Pure Storage (NYSE:PSTG) PT Raised to $93.00 at Guggenheim

Pure Storage (NYSE:PSTG) had its price objective increased by stock analysts at Guggenheim from $72.00 to $93.00 in a research note issued on Thursday, Briefing.com reports. The brokerage presently has a “buy” rating on the technology company’s stock. Guggenheim’s price target would indicate a potential upside of 68.91% from the stock’s previous close.

Several other research firms have also recently issued reports on PSTG. Stifel Nicolaus decreased their price objective on Pure Storage from $65.00 to $60.00 and set a “hold” rating on the stock in a report on Thursday, August 29th. Evercore ISI decreased their target price on shares of Pure Storage from $75.00 to $70.00 and set an “outperform” rating for the company in a research note on Thursday, August 29th. Citigroup lowered their price objective on Pure Storage from $75.00 to $67.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Raymond James cut their target price on shares of Pure Storage from $73.00 to $70.00 and set an “outperform” rating on the stock in a research note on Thursday, August 29th. Finally, UBS Group reduced their target price on Pure Storage from $47.00 to $45.00 and set a “sell” rating on the stock in a report on Thursday, August 29th. One analyst has rated the stock with a sell rating, seven have given a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $68.05.

Pure Storage Price Performance

Shares of NYSE:PSTG traded up $1.64 on Thursday, hitting $55.06. The company had a trading volume of 170,308 shares, compared to its average volume of 3,745,979. The company has a current ratio of 1.99, a quick ratio of 1.96 and a debt-to-equity ratio of 0.07. The company has a market cap of $17.91 billion, a PE ratio of 196.64, a PEG ratio of 8.33 and a beta of 1.11. Pure Storage has a 52-week low of $31.00 and a 52-week high of $70.41. The business has a 50 day moving average of $53.11 and a 200 day moving average of $56.86.

Pure Storage (NYSE:PSTG) last released its earnings results on Wednesday, August 28th. The technology company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.10. Pure Storage had a net margin of 4.53% and a return on equity of 17.41%. The company had revenue of $763.77 million for the quarter, compared to analyst estimates of $756.59 million. As a group, equities analysts anticipate that Pure Storage will post 0.43 earnings per share for the current fiscal year.

Insider Buying and Selling at Pure Storage

In other Pure Storage news, insider John Colgrove sold 100,000 shares of Pure Storage stock in a transaction that occurred 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 transaction, the insider now directly owns 800,000 shares in the company, valued at approximately $41,912,000. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 value of $5,239,000.00. Following the transaction, the insider now directly owns 800,000 shares of the company’s stock, valued at approximately $41,912,000. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CRO Dan Fitzsimons sold 9,881 shares of the company’s stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $59.32, for a total value of $586,140.92. Following the completion of the transaction, the executive now directly owns 115,601 shares in the company, valued at approximately $6,857,451.32. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 464,423 shares of company stock valued at $24,868,171. 6.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Pure Storage

A number of large investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp increased its position in Pure Storage by 56.1% during 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 acquiring an additional 1,327,873 shares during the period. Principal Financial Group Inc. lifted its stake in shares of Pure Storage by 4,095.7% in the first quarter. Principal Financial Group Inc. now owns 1,121,344 shares of the technology company’s stock valued at $58,299,000 after buying an additional 1,094,618 shares during the period. Vanguard Group Inc. grew its position in Pure Storage by 1.8% during the fourth quarter. Vanguard Group Inc. now owns 31,294,297 shares of the technology company’s stock worth $1,115,955,000 after buying an additional 567,358 shares in the last quarter. Retirement Systems of Alabama bought a new position in Pure Storage during the first quarter valued at about $22,399,000. Finally, American International Group Inc. lifted its position in shares of Pure Storage by 9,131.0% in the 1st quarter. American International Group Inc. now owns 394,996 shares of the technology company’s stock worth $20,536,000 after acquiring an additional 390,717 shares during the period. Institutional investors own 83.42% of the company’s stock.

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.