Susquehanna Raises Pure Storage (NYSE:PSTG) Price Target to $80.00

Pure Storage (NYSE:PSTGFree Report) had its target price increased by Susquehanna from $75.00 to $80.00 in a report released on Friday morning, Benzinga reports. Susquehanna currently has a positive rating on the technology company’s stock.

PSTG has been the topic of several other reports. Raymond James raised their price objective on Pure Storage from $63.00 to $73.00 and gave the company an outperform rating in a report on Thursday, May 30th. Wedbush reissued an outperform rating and issued a $70.00 price objective (up from $50.00) on shares of Pure Storage in a report on Tuesday, May 28th. Barclays raised their target price on Pure Storage from $51.00 to $56.00 and gave the company an equal weight rating in a research report on Thursday, May 30th. StockNews.com upgraded Pure Storage from a hold rating to a buy rating in a research report on Friday, May 17th. Finally, Morgan Stanley downgraded Pure Storage from an overweight rating to an equal weight rating and set a $60.00 target price on the stock. in a research report on Wednesday, June 12th. Seven research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, Pure Storage currently has an average rating of Moderate Buy and a consensus target price of $67.68.

View Our Latest Stock Report on PSTG

Pure Storage Stock Down 2.2 %

Pure Storage stock opened at $64.48 on Friday. The firm has a market cap of $20.95 billion, a price-to-earnings ratio of 230.29, a price-to-earnings-growth ratio of 6.65 and a beta of 1.06. Pure Storage has a 52 week low of $31.00 and a 52 week high of $70.41. The business’s 50-day moving average price is $58.52 and its 200 day moving average price is $48.93. The company has a quick ratio of 1.96, a current ratio of 2.00 and a debt-to-equity ratio of 0.07.

Pure Storage (NYSE:PSTGGet Free Report) last posted its earnings results on Wednesday, May 29th. The technology company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.02. The firm had revenue of $693.48 million for the quarter, compared to analyst estimates of $681.37 million. Pure Storage had a return on equity of 15.34% and a net margin of 3.19%. As a group, sell-side analysts anticipate that Pure Storage will post 0.47 earnings per share for the current year.

Insider Activity

In other news, Director Mallun Yen sold 4,818 shares of Pure Storage stock in a transaction on Friday, June 7th. The stock was sold at an average price of $64.78, for a total value of $312,110.04. Following the completion of the sale, the director now directly owns 35,498 shares of the company’s stock, valued at $2,299,560.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Mallun Yen sold 4,818 shares of the business’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $64.78, for a total transaction of $312,110.04. Following the completion of the transaction, the director now directly owns 35,498 shares of the company’s stock, valued at approximately $2,299,560.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Scott Dietzen sold 147,000 shares of the business’s stock in a transaction on Friday, April 12th. The stock was sold at an average price of $53.49, for a total value of $7,863,030.00. Following the transaction, the director now directly owns 100,000 shares of the company’s stock, valued at $5,349,000. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 291,399 shares of company stock valued at $15,578,814. 6.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Naples Money Management LLC acquired a new position in shares of Pure Storage during the 4th quarter worth about $25,000. Banque Cantonale Vaudoise acquired a new position in shares of Pure Storage during the 1st quarter worth about $25,000. Fidelis Capital Partners LLC acquired a new position in shares of Pure Storage during the 1st quarter worth about $27,000. Principal Securities Inc. acquired a new position in shares of Pure Storage during the 4th quarter worth about $31,000. Finally, Lindbrook Capital LLC boosted its position in shares of Pure Storage by 295.6% during the 1st quarter. Lindbrook Capital LLC now owns 633 shares of the technology company’s stock worth $33,000 after acquiring an additional 473 shares in the last quarter. 83.42% of the stock is owned by institutional investors and hedge funds.

About Pure Storage

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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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Analyst Recommendations for Pure Storage (NYSE:PSTG)

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