Pure Storage (NYSE:PSTG) Shares Up 3.5%

Pure Storage, Inc. (NYSE:PSTGGet Free Report)’s share price traded up 3.5% on Wednesday . The stock traded as high as $53.53 and last traded at $53.49. 825,384 shares were traded during trading, a decline of 83% from the average session volume of 4,918,833 shares. The stock had previously closed at $51.66.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. TD Cowen boosted their price objective on shares of Pure Storage from $42.00 to $60.00 and gave the stock an “outperform” rating in a research note on Thursday, February 29th. Needham & Company LLC began coverage on shares of Pure Storage in a research note on Wednesday, March 6th. They set a “buy” rating and a $66.00 price objective on the stock. Bank of America upped their price target on shares of Pure Storage from $42.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, February 29th. Wedbush reiterated an “outperform” rating and issued a $50.00 price target on shares of Pure Storage in a research note on Thursday, February 29th. Finally, Evercore ISI upped their price target on shares of Pure Storage from $41.00 to $48.00 and gave the company an “outperform” rating in a research note on Friday, February 23rd. Three 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $49.72.

Read Our Latest Report on PSTG

Pure Storage Stock Performance

The stock’s fifty day moving average price is $46.95 and its two-hundred day moving average price is $39.51. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.80 and a current ratio of 1.83. The company has a market cap of $16.89 billion, a P/E ratio of 316.02, a P/E/G ratio of 6.76 and a beta of 1.15.

Pure Storage (NYSE:PSTGGet Free Report) last issued its quarterly earnings results on Wednesday, February 28th. The technology company reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.10. Pure Storage had a net margin of 2.17% and a return on equity of 12.60%. The company had revenue of $789.81 million during the quarter, compared to the consensus estimate of $784.31 million. During the same quarter in the prior year, the firm posted $0.27 EPS. The firm’s quarterly revenue was down 2.5% on a year-over-year basis. As a group, equities analysts predict that Pure Storage, Inc. will post 0.44 earnings per share for the current year.

Hedge Funds Weigh In On Pure Storage

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Sei Investments Co. lifted its stake in Pure Storage by 19.7% in the 3rd quarter. Sei Investments Co. now owns 464,256 shares of the technology company’s stock valued at $16,537,000 after purchasing an additional 76,421 shares during the last quarter. William Blair Investment Management LLC raised its stake in shares of Pure Storage by 11.4% during the third quarter. William Blair Investment Management LLC now owns 687,600 shares of the technology company’s stock valued at $24,492,000 after acquiring an additional 70,620 shares during the last quarter. Weil Company Inc. bought a new position in shares of Pure Storage during the third quarter valued at $433,000. American Century Companies Inc. raised its stake in shares of Pure Storage by 12.0% during the third quarter. American Century Companies Inc. now owns 1,184,198 shares of the technology company’s stock valued at $42,181,000 after acquiring an additional 126,795 shares during the last quarter. Finally, Deutsche Bank AG raised its stake in shares of Pure Storage by 238.9% during the third quarter. Deutsche Bank AG now owns 77,008 shares of the technology company’s stock valued at $2,743,000 after acquiring an additional 54,288 shares during the last quarter. Institutional investors own 83.42% of the company’s stock.

Pure Storage Company Profile

(Get Free Report)

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.

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