ValuEngine upgraded shares of Pure Storage (NYSE:PSTG) from a hold rating to a buy rating in a report published on Wednesday morning.
Other analysts have also issued research reports about the stock. JPMorgan Chase & Co. began coverage on shares of Pure Storage in a report on Friday, July 27th. They set an overweight rating and a $30.00 price objective for the company. Bank of America reaffirmed a buy rating and set a $33.00 price objective on shares of Pure Storage in a report on Wednesday, September 19th. Zacks Investment Research raised shares of Pure Storage from a hold rating to a buy rating and set a $27.00 price objective for the company in a report on Tuesday, July 17th. Deutsche Bank raised their price objective on shares of Pure Storage from $25.00 to $26.00 and gave the stock a buy rating in a report on Wednesday, August 22nd. Finally, Lake Street Capital reaffirmed a buy rating and set a $29.00 price objective (up previously from $24.00) on shares of Pure Storage in a report on Wednesday, August 22nd. Seven equities research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. The company presently has a consensus rating of Buy and an average price target of $26.55.
PSTG traded down $0.90 during midday trading on Wednesday, reaching $20.81. 3,304,672 shares of the company’s stock were exchanged, compared to its average volume of 3,379,234. The stock has a market cap of $5.12 billion, a price-to-earnings ratio of -24.77 and a beta of 1.76. The company has a quick ratio of 3.91, a current ratio of 4.03 and a debt-to-equity ratio of 0.68. Pure Storage has a one year low of $15.81 and a one year high of $29.14.
In related news, President David Hatfield sold 150,000 shares of the firm’s stock in a transaction that occurred on Monday, August 20th. The shares were sold at an average price of $21.53, for a total value of $3,229,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Charles H. Giancarlo sold 54,990 shares of the firm’s stock in a transaction that occurred on Thursday, September 20th. The shares were sold at an average price of $27.46, for a total transaction of $1,510,025.40. The disclosure for this sale can be found here. In the last three months, insiders sold 364,417 shares of company stock valued at $9,010,080. 15.30% of the stock is currently owned by company insiders.
Several institutional investors have recently modified their holdings of PSTG. DekaBank Deutsche Girozentrale grew its holdings in Pure Storage by 169.1% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 4,090 shares of the technology company’s stock worth $110,000 after acquiring an additional 2,570 shares during the period. Cerebellum GP LLC acquired a new stake in Pure Storage during the 3rd quarter worth $171,000. Global X Management Co LLC acquired a new stake in Pure Storage during the 2nd quarter worth $181,000. CIBC Asset Management Inc acquired a new stake in Pure Storage during the 3rd quarter worth $202,000. Finally, MML Investors Services LLC bought a new position in shares of Pure Storage during the third quarter worth $212,000. 69.65% of the stock is owned by institutional investors and hedge funds.
About Pure Storage
Pure Storage, Inc engages in building a data platform that enables businesses to enhance performance and reduce complexity and costs worldwide. The company delivers its data platform through Purity Operating Environment, an optimized software for solid-state memory that offers enterprise-class storage and protocol services; FlashArray and FlashBlade optimized hardware products for solid-state memory to enhance the performance and density of flash, optimize its advanced software services, and reduce solution cost for customers; Pure1, a cloud-based management and support software; and FlashStack, a converged infrastructure solution.
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