Piper Sandler Trims Pure Storage (NYSE:PSTG) Target Price to $56.00

Pure Storage (NYSE:PSTG) had its price target cut by Piper Sandler from $60.00 to $56.00 in a research report released on Thursday morning, Benzinga reports. They currently have a neutral rating on the technology company’s stock.

A number of other equities research analysts have also recently issued reports on PSTG. Northland Capmk cut Pure Storage from a strong-buy rating to a hold rating in a report on Thursday, May 30th. StockNews.com upgraded Pure Storage from a hold rating to a buy rating in a report on Friday, May 17th. JPMorgan Chase & Co. boosted their price target on Pure Storage from $50.00 to $75.00 and gave the company an overweight rating in a research note on Thursday, May 30th. Guggenheim reiterated a buy rating and issued a $72.00 price target on shares of Pure Storage in a research note on Tuesday, June 25th. Finally, Stifel Nicolaus boosted their price target on Pure Storage from $46.00 to $65.00 and gave the company a hold rating in a research note on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus target price of $66.95.

Pure Storage Trading Up 1.9 %

Shares of NYSE:PSTG opened at $51.29 on Thursday. Pure Storage has a 12-month low of $31.00 and a 12-month high of $70.41. The stock has a market cap of $16.68 billion, a PE ratio of 183.18, a P/E/G ratio of 5.40 and a beta of 1.11. The business has a 50 day moving average of $60.47 and a 200-day moving average of $56.58. The company has a quick ratio of 1.96, a current ratio of 1.99 and a debt-to-equity ratio of 0.07.

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 return on equity of 17.41% and a net margin of 4.53%. The company had revenue of $693.48 million during the quarter, compared to analysts’ expectations of $681.37 million. As a group, equities research analysts forecast that Pure Storage will post 0.45 earnings per share for the current year.

Insider Buying and Selling at Pure Storage

In other Pure Storage 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 transaction 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 $33,082,961.17. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, insider John Colgrove sold 100,000 shares of the company’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $52.39, for a total transaction of $5,239,000.00. Following the completion of the transaction, the insider now directly owns 800,000 shares in the company, valued at $41,912,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO P. Kevan Krysler sold 14,296 shares of the company’s stock in a transaction on Friday, July 5th. The stock was sold at an average price of $63.79, for a total transaction of $911,941.84. Following the transaction, 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 328,995 shares of company stock worth $19,175,193 over the last three months. Corporate insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Pure Storage by 1.6% during the first quarter. Vanguard Group Inc. now owns 31,789,480 shares of the technology company’s stock worth $1,652,735,000 after buying an additional 495,183 shares in the last quarter. First Trust Advisors LP grew its stake in shares of Pure Storage by 4.2% in the fourth quarter. First Trust Advisors LP now owns 4,028,716 shares of the technology company’s stock worth $143,664,000 after purchasing an additional 160,877 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Pure Storage by 56.1% in the second quarter. Bank of New York Mellon Corp now owns 3,696,390 shares of the technology company’s stock worth $237,345,000 after purchasing an additional 1,327,873 shares during the last quarter. Norges Bank bought a new stake in shares of Pure Storage in the fourth quarter worth $115,452,000. Finally, Blair William & Co. IL grew its stake in shares of Pure Storage by 0.7% in the second quarter. Blair William & Co. IL now owns 2,357,962 shares of the technology company’s stock worth $151,405,000 after purchasing an additional 15,747 shares during the last quarter. 83.42% of the stock is currently owned by institutional investors and hedge funds.

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.