Stocks of Pure Storage Inc. (NYSE:PSTG) traded higher last session on Wall Street, up 0.07% to $28.32.
According to the data, Pure Storage Inc. (NYSE:PSTG) has 22 analysts covering its stock. The consensus rating among analysts is ‘Buy’. As we calculate the median target price by taking the range between a high of $47.00 and a low of $32.30, we find $39.50. Given the previous closing price of $28.30, this indicates a potential upside of 39.58 percent. PSTG stock price is now 0.15% away from the 50-day moving average and 0.96% away from the 200-day moving average. The market capitalization of the company currently stands at $8.55B.
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A total of 4 analysts have issued a hold rating and 16 have given it a buy rating. Brokers who have rated the stock have averaged $38.82 as their price target over the next twelve months.
With the price target enhanced from $35 to $37, Morgan Stanley Upgraded its rating from Equal-Weight to Overweight for Pure Storage Inc. (NYSE: PSTG). On August 17, 2022, Credit Suisse recently initiated its ‘Outperform’ rating on the stock quoting a target price of $36, while ‘BofA Securities’ rates the stock as ‘Neutral’.
In other news, Krysler P. Kevan, Chief Financial Officer sold 27,679 shares of the company’s stock on Dec 29. The stock was sold for $748,949 at an average price of $27.06. Upon completion of the transaction, the Chief Financial Officer now directly owns 480,831 shares in the company, valued at $13.62 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Dec 27, Director Tomb Gregory sold 10,643 shares of the business’s stock. A total of $283,625 was realized by selling the stock at an average price of $26.65. This leaves the insider owning 30,544 shares of the company worth $0.87 million. Insiders disposed of 722,219 shares of company stock worth roughly $20.45 million over the past 1 year. A total of 3.60% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in PSTG stock. A new stake in Pure Storage Inc. shares was purchased by ATREIDES MANAGEMENT, LP during the first quarter worth $94,875,000. BOWEN HANES & CO INC invested $23,364,000 in shares of PSTG during the first quarter. In the first quarter, OPHIR ASSET MANAGEMENT PTY LTD acquired a new stake in Pure Storage Inc. valued at approximately $21,639,000. PANAGORA ASSET MANAGEMENT INC acquired a new stake in PSTG for approximately $11,769,000. LORD, ABBETT & CO. LLC purchased a new stake in PSTG valued at around $6,911,000 in the second quarter. In total, there are 551 active investors with 88.00% ownership of the company’s stock.
Monday’s opening bell rang with an opening price of $28.09 for Pure Storage Inc. (NYSE: PSTG). During the past 12 months, Pure Storage Inc. has had a low of $21.90 and a high of $36.71. As of last week, the company has a debt-to-equity ratio of 0.70, a current ratio of 1.40, and a quick ratio of 1.30. The fifty day moving average price for PSTG is $28.28 and a two-hundred day moving average price translates $28.05 for the stock.
The latest earnings results from Pure Storage Inc. (NYSE: PSTG) was released for Aug, 2022. According to the Computer Hardware Company, earnings per share came in at $0.32, beating analysts’ expectations of $0.22 by 0.1. This compares to -$0.10 EPS in the same period last year. The company reported revenue of $676.05 million for the quarter, compared to $562.74 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 20.14 percent. For the current quarter, analysts expect PSTG to generate $665.02M in revenue.
Pure Storage Inc.(PSTG) Company Profile
Pure Storage, Inc. 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. Its products portfolio includes FlashArray for block-oriented storage, addressing databases, applications, virtual machines, and other traditional workloads; FlashArray//XL; and FlashArray//C, an all-QLC flash array. The company also provides FlashBlade, a solution for unstructured data workloads of various types; FlashStack that combines compute, network, and storage to provide an infrastructure platform; FlashRecover, an all-flash modern data-protection solution; and AIRI, a full-stack AI-ready infrastructure. In addition, it offers evergreen storage subscription, Pure as-a-Service, and Cloud Block Store, as well as Portworx a cloud-native Kubernetes data management solution It also offers technical and professional, training and education, and certification services. The company sells its products and subscription services through direct sales force and channel partners. The company was formerly known as OS76, Inc. and changed its name to Pure Storage, Inc. in January 2010. Pure Storage, Inc. was incorporated in 2009 and is headquartered in Mountain View, California.
