Pure Storage (NYSE:PSTG) Trading Down 2.6%

Pure Storage, Inc. (NYSE:PSTG)’s share price traded down 2.6% during trading on Monday . The stock traded as low as $62.03 and last traded at $62.79. 945,301 shares were traded during trading, a decline of 78% from the average session volume of 4,320,921 shares. The stock had previously closed at $64.48.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on PSTG shares. Citigroup boosted their price target on Pure Storage from $65.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. TD Cowen increased their target price on shares of Pure Storage from $60.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. Northland Capmk cut shares of Pure Storage from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 30th. Northland Securities lowered shares of Pure Storage from an “outperform” rating to a “market perform” rating and upped their price target for the stock from $58.00 to $68.00 in a research note on Thursday, May 30th. Finally, Morgan Stanley cut Pure Storage from an “overweight” rating to an “equal weight” rating and set a $60.00 target price on the stock. in a report on Wednesday, June 12th. Seven equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $68.95.

Pure Storage Stock Down 0.3 %

The company has a current ratio of 2.00, a quick ratio of 1.96 and a debt-to-equity ratio of 0.07. The business’s fifty day moving average price is $58.93 and its two-hundred day moving average price is $49.36. The firm has a market cap of $20.40 billion, a P/E ratio of 223.96, a P/E/G ratio of 6.34 and a beta of 1.06.

Pure Storage (NYSE:PSTG) last issued its quarterly earnings data on Wednesday, May 29th. The technology company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.02. Pure Storage had a return on equity of 15.34% and a net margin of 3.19%. The business had revenue of $693.48 million for the quarter, compared to analyst estimates of $681.37 million. As a group, equities research analysts anticipate that Pure Storage, Inc. will post 0.47 EPS for the current year.

Insider Activity

In other Pure Storage news, insider Ajay Singh sold 37,588 shares of Pure Storage stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $53.54, for a total value of $2,012,461.52. Following the transaction, the insider now directly owns 380,834 shares of the company’s stock, valued at approximately $20,389,852.36. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, Director Andrew William Fraser Brown sold 20,564 shares of the business’s 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 directly owns 24,400 shares of the company’s stock, valued at $1,276,364. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Ajay Singh sold 37,588 shares of the company’s stock in a transaction on Friday, April 5th. The shares were sold at an average price of $53.54, for a total transaction of $2,012,461.52. Following the sale, the insider now owns 380,834 shares of the company’s stock, valued at approximately $20,389,852.36. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 291,399 shares of company stock valued at $15,578,814. 6.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of PSTG. Naples Money Management LLC bought a new stake in shares of Pure Storage in the fourth quarter worth about $25,000. Banque Cantonale Vaudoise acquired a new position in shares of Pure Storage in the 1st quarter valued at approximately $25,000. Fidelis Capital Partners LLC bought a new stake in Pure Storage during the 1st quarter worth approximately $27,000. Principal Securities Inc. acquired a new stake in Pure Storage during the 4th quarter worth approximately $31,000. Finally, Lindbrook Capital LLC lifted 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 buying an additional 473 shares in the last quarter. Institutional investors 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.