Pure Storage (NYSE:PSTG) Trading 0.1% Higher

Shares of Pure Storage, Inc. (NYSE:PSTG - Get Free Report) rose 0.1% during mid-day trading on Tuesday . The stock traded as high as $54.28 and last traded at $54.01. Approximately 359,580 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 4,358,354 shares. The stock had previously closed at $53.95.

Analyst Ratings Changes

Several equities analysts have weighed in on PSTG shares. Barclays lifted their price objective on Pure Storage from $42.00 to $51.00 and gave the company an "overweight" rating in a report on Thursday, February 29th. Raymond James cut shares of Pure Storage from a "strong-buy" rating to an "outperform" rating and upped their price objective for the stock from $52.00 to $63.00 in a research report on Friday, April 19th. Wedbush reissued an "outperform" rating and issued a $50.00 target price on shares of Pure Storage in a report on Thursday, February 29th. Morgan Stanley upped their price target on shares of Pure Storage from $43.00 to $48.00 and gave the stock an "overweight" rating in a report on Thursday, February 29th. Finally, Bank of America lifted their price objective 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. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $51.63.

Pure Storage Price Performance

The company has a 50 day moving average price of $52.38 and a 200-day moving average price of $42.68. The company has a quick ratio of 1.80, a current ratio of 1.83 and a debt-to-equity ratio of 0.08. The company has a market cap of $17.28 billion, a price-to-earnings ratio of 312.90, a P/E/G ratio of 6.78 and a beta of 1.15.

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

Insider Activity at Pure Storage

In related news, Director Roxanne Taylor sold 36,860 shares of the company's stock in a transaction dated 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 sale, the director now owns 18,883 shares in the company, valued at approximately $1,015,150.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related 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 transaction of $1,981,593.60. Following the completion of the sale, the director now owns 18,883 shares in the company, valued at $1,015,150.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Ajay Singh sold 37,588 shares of the firm's stock in a transaction on Friday, April 5th. The shares were sold at an average price of $53.54, for a total value of $2,012,461.52. Following the transaction, the insider now owns 380,834 shares in the company, valued at $20,389,852.36. The disclosure for this sale can be found here. Insiders have sold a total of 286,581 shares of company stock worth $15,266,704 over the last quarter. Company insiders own 6.50% of the company's stock.

Institutional Investors Weigh In On Pure Storage

A number of institutional investors have recently added to or reduced their stakes in PSTG. Franklin Resources Inc. raised its stake in shares of Pure Storage by 0.4% during the 4th quarter. Franklin Resources Inc. now owns 54,073 shares of the technology company's stock worth $1,928,000 after purchasing an additional 242 shares during the period. DecisionPoint Financial LLC raised its position in Pure Storage by 53.3% in the first quarter. DecisionPoint Financial LLC now owns 1,150 shares of the technology company's stock worth $61,000 after acquiring an additional 400 shares during the period. Lindbrook Capital LLC boosted its stake in Pure Storage by 295.6% in the first quarter. Lindbrook Capital LLC now owns 633 shares of the technology company's stock valued at $33,000 after acquiring an additional 473 shares during the last quarter. Banque Cantonale Vaudoise bought a new position in shares of Pure Storage during the 1st quarter valued at approximately $25,000. Finally, First Horizon Advisors Inc. increased its stake in shares of Pure Storage by 53.3% during the 3rd quarter. First Horizon Advisors Inc. now owns 1,380 shares of the technology company's stock worth $49,000 after purchasing an additional 480 shares during the last quarter. 83.42% of the stock is 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.