Pure Storage (NYSE:PSTG) Trading Down 0.5%

Shares of Pure Storage, Inc. (NYSE:PSTG - Get Free Report) fell 0.5% on Wednesday . The stock traded as low as $49.93 and last traded at $50.16. 770,789 shares changed hands during trading, a decline of 83% from the average session volume of 4,449,426 shares. The stock had previously closed at $50.40.

Analyst Ratings Changes

Several brokerages have recently weighed in on PSTG. JPMorgan Chase & Co. upped their target price on Pure Storage from $45.00 to $50.00 and gave the stock an "overweight" rating in a research note on Thursday, February 29th. Bank of America upped their target price on Pure Storage from $42.00 to $50.00 and gave the stock a "neutral" rating in a research note on Thursday, February 29th. Morgan Stanley upped their target price on Pure Storage from $43.00 to $48.00 and gave the stock an "overweight" rating in a research note on Thursday, February 29th. Citigroup initiated coverage on Pure Storage in a research note on Friday, March 15th. They set a "buy" rating and a $65.00 target price for the company. Finally, Wedbush reiterated an "outperform" rating and set a $50.00 price target on shares of Pure Storage in a research report on Thursday, February 29th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $51.63.

Pure Storage Trading Down 0.5 %

The company has a current ratio of 1.83, a quick ratio of 1.80 and a debt-to-equity ratio of 0.08. The company has a fifty day simple moving average of $51.46 and a 200-day simple moving average of $42.11. The company has a market capitalization of $16.29 billion, a PE ratio of 294.90, a PEG ratio of 6.81 and a beta of 1.15.

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

Insider Buying and Selling

In related news, Director Roxanne Taylor sold 36,860 shares of the stock in a transaction dated 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 transaction, the director now owns 18,883 shares of the company's stock, valued at approximately $1,015,150.08. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Pure Storage news, Director Roxanne Taylor sold 36,860 shares of the stock in a transaction dated 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 sale, the director now owns 18,883 shares of the company's stock, valued at approximately $1,015,150.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ajay Singh sold 37,588 shares of the stock in a transaction dated 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 completion of the sale, the insider now directly owns 380,834 shares in the company, valued at approximately $20,389,852.36. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 286,581 shares of company stock valued at $15,266,704. Corporate insiders own 6.50% of the company's stock.

Institutional Investors Weigh In On Pure Storage

Hedge funds have recently bought and sold shares of the stock. Naples Money Management LLC purchased a new position in shares of Pure Storage in the 4th quarter valued at about $25,000. Banque Cantonale Vaudoise purchased a new position in shares of Pure Storage in the 1st quarter valued at about $25,000. Principal Securities Inc. purchased a new position in shares of Pure Storage in the 4th quarter valued at about $31,000. Lindbrook Capital LLC increased its holdings in shares of Pure Storage by 295.6% in the 1st 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. Finally, Allspring Global Investments Holdings LLC purchased a new position in shares of Pure Storage in the 4th quarter valued at about $45,000. Institutional investors and hedge funds own 83.42% of the company's stock.

About Pure Storage

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.