Susquehanna Raises Pure Storage (NYSE:PSTG) Price Target to $75.00

Pure Storage (NYSE:PSTGFree Report) had its target price boosted by Susquehanna from $65.00 to $75.00 in a research report report published on Thursday morning, Benzinga reports. They currently have a positive rating on the technology company’s stock.

Several other research analysts have also issued reports on the company. Stifel Nicolaus boosted their target price on Pure Storage from $41.00 to $46.00 and gave the company a hold rating in a research report on Thursday, February 29th. UBS Group upped their price objective on Pure Storage from $38.00 to $44.00 and gave the company a neutral rating in a research report on Thursday, February 29th. Needham & Company LLC increased their target price on Pure Storage from $66.00 to $80.00 and gave the stock a buy rating in a research note on Thursday. StockNews.com raised shares of Pure Storage from a hold rating to a buy rating in a research note on Friday, May 17th. Finally, Wedbush reaffirmed an outperform rating and issued a $70.00 price target (up previously from $50.00) on shares of Pure Storage in a research note on Tuesday, May 28th. Six analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat.com, Pure Storage presently has a consensus rating of Moderate Buy and a consensus target price of $66.15.

View Our Latest Stock Report on Pure Storage

Pure Storage Stock Down 4.7 %

NYSE PSTG opened at $60.29 on Thursday. The company has a quick ratio of 1.80, a current ratio of 2.00 and a debt-to-equity ratio of 0.07. Pure Storage has a 52 week low of $27.98 and a 52 week high of $68.75. The firm has a market capitalization of $19.59 billion, a price-to-earnings ratio of 215.32, a PEG ratio of 6.72 and a beta of 1.15. The company has a fifty day moving average of $54.72 and a two-hundred day moving average of $45.70.

Pure Storage (NYSE:PSTGGet Free Report) last released its earnings results on Wednesday, February 28th. The technology company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.10. The firm had revenue of $789.81 million during the quarter, compared to analyst estimates of $784.31 million. Pure Storage had a net margin of 3.19% and a return on equity of 15.34%. The business’s revenue was down 2.5% on a year-over-year basis. During the same quarter last year, the business earned $0.27 EPS. On average, analysts predict that Pure Storage will post 0.47 earnings per share for the current year.

Insiders Place Their Bets

In other news, CRO Dan Fitzsimons sold 29,283 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $52.14, for a total value of $1,526,815.62. Following the sale, the executive now directly owns 138,105 shares in the company, valued at approximately $7,200,794.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Pure Storage news, Director Roxanne Taylor sold 36,860 shares of the stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $53.76, for a total value of $1,981,593.60. Following the completion of the sale, the director now directly owns 18,883 shares in the company, valued at $1,015,150.08. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CRO Dan Fitzsimons sold 29,283 shares of the business’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $52.14, for a total value of $1,526,815.62. Following the sale, the executive now owns 138,105 shares in the company, valued at approximately $7,200,794.70. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 286,581 shares of company stock worth $15,266,704. 6.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Pure Storage

Several hedge funds and other institutional investors have recently modified their holdings of PSTG. Naples Money Management LLC acquired a new position in Pure Storage during the 4th quarter valued at approximately $25,000. Banque Cantonale Vaudoise acquired a new position in shares of Pure Storage in the 1st quarter valued at $25,000. Fidelis Capital Partners LLC purchased a new position in Pure Storage in the 1st quarter worth $27,000. Principal Securities Inc. acquired a new stake in Pure Storage during the 4th quarter worth about $31,000. Finally, Lindbrook Capital LLC grew its stake in Pure Storage by 295.6% during the 1st quarter. Lindbrook Capital LLC now owns 633 shares of the technology company’s stock valued at $33,000 after purchasing an additional 473 shares during the last quarter. 83.42% of the stock is owned by hedge funds and other institutional investors.

Pure Storage Company Profile

(Get Free Report)

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.

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