Pure Storage (NYSE:PSTG) PT Raised to $51.00 at KeyCorp

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

PSTG has been the topic of several other reports. TD Cowen reduced their target price on Pure Storage from $50.00 to $42.00 and set an outperform rating on the stock in a report on Thursday, November 30th. Morgan Stanley reduced their target price on Pure Storage from $42.00 to $40.00 and set an overweight rating on the stock in a report on Thursday, November 30th. Wedbush reduced their target price on Pure Storage from $45.00 to $40.00 and set an outperform rating on the stock in a report on Thursday, November 30th. Guggenheim began coverage on Pure Storage in a report on Thursday, December 7th. They issued a buy rating and a $48.00 target price on the stock. Finally, Raymond James reduced their target price on Pure Storage from $45.00 to $42.00 and set a strong-buy rating on the stock in a report on Thursday, November 30th. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Pure Storage currently has an average rating of Moderate Buy and an average price target of $42.19.

Get Our Latest Stock Analysis on PSTG

Pure Storage Price Performance

NYSE PSTG opened at $44.51 on Friday. The company has a market capitalization of $14.06 billion, a PE ratio of 234.28, a price-to-earnings-growth ratio of 6.59 and a beta of 1.11. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.78 and a current ratio of 1.82. The business’s fifty day moving average is $37.79 and its 200 day moving average is $36.62. Pure Storage has a fifty-two week low of $22.14 and a fifty-two week high of $45.34.

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

Insider Activity at Pure Storage

In related 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 completion of the sale, the director now owns 30,612 shares in the company, valued at $995,808.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related 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 completion of the sale, the director now owns 30,612 shares in the company, valued at $995,808.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Roxanne Taylor sold 16,216 shares of the business’s stock in a transaction that occurred on Tuesday, December 19th. The shares were sold at an average price of $37.05, for a total value of $600,802.80. Following the completion of the sale, the director now owns 55,743 shares of the company’s stock, valued at approximately $2,065,278.15. The disclosure for this sale can be found here. 6.50% of the stock is owned by company insiders.

Institutional Trading of Pure Storage

A number of hedge funds have recently bought and sold shares of PSTG. Franklin Resources Inc. raised its stake in Pure Storage by 0.4% in the 4th quarter. Franklin Resources Inc. now owns 54,073 shares of the technology company’s stock worth $1,928,000 after acquiring an additional 242 shares during the last quarter. Oppenheimer Asset Management Inc. boosted its holdings in Pure Storage by 1.6% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 20,982 shares of the technology company’s stock worth $773,000 after buying an additional 340 shares during the last quarter. Mercer Global Advisors Inc. ADV boosted its holdings in Pure Storage by 2.8% in the 3rd quarter. Mercer Global Advisors Inc. ADV now owns 13,300 shares of the technology company’s stock worth $474,000 after buying an additional 356 shares during the last quarter. LPL Financial LLC boosted its holdings in Pure Storage by 0.3% in the 2nd quarter. LPL Financial LLC now owns 120,438 shares of the technology company’s stock worth $3,096,000 after buying an additional 357 shares during the last quarter. Finally, Cetera Advisors LLC boosted its holdings in shares of Pure Storage by 2.2% during the 4th quarter. Cetera Advisors LLC now owns 17,066 shares of the technology company’s stock worth $457,000 after purchasing an additional 368 shares during the last quarter. Hedge funds and other 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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