Pure Storage (NYSE:PSTG) Shares Up 3.5%

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PSTG. Wedbush reaffirmed an “outperform” rating and issued a $50.00 target price on shares of Pure Storage in a report on Thursday, February 29th. Stifel Nicolaus lifted their target price on shares of Pure Storage from $41.00 to $46.00 and gave the company a “hold” rating in a report on Thursday, February 29th. Needham & Company LLC began coverage on shares of Pure Storage in a report on Wednesday, March 6th. They issued a “buy” rating and a $66.00 target price on the stock. JPMorgan Chase & Co. lifted their target price on shares of Pure Storage from $45.00 to $50.00 and gave the company an “overweight” rating in a report on Thursday, February 29th. Finally, UBS Group lifted their price objective on shares of 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 issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $49.72.

View Our Latest Stock Report on PSTG

Pure Storage Stock Up 3.5 %

The company has a market capitalization of $16.89 billion, a PE ratio of 316.02, a price-to-earnings-growth ratio of 6.76 and a beta of 1.15. The firm’s 50-day simple moving average is $46.95 and its 200 day simple moving average 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.

Pure Storage (NYSE:PSTGGet Free Report) last issued its earnings results on Wednesday, February 28th. The technology company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.17 by $0.10. The company had revenue of $789.81 million for 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 was down 2.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.27 EPS. As a group, equities research analysts forecast that Pure Storage, Inc. will post 0.44 earnings per share for the current year.

Institutional Investors Weigh In On Pure Storage

Several institutional investors and hedge funds have recently made changes to their positions in PSTG. Franklin Resources Inc. increased its stake 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 during the last quarter. Cetera Advisor Networks LLC boosted its holdings in Pure Storage by 1.0% in the 4th quarter. Cetera Advisor Networks LLC now owns 25,839 shares of the technology company’s stock worth $921,000 after acquiring an additional 264 shares during the period. Mercer Global Advisors Inc. ADV boosted its stake in shares of Pure Storage by 2.8% during the 3rd quarter. Mercer Global Advisors Inc. ADV now owns 13,300 shares of the technology company’s stock valued at $474,000 after buying an additional 356 shares during the last quarter. LPL Financial LLC boosted its stake in shares of Pure Storage by 0.3% during the 2nd quarter. LPL Financial LLC now owns 120,438 shares of the technology company’s stock valued at $3,096,000 after buying an additional 357 shares during the last quarter. Finally, Cetera Advisors LLC boosted its stake in shares of Pure Storage by 2.2% during the 4th quarter. Cetera Advisors LLC now owns 17,066 shares of the technology company’s stock valued at $457,000 after buying an additional 368 shares during the last quarter. 83.42% of the stock is currently owned by hedge funds and other institutional investors.

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.

Further Reading

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