Pure Storage (NYSE:PSTG) Shares Gap Down – What’s Next?

Pure Storage, Inc. (NYSE:PSTG) shares gapped down prior to trading on Tuesday . The stock had previously closed at $57.56, but opened at $55.50. Pure Storage shares last traded at $53.87, with a volume of 745,412 shares.

Analysts Set New Price Targets

PSTG has been the topic of several recent analyst reports. Guggenheim boosted their price objective on Pure Storage from $72.00 to $93.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Wedbush restated an “outperform” rating and issued a $80.00 price target on shares of Pure Storage in a research report on Monday, August 26th. Evercore ISI cut their target price on shares of Pure Storage from $75.00 to $70.00 and set an “outperform” rating on the stock in a research note on Thursday, August 29th. Lake Street Capital lowered their price target on Pure Storage from $70.00 to $68.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. Finally, UBS Group lowered their target price on Pure Storage from $47.00 to $45.00 and set a “sell” rating on the stock in a research note on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $68.05.

Pure Storage Stock Down 1.2 %

The stock has a market cap of $17.16 billion, a P/E ratio of 130.95, a PEG ratio of 8.95 and a beta of 1.11. The company has a quick ratio of 1.96, a current ratio of 1.99 and a debt-to-equity ratio of 0.07. The business has a 50-day simple moving average of $52.86 and a 200-day simple moving average of $56.95.

Pure Storage (NYSE:PSTG) last posted 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 business had revenue of $763.77 million for the quarter, compared to analyst estimates of $756.59 million. Analysts expect that Pure Storage, Inc. will post 0.43 EPS for the current year.

Insiders Place Their Bets

In other news, insider John Colgrove sold 100,000 shares of the business’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $61.76, for a total value of $6,176,000.00. Following the sale, the insider now owns 700,000 shares in the company, valued at approximately $43,232,000. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CRO Dan Fitzsimons sold 8,895 shares of Pure Storage stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $50.67, for a total value of $450,709.65. Following the completion of the transaction, the executive now directly owns 94,446 shares of the company’s stock, valued at $4,785,578.82. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider John Colgrove sold 100,000 shares of the stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $61.76, for a total transaction of $6,176,000.00. Following the sale, the insider now directly owns 700,000 shares in the company, valued at approximately $43,232,000. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 554,542 shares of company stock worth $30,014,030 over the last three months. 6.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Pure Storage

A number of institutional investors have recently modified their holdings of PSTG. Massmutual Trust Co. FSB ADV lifted its holdings in Pure Storage by 61.2% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 424 shares of the technology company’s stock worth $27,000 after buying an additional 161 shares in the last quarter. Harbour Investments Inc. boosted its holdings in Pure Storage by 3.0% in the second quarter. Harbour Investments Inc. now owns 6,912 shares of the technology company’s stock valued at $444,000 after acquiring an additional 202 shares during the last quarter. Michael S. Ryan Inc. increased its position in Pure Storage by 4.8% in the second quarter. Michael S. Ryan Inc. now owns 4,542 shares of the technology company’s stock worth $292,000 after purchasing an additional 208 shares during the period. Bank Pictet & Cie Europe AG raised its holdings in Pure Storage by 3.2% during the 2nd quarter. Bank Pictet & Cie Europe AG now owns 7,202 shares of the technology company’s stock worth $462,000 after purchasing an additional 223 shares during the last quarter. Finally, Hanseatic Management Services Inc. raised its holdings in Pure Storage by 2.4% during the 2nd quarter. Hanseatic Management Services Inc. now owns 12,579 shares of the technology company’s stock worth $808,000 after purchasing an additional 296 shares during the last quarter. 83.42% of the stock is owned by institutional investors.

Pure Storage Company Profile

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.