 291,399 shares of company stock worth $15,578,814. Insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norges Bank acquired a new position in Pure Storage during the 4th quarter worth about $115,452,000. Qube Research & Technologies Ltd raised its holdings in Pure Storage by 1,025.3% during the third quarter. Qube Research & Technologies Ltd now owns 1,269,927 shares of the technology company’s stock worth $45,235,000 after purchasing an additional 1,157,079 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of Pure Storage by 4,095.7% during the 1st quarter. Principal Financial Group Inc. now owns 1,121,344 shares of the technology company’s stock worth $58,299,000 after purchasing an additional 1,094,618 shares during the period. Polar Capital Holdings Plc increased its stake in Pure Storage by 33.8% in the 3rd quarter. Polar Capital Holdings Plc now owns 4,068,672 shares of the technology company’s stock valued at $144,926,000 after purchasing an additional 1,028,104 shares in the last quarter. Finally, Frontier Capital Management Co. LLC grew its holdings in Pure Storage by 835.2% in the fourth quarter. Frontier Capital Management Co. LLC now owns 1,078,454 shares of the technology company’s stock valued at $38,458,000 after purchasing an additional 963,140 shares during 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.