Pure Storage (NYSE:PSTG) Stock Price Down 0.1%

Shares of Pure Storage, Inc. (NYSE:PSTG) dropped 0.1% during trading on Tuesday . The stock traded as low as $52.33 and last traded at $52.63. Approximately 776,423 shares traded hands during trading, a decline of 85% from the average daily volume of 5,128,323 shares. The stock had previously closed at $52.68.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on PSTG shares. Wedbush restated an “outperform” rating and issued a $50.00 price target on shares of Pure Storage in a report on Thursday, February 29th. TD Cowen lifted their price target on shares of Pure Storage from $42.00 to $60.00 and gave the stock an “outperform” rating in a report on Thursday, February 29th. Morgan Stanley upped their price target on Pure Storage from $43.00 to $48.00 and gave the stock an “overweight” rating in a research report on Thursday, February 29th. Barclays raised their price objective on Pure Storage from $42.00 to $51.00 and gave the stock an “overweight” rating in a research report on Thursday, February 29th. Finally, UBS Group upped their target price on Pure Storage from $38.00 to $44.00 and gave the company a “neutral” rating in a research report on Thursday, February 29th. Three equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Pure Storage has an average rating of “Moderate Buy” and a consensus target price of $49.72.

Pure Storage Trading Up 0.7 %

The company has a debt-to-equity ratio of 0.08, a current ratio of 1.83 and a quick ratio of 1.80. The firm has a market cap of $16.61 billion, a PE ratio of 309.19, a price-to-earnings-growth ratio of 6.55 and a beta of 1.15. The company’s 50 day moving average price is $45.93 and its 200 day moving average price is $39.11.

Pure Storage (NYSE:PSTG) last announced its quarterly earnings data on Wednesday, February 28th. The technology company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.10. Pure Storage had a return on equity of 12.60% and a net margin of 2.17%. The business had revenue of $789.81 million for the quarter, compared to analysts’ expectations of $784.31 million. During the same period last year, the firm earned $0.27 earnings per share. The company’s revenue for the quarter was down 2.5% compared to the same quarter last year. As a group, analysts forecast that Pure Storage, Inc. will post 0.45 EPS for the current fiscal year.

Institutional Investors Weigh In On Pure Storage

Hedge funds and other institutional investors have recently modified their holdings of the company. Norges Bank purchased a new stake in shares of Pure Storage in the 4th quarter valued at about $90,143,000. Price T Rowe Associates Inc. MD increased its holdings in shares of Pure Storage by 24.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 14,091,077 shares of the technology company’s stock valued at $359,464,000 after acquiring an additional 2,807,489 shares during the period. Assenagon Asset Management S.A. increased its holdings in shares of Pure Storage by 5,725.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,614,837 shares of the technology company’s stock valued at $57,520,000 after acquiring an additional 1,587,116 shares during the period. Spyglass Capital Management LLC acquired a new position in shares of Pure Storage in the 4th quarter valued at $36,678,000. Finally, Acadian Asset Management LLC boosted its stake in Pure Storage by 61.5% during the 3rd quarter. Acadian Asset Management LLC now owns 3,399,759 shares of the technology company’s stock worth $121,081,000 after purchasing an additional 1,294,285 shares during the period. 83.42% of the stock is currently owned by institutional investors and hedge funds.

Pure Storage Company Profile

Pure Storage, Inc, together with its subsidiaries, provides data storage technologies, products, and services in the United States and internationally. The company's Purity software is shared across its products and provides enterprise-class data services, such as data reduction, data protection, and encryption, as well as storage protocols, including block, file, and object.