Pure Storage (NYSE:PSTG) Trading Up 0.3%

Shares of Pure Storage, Inc. (NYSE:PSTG - Get Free Report) shot up 0.3% during trading on Thursday . The company traded as high as $52.55 and last traded at $52.49. 488,640 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 4,642,182 shares. The stock had previously closed at $52.32.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on PSTG. Bank of America upped their price target on shares of Pure Storage from $42.00 to $50.00 and gave the company a "neutral" rating in a research note on Thursday, February 29th. Evercore ISI lifted their price target on Pure Storage from $41.00 to $48.00 and gave the stock an "outperform" rating in a research report on Friday, February 23rd. Citigroup assumed coverage on Pure Storage in a report on Friday, March 15th. They issued a "buy" rating and a $65.00 price objective on the stock. Susquehanna lifted their target price on Pure Storage from $45.00 to $65.00 and gave the stock a "positive" rating in a report on Thursday, April 11th. Finally, TD Cowen upped their target price on Pure Storage from $42.00 to $60.00 and gave the stock an "outperform" rating in a research note on Thursday, February 29th. Three equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $50.53.

Pure Storage Stock Down 0.9 %

The firm has a market cap of $16.84 billion, a price-to-earnings ratio of 304.90, a PEG ratio of 6.92 and a beta of 1.15. The business has a fifty day simple moving average of $49.93 and a 200 day simple moving average of $41.07. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.83 and a quick ratio of 1.80.

Pure Storage (NYSE:PSTG - Get Free Report) last announced its quarterly earnings data on Wednesday, February 28th. The technology company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.10. The company had revenue of $789.81 million during the quarter, compared to analysts' expectations of $784.31 million. Pure Storage had a net margin of 2.17% and a return on equity of 12.60%. Pure Storage's revenue was down 2.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.27 EPS. As a group, equities analysts forecast that Pure Storage, Inc. will post 0.44 EPS for the current fiscal year.

Insider Activity

In other news, Director Roxanne Taylor sold 36,860 shares of the company's stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $53.76, for a total value of $1,981,593.60. Following the transaction, the director now owns 18,883 shares of the company's stock, valued at approximately $1,015,150.08. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Director Roxanne Taylor sold 36,860 shares of the company's stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $53.76, for a total value of $1,981,593.60. Following the transaction, the director now directly owns 18,883 shares in the company, valued at approximately $1,015,150.08. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Andrew William Fraser Brown sold 20,564 shares of Pure Storage stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $52.31, for a total transaction of $1,075,702.84. Following the completion of the sale, the director now owns 24,400 shares of the company's stock, valued at approximately $1,276,364. The disclosure for this sale can be found here. In the last quarter, insiders have sold 271,295 shares of company stock valued at $14,459,604. 6.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Pure Storage

Several institutional investors have recently bought and sold shares of the company. Naples Money Management LLC purchased a new stake in Pure Storage during the 4th quarter worth about $25,000. Banque Cantonale Vaudoise acquired a new position in Pure Storage during the 1st quarter worth approximately $25,000. Global Retirement Partners LLC purchased a new stake in shares of Pure Storage in the 3rd quarter valued at approximately $28,000. LM Advisors LLC acquired a new stake in shares of Pure Storage in the 4th quarter valued at $28,000. Finally, Principal Securities Inc. purchased a new stake in shares of Pure Storage during the 4th quarter worth $31,000. 83.42% of the stock is owned by institutional investors and hedge funds.

About Pure Storage

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.