Pure Storage (NYSE:PSTG) Rating Reiterated by Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Pure Storage (NYSE:PSTGFree Report) in a research report sent to investors on Friday, Benzinga reports. The brokerage currently has a $80.00 target price on the technology company’s stock.

Several other equities research analysts also recently weighed in on the stock. UBS Group increased their target price on shares of Pure Storage from $38.00 to $44.00 and gave the stock a neutral rating in a research note on Thursday, February 29th. Northland Securities downgraded shares of Pure Storage from an outperform rating to a market perform rating and increased their target price for the stock from $58.00 to $68.00 in a research note on Thursday, May 30th. Stifel Nicolaus increased their target price on shares of Pure Storage from $46.00 to $65.00 and gave the stock a hold rating in a research note on Thursday, May 30th. Barclays increased their target price on shares of Pure Storage from $51.00 to $56.00 and gave the stock an equal weight rating in a research note on Thursday, May 30th. Finally, TD Cowen increased their target price on shares of Pure Storage from $60.00 to $80.00 and gave the stock a buy rating in a research note on Thursday, May 30th. Seven analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, Pure Storage presently has a consensus rating of Moderate Buy and an average price target of $67.68.

Read Our Latest Research Report on Pure Storage

Pure Storage Stock Performance

NYSE:PSTG opened at $62.83 on Friday. The firm has a market capitalization of $20.41 billion, a PE ratio of 224.39, a price-to-earnings-growth ratio of 6.65 and a beta of 1.06. The business’s fifty day moving average price is $58.73 and its 200 day moving average price is $49.15. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.00 and a quick ratio of 1.96. Pure Storage has a 12 month low of $31.00 and a 12 month high of $70.41.

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, beating 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%. On average, sell-side analysts anticipate that Pure Storage will post 0.47 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Pure Storage news, Director Mallun Yen sold 4,818 shares of Pure Storage stock in a transaction that occurred on Friday, June 7th. The shares were 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 approximately $2,299,560.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Pure Storage news, Director Mallun Yen sold 4,818 shares of Pure Storage stock in a transaction on Friday, June 7th. The shares were sold at an average price of $64.78, for a total value of $312,110.04. Following the transaction, the director now owns 35,498 shares in the company, valued at approximately $2,299,560.44. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CRO Dan Fitzsimons sold 29,283 shares of Pure Storage stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $52.14, for a total transaction of $1,526,815.62. Following the completion of the transaction, 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. In the last three months, insiders sold 291,399 shares of company stock valued at $15,578,814. Company insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Pure Storage

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Franklin Resources Inc. lifted its holdings in shares of Pure Storage by 0.4% during the 4th quarter. Franklin Resources Inc. now owns 54,073 shares of the technology company’s stock valued at $1,928,000 after acquiring an additional 242 shares in the last quarter. DecisionPoint Financial LLC lifted its holdings in Pure Storage by 53.3% in the 1st quarter. DecisionPoint Financial LLC now owns 1,150 shares of the technology company’s stock worth $61,000 after buying an additional 400 shares in the last quarter. Motley Fool Asset Management LLC lifted its holdings in Pure Storage by 6.8% in the 1st quarter. Motley Fool Asset Management LLC now owns 6,340 shares of the technology company’s stock worth $330,000 after buying an additional 405 shares in the last quarter. Lindbrook Capital LLC lifted its holdings in Pure Storage by 295.6% in the 1st quarter. Lindbrook Capital LLC now owns 633 shares of the technology company’s stock worth $33,000 after buying an additional 473 shares in the last quarter. Finally, Banque Cantonale Vaudoise acquired a new position in Pure Storage in the 1st quarter worth $25,000. Institutional investors and hedge funds own 83.42% of the company’s stock.

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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