Pure Storage Inc. (NYSE:PSTG) shares traded -1.51% lower at $37.07 on Wall Street last session.
In accordance with the data, 21 analysts cover Pure Storage Inc. (NYSE:PSTG). 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 $31.00, we find $42.00. Given the previous closing price of $37.64, this indicates a potential upside of 11.58 percent. PSTG stock price is now 12.81% away from the 50-day moving average and 28.87% away from the 200-day moving average. The market capitalization of the company currently stands at $11.58B.
It has been rated a hold by 3 analysts and a buy by 16. Brokers who have rated the stock have averaged $41.34 as their price target over the next twelve months.
With the price target maintained at $34, Wedbush recently Upgraded its rating from Neutral to Outperform for Pure Storage Inc. (NYSE: PSTG).
In other news, Chu Mona, Chief Accounting Officer sold 5,387 shares of the company’s stock on Jul 17. The stock was sold for $207,346 at an average price of $38.49. Upon completion of the transaction, the Chief Accounting Officer now directly owns 147,188 shares in the company, valued at $5.46 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Jul 11, Director Yen Mallun sold 12,495 shares of the business’s stock. A total of $474,185 was realized by selling the stock at an average price of $37.95. This leaves the insider owning 40,316 shares of the company worth $1.49 million. Insiders disposed of 895,497 shares of company stock worth roughly $33.2 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 BALYASNY ASSET MANAGEMENT L.P. during the first quarter worth $45,716,000. POINT72 ASSET MANAGEMENT, L.P. invested $30,532,000 in shares of PSTG during the first quarter. In the first quarter, INTRINSIC EDGE CAPITAL MANAGEMENT LLC acquired a new stake in Pure Storage Inc. valued at approximately $18,535,000. SHANNON RIVER FUND MANAGEMENT LLC acquired a new stake in PSTG for approximately $17,590,000. GREAT LAKES ADVISORS, LLC purchased a new stake in PSTG valued at around $17,050,000 in the second quarter.
Pure Storage Inc. (NYSE: PSTG) opened at $38.07 on Friday. During the past 12 months, Pure Storage Inc. has had a low of $22.14 and a high of $39.19. As of last week, the company has a debt-to-equity ratio of 0.12, a current ratio of 1.70, and a quick ratio of 1.60. The fifty day moving average price for PSTG is $33.14 and a two-hundred day moving average price translates $28.81 for the stock.
The latest earnings results from Pure Storage Inc. (NYSE: PSTG) was released for May, 2023. According to the Computer Hardware Company, earnings per share came in at $0.08, beating analysts’ expectations of $0.04 by 0.04. This compares to -$0.04 EPS in the same period last year. The net profit margin was 0.60% and return on equity was 2.00% for PSTG. The company reported revenue of $589.31 million for the quarter, compared to $620.4 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue fell -5.01 percent. For the current quarter, analysts expect PSTG to generate $681.84M in revenue.
Pure Storage Inc.(PSTG) Company Profile
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. 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 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.
