Pure Storage (NYSE:PSTG) Trading Down 0.1%

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

Analyst Upgrades and Downgrades

Several analysts have recently commented on PSTG shares. Evercore ISI raised their price target on Pure Storage from $41.00 to $48.00 and gave the company an “outperform” rating in a report on Friday, February 23rd. TheStreet upgraded Pure Storage from a “c” rating to a “b-” rating in a research report on Wednesday, November 29th. Raymond James lowered their target price on Pure Storage from $45.00 to $42.00 and set a “strong-buy” rating on the stock in a report on Thursday, November 30th. Citigroup started coverage on Pure Storage in a research report on Friday, March 15th. They issued a “buy” rating and a $65.00 price objective on the stock. Finally, Barclays lifted 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. Three equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Pure Storage presently has a consensus rating of “Moderate Buy” and an average price target of $49.72.

Pure Storage Stock Up 0.7 %

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

Pure Storage (NYSE:PSTG) 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. The company had revenue of $789.81 million during the quarter, compared to analyst estimates of $784.31 million. Pure Storage had a net margin of 2.17% and a return on equity of 12.60%. The business’s revenue for the quarter was down 2.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.27 EPS. Sell-side analysts anticipate that Pure Storage, Inc. will post 0.45 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in PSTG. Norges Bank acquired a new position in shares of Pure Storage in the 4th quarter valued at about $90,143,000. Price T Rowe Associates Inc. MD raised its holdings in shares of Pure Storage by 24.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 14,091,077 shares of the technology company’s stock worth $359,464,000 after acquiring an additional 2,807,489 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in Pure Storage by 5,725.3% during the third quarter. Assenagon Asset Management S.A. now owns 1,614,837 shares of the technology company’s stock valued at $57,520,000 after purchasing an additional 1,587,116 shares during the last quarter. Spyglass Capital Management LLC purchased a new position in Pure Storage in the fourth quarter valued at about $36,678,000. Finally, Acadian Asset Management LLC increased its position in Pure Storage by 61.5% in 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 last quarter. 83.42% of the stock is currently owned by institutional investors and hedge funds.

About Pure Storage

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.