Pure Storage (NYSE:PSTG) Price Target Raised to $51.00

Pure Storage (NYSE:PSTGFree Report) had its price objective hoisted by KeyCorp from $47.00 to $51.00 in a report issued on Friday, Benzinga reports. They currently have an overweight rating on the technology company’s stock.

PSTG has been the subject of several other reports. Guggenheim started coverage on shares of Pure Storage in a research note on Thursday, December 7th. They set a buy rating and a $48.00 price target for the company. TheStreet raised Pure Storage from a c rating to a b- rating in a report on Wednesday, November 29th. Stifel Nicolaus cut their price objective on Pure Storage from $41.00 to $38.00 and set a buy rating for the company in a report on Thursday, November 30th. Raymond James cut their price objective on Pure Storage from $45.00 to $42.00 and set a strong-buy rating for the company in a report on Thursday, November 30th. Finally, TD Cowen cut their price objective on Pure Storage from $50.00 to $42.00 and set an outperform rating for the company in a report on Thursday, November 30th. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $42.19.

Check Out Our Latest Stock Report on Pure Storage

Pure Storage Stock Performance

Pure Storage stock opened at $44.51 on Friday. The stock has a market capitalization of $14.06 billion, a price-to-earnings ratio of 234.28, a P/E/G ratio of 6.59 and a beta of 1.11. Pure Storage has a 12-month low of $22.14 and a 12-month high of $45.34. The company has a quick ratio of 1.78, a current ratio of 1.82 and a debt-to-equity ratio of 0.09. The stock has a 50-day simple moving average of $37.79 and a 200 day simple moving average of $36.62.

Pure Storage (NYSE:PSTGGet Free Report) last announced its quarterly earnings results on Wednesday, November 29th. The technology company reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.10. The business had revenue of $762.80 million for the quarter, compared to the consensus estimate of $761.49 million. Pure Storage had a net margin of 2.47% and a return on equity of 13.10%. Pure Storage’s revenue for the quarter was up 12.8% on a year-over-year basis. During the same period last year, the company posted $0.08 EPS. On average, research analysts anticipate that Pure Storage will post 0.31 earnings per share for the current fiscal year.

Insider Buying and Selling at Pure Storage

In other Pure Storage news, Director Gregory Tomb sold 8,475 shares of the business’s stock in a transaction that occurred on Wednesday, December 6th. The stock was sold at an average price of $32.53, for a total value of $275,691.75. Following the transaction, the director now directly owns 30,612 shares of the company’s stock, valued at $995,808.36. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, Director Roxanne Taylor sold 16,216 shares of the business’s stock in a transaction that occurred on Tuesday, December 19th. The stock was sold at an average price of $37.05, for a total transaction of $600,802.80. Following the completion of the sale, the director now owns 55,743 shares in the company, valued at $2,065,278.15. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Gregory Tomb sold 8,475 shares of the business’s stock in a transaction that occurred on Wednesday, December 6th. The shares were sold at an average price of $32.53, for a total value of $275,691.75. Following the sale, the director now owns 30,612 shares of the company’s stock, valued at approximately $995,808.36. The disclosure for this sale can be found here. Insiders own 6.50% of the company’s stock.

Institutional Investors Weigh In On Pure Storage

Several institutional investors have recently bought and sold shares of PSTG. Naples Money Management LLC bought a new stake in Pure Storage during the fourth quarter worth $25,000. Global Retirement Partners LLC bought a new stake in Pure Storage during the third quarter worth $28,000. Principal Securities Inc. bought a new stake in Pure Storage during the fourth quarter worth $31,000. ST Germain D J Co. Inc. bought a new stake in Pure Storage during the second quarter worth $32,000. Finally, First Horizon Advisors Inc. bought a new position in Pure Storage in the 2nd quarter valued at $33,000. Institutional investors own 82.98% of the company’s stock.

About Pure Storage

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Pure Storage, Inc, together with its subsidiaries, provides data storage technologies, products, and services in the United States and internationally. The company's Purity software is shared across its products and provides enterprise-class data services, such as data reduction, data protection, and encryption, as well as storage protocols, including block, file, and object.

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