Pure Storage (NYSE:PSTG) Now Covered by Piper Sandler

Piper Sandler started coverage on shares of Pure Storage (NYSE:PSTG) in a note issued to investors on Monday, Marketbeat Ratings reports. The brokerage set a “neutral” rating and a $60.00 price target on the technology company’s stock. Piper Sandler’s target price would suggest a potential downside of 2.53% from the company’s current price.

Several other research firms have also recently issued reports on PSTG. Guggenheim reissued a “buy” rating and issued a $72.00 target price on shares of Pure Storage in a research note on Tuesday, June 25th. Northland Capmk cut Pure Storage from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 30th. TD Cowen lifted their price objective on Pure Storage from $60.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. Lake Street Capital lifted their price objective on Pure Storage from $48.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. Finally, Wells Fargo & Company lifted their price objective on Pure Storage from $70.00 to $75.00 and gave the company an “overweight” rating in a research report on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, Pure Storage presently has a consensus rating of “Moderate Buy” and an average target price of $68.65.

Pure Storage Stock Down 0.6 %

NYSE PSTG opened at $61.56 on Monday. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.00 and a quick ratio of 1.96. The stock has a market capitalization of $20.02 billion, a PE ratio of 219.86, a PEG ratio of 6.08 and a beta of 1.11. Pure Storage has a 1 year low of $31.00 and a 1 year high of $70.41. The business’s 50-day moving average is $61.87 and its 200 day moving average is $55.91.

Pure Storage (NYSE:PSTG) last posted its earnings results on Wednesday, May 29th. The technology company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.02. The company had revenue of $693.48 million for the quarter, compared to analysts’ expectations of $681.37 million. Pure Storage had a return on equity of 15.34% and a net margin of 3.19%. Sell-side analysts forecast that Pure Storage will post 0.47 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO P. Kevan Krysler sold 14,296 shares of the business’s stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $63.79, for a total value of $911,941.84. Following the completion of the transaction, the chief financial officer now directly owns 518,623 shares in the company, valued at approximately $33,082,961.17. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Pure Storage news, insider John Colgrove sold 100,000 shares of the business’s stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $59.50, for a total transaction of $5,950,000.00. Following the completion of the sale, the insider now directly owns 900,000 shares in the company, valued at approximately $53,550,000. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO P. Kevan Krysler sold 14,296 shares of the business’s stock in a transaction on Friday, July 5th. The shares were sold at an average price of $63.79, for a total transaction of $911,941.84. Following the sale, the chief financial officer now owns 518,623 shares of the company’s stock, valued at $33,082,961.17. The disclosure for this sale can be found here. Insiders sold a total of 228,995 shares of company stock worth $12,999,193 in the last three months. Insiders own 6.00% of the company’s stock.

Institutional Investors Weigh In On Pure Storage

A number of hedge funds have recently added to or reduced their stakes in PSTG. Dimensional Fund Advisors LP grew its position in shares of Pure Storage by 2.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,168,335 shares of the technology company’s stock valued at $41,666,000 after acquiring an additional 28,086 shares during the period. Private Advisor Group LLC grew 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 period. Nikko Asset Management Americas Inc. grew its position in shares of Pure Storage by 83.9% during the 4th quarter. Nikko Asset Management Americas Inc. now owns 2,068,255 shares of the technology company’s stock valued at $73,733,000 after acquiring an additional 943,850 shares during the period. Quest Partners LLC bought a new stake in shares of Pure Storage during the 4th quarter valued at $592,000. Finally, State of Alaska Department of Revenue bought a new stake in shares of Pure Storage during the 1st quarter valued at $1,675,000. 83.42% of the stock is currently owned by hedge funds and other institutional investors.

About Pure Storage

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.