Pure Storage (NYSE:PSTG) Given New $93.00 Price Target at Guggenheim

Pure Storage (NYSE:PSTG) had its price target raised by Guggenheim from $72.00 to $93.00 in a report published on Thursday, MarketBeat Ratings reports. Guggenheim currently has a buy rating on the technology company’s stock.

A number of other equities analysts have also recently weighed in on the company. Evercore ISI decreased their price target on Pure Storage from $75.00 to $70.00 and set an “outperform” rating for the company in a report on Thursday, August 29th. Susquehanna restated a “positive” rating and issued a $80.00 target price on shares of Pure Storage in a research note on Monday, August 26th. Northland Securities reaffirmed a “market perform” rating and set a $59.00 price target (down previously from $68.00) on shares of Pure Storage in a research note on Thursday, August 29th. Piper Sandler decreased their price objective on shares of Pure Storage from $60.00 to $56.00 and set a “neutral” rating for the company in a research report on Thursday, August 29th. Finally, Stifel Nicolaus lowered their target price on Pure Storage from $65.00 to $60.00 and set a “hold” rating for the company in a research note on Thursday, August 29th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $68.05.

Pure Storage Trading Up 5.7 %

Shares of PSTG opened at $56.49 on Thursday. The firm has a market capitalization of $18.37 billion, a P/E ratio of 201.75, a price-to-earnings-growth ratio of 8.33 and a beta of 1.11. Pure Storage has a twelve month low of $31.00 and a twelve month high of $70.41. The company has a current ratio of 1.99, a quick ratio of 1.96 and a debt-to-equity ratio of 0.07. The stock’s fifty day simple moving average is $53.13 and its 200 day simple moving average is $56.86.

Pure Storage (NYSE:PSTG) last announced its quarterly earnings results on Wednesday, August 28th. The technology company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.10. Pure Storage had a net margin of 4.53% and a return on equity of 17.41%. The firm had revenue of $763.77 million during the quarter, compared to analysts’ expectations of $756.59 million. On average, equities research analysts forecast that Pure Storage will post 0.43 earnings per share for the current year.

Insider Activity at Pure Storage

In other Pure Storage news, insider John Colgrove sold 100,000 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $49.94, for a total transaction of $4,994,000.00. Following the sale, the insider now directly owns 500,000 shares in the company, valued at approximately $24,970,000. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider John Colgrove sold 100,000 shares of the business’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $49.94, for a total value of $4,994,000.00. Following the sale, the insider now owns 500,000 shares of the company’s stock, valued at approximately $24,970,000. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Mona Chu sold 20,647 shares of the company’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $51.50, for a total value of $1,063,320.50. Following the completion of the sale, the chief accounting officer now owns 75,992 shares of the company’s stock, valued at approximately $3,913,588. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 454,542 shares of company stock worth $24,282,030 in the last 90 days. Corporate insiders own 6.00% of the company’s stock.

Institutional Trading of Pure Storage

A number of large investors have recently added to or reduced their stakes in PSTG. Massmutual Trust Co. FSB ADV lifted its position in shares of Pure Storage by 61.2% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 424 shares of the technology company’s stock valued at $27,000 after acquiring an additional 161 shares during the last quarter. Larson Financial Group LLC lifted its holdings in shares of Pure Storage by 242.9% during the second quarter. Larson Financial Group LLC now owns 432 shares of the technology company’s stock valued at $28,000 after purchasing an additional 306 shares during the last quarter. Banque Cantonale Vaudoise acquired a new position in shares of Pure Storage in the 1st quarter valued at $25,000. FSC Wealth Advisors LLC purchased a new position in Pure Storage in the 2nd quarter worth about $33,000. Finally, Fidelis Capital Partners LLC acquired a new stake in Pure Storage during the 1st quarter worth about $27,000. 83.42% of the stock is currently owned by institutional investors.

Pure Storage Company Profile

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.