Pure Storage (NYSE:PSTG) Stock Price Up 0.5%

Pure Storage, Inc. (NYSE:PSTG) rose 0.5% on Friday . The company traded as high as $66.45 and last traded at $65.49. Approximately 515,593 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 4,278,393 shares. The stock had previously closed at $65.18.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. JPMorgan Chase & Co. boosted their price target on shares of Pure Storage from $50.00 to $75.00 and gave the stock an “overweight” rating in a research report on Thursday, May 30th. Northland Securities cut shares of Pure Storage from an “outperform” rating to a “market perform” rating and upped their target price for the company from $58.00 to $68.00 in a report on Thursday, May 30th. Wells Fargo & Company upped their target price on shares of Pure Storage from $70.00 to $75.00 and gave the company an “overweight” rating in a report on Thursday, May 30th. Bank of America upped their target price on shares of Pure Storage from $57.00 to $68.00 and gave the company a “neutral” rating in a report on Thursday, May 30th. Finally, TD Cowen upped their target price on shares of Pure Storage from $60.00 to $80.00 and gave the company a “buy” rating in a report on Thursday, May 30th. Seven equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, Pure Storage presently has a consensus rating of “Moderate Buy” and an average price target of $68.95.

Pure Storage Price Performance

The company’s 50 day moving average price is $59.40 and its 200-day moving average price is $49.56. The stock has a market cap of $21.01 billion, a P/E ratio of 233.89, a P/E/G ratio of 6.32 and a beta of 1.06. The company has a quick ratio of 1.96, a current ratio of 2.00 and a debt-to-equity ratio of 0.07.

Pure Storage (NYSE:PSTG) last announced its earnings results on Wednesday, May 29th. The technology company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.02. Pure Storage had a net margin of 3.19% and a return on equity of 15.34%. The business had revenue of $693.48 million during the quarter, compared to the consensus estimate of $681.37 million. As a group, sell-side analysts expect that Pure Storage, Inc. will post 0.47 earnings per share for the current year.

Insiders Place Their Bets

In other Pure Storage news, Director Scott Dietzen sold 147,000 shares of Pure Storage stock in a transaction dated Friday, April 12th. The shares were sold at an average price of $53.49, for a total value of $7,863,030.00. Following the sale, the director now owns 100,000 shares of the company’s stock, valued at $5,349,000. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, Director Scott Dietzen sold 147,000 shares of the business’s stock in a transaction that occurred on Friday, April 12th. The shares were sold at an average price of $53.49, for a total value of $7,863,030.00. Following the sale, the director now owns 100,000 shares of the company’s stock, valued at $5,349,000. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Mallun Yen sold 4,818 shares of the business’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $64.78, for a total transaction of $312,110.04. Following the transaction, the director now directly owns 35,498 shares of the company’s stock, valued at approximately $2,299,560.44. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 291,399 shares of company stock worth $15,578,814. 6.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Pure Storage

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Norges Bank purchased a new stake in shares of Pure Storage in the 4th quarter valued at $115,452,000. Qube Research & Technologies Ltd raised its holdings in Pure Storage by 1,025.3% during the 3rd quarter. Qube Research & Technologies Ltd now owns 1,269,927 shares of the technology company’s stock valued at $45,235,000 after buying an additional 1,157,079 shares during the last quarter. Principal Financial Group Inc. raised its holdings in Pure Storage by 4,095.7% during the 1st quarter. Principal Financial Group Inc. now owns 1,121,344 shares of the technology company’s stock valued at $58,299,000 after buying an additional 1,094,618 shares during the last quarter. Polar Capital Holdings Plc raised its holdings in Pure Storage by 33.8% during the 3rd quarter. Polar Capital Holdings Plc now owns 4,068,672 shares of the technology company’s stock valued at $144,926,000 after buying an additional 1,028,104 shares during the last quarter. Finally, Frontier Capital Management Co. LLC raised its holdings in Pure Storage by 835.2% during the 4th quarter. Frontier Capital Management Co. LLC now owns 1,078,454 shares of the technology company’s stock valued at $38,458,000 after buying an additional 963,140 shares during the last quarter. Hedge funds and other 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.