Guggenheim Boosts Pure Storage (NYSE:PSTG) Price Target to $93.00

Pure Storage (NYSE:PSTG) had its price target hoisted by investment analysts at Guggenheim from $72.00 to $93.00 in a report issued on Thursday, Briefing.com reports. The firm presently has a “buy” rating on the technology company’s stock. Guggenheim’s target price would indicate a potential upside of 68.91% from the stock’s previous close.

Several other brokerages have also recently weighed in on PSTG. Raymond James decreased their price objective on shares of Pure Storage from $73.00 to $70.00 and set an “outperform” rating on the stock in a research note on Thursday, August 29th. Needham & Company LLC decreased their price target on Pure Storage from $80.00 to $62.00 and set a “buy” rating on the stock in a research report on Thursday, August 29th. Stifel Nicolaus cut their price objective on Pure Storage from $65.00 to $60.00 and set a “hold” rating for the company in a research report on Thursday, August 29th. Piper Sandler decreased their target price on Pure Storage from $60.00 to $56.00 and set a “neutral” rating on the stock in a report on Thursday, August 29th. Finally, Citigroup cut their price target on Pure Storage from $75.00 to $67.00 and set a “buy” rating for the company in a report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $68.05.

Pure Storage Price Performance

NYSE:PSTG traded up $1.64 during mid-day trading on Thursday, hitting $55.06. The company’s stock had a trading volume of 170,308 shares, compared to its average volume of 3,745,979. Pure Storage has a fifty-two week low of $31.00 and a fifty-two week high of $70.41. The company has a market capitalization of $17.91 billion, a price-to-earnings ratio of 196.64, a P/E/G ratio of 8.33 and a beta of 1.11. The stock has a fifty day moving average of $53.11 and a 200-day moving average of $56.86. The company has a current ratio of 1.99, a quick ratio of 1.96 and a debt-to-equity ratio of 0.07.

Pure Storage (NYSE:PSTG) last released its quarterly earnings data on Wednesday, August 28th. The technology company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.10. Pure Storage had a return on equity of 17.41% and a net margin of 4.53%. The firm had revenue of $763.77 million during the quarter, compared to analyst estimates of $756.59 million. As a group, equities analysts forecast that Pure Storage will post 0.43 EPS for the current fiscal year.

Insider Buying and Selling at Pure Storage

In related news, insider John Colgrove sold 100,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $61.76, for a total transaction of $6,176,000.00. Following the completion of the transaction, the insider now owns 700,000 shares in the company, valued at approximately $43,232,000. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Pure Storage news, CAO Mona Chu sold 25,000 shares of the stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $50.32, for a total value of $1,258,000.00. Following the completion of the sale, the chief accounting officer now directly owns 96,639 shares in the company, valued at $4,862,874.48. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John Colgrove sold 100,000 shares of Pure Storage stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $61.76, for a total value of $6,176,000.00. Following the transaction, the insider now owns 700,000 shares in the company, valued at $43,232,000. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 464,423 shares of company stock valued at $24,868,171. 6.00% of the stock is currently owned by company insiders.

Institutional Trading of Pure Storage

Hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp boosted its holdings in shares of Pure Storage by 56.1% in the second quarter. Bank of New York Mellon Corp now owns 3,696,390 shares of the technology company’s stock valued at $237,345,000 after buying an additional 1,327,873 shares during the period. Principal Financial Group Inc. raised its holdings in shares of Pure Storage by 4,095.7% during the first quarter. Principal Financial Group Inc. now owns 1,121,344 shares of the technology company’s stock worth $58,299,000 after acquiring an additional 1,094,618 shares during the period. Vanguard Group Inc. lifted its position in Pure Storage by 1.8% in the 4th quarter. Vanguard Group Inc. now owns 31,294,297 shares of the technology company’s stock valued at $1,115,955,000 after acquiring an additional 567,358 shares in the last quarter. Retirement Systems of Alabama acquired a new position in Pure Storage in the 1st quarter worth $22,399,000. Finally, American International Group Inc. increased its holdings in Pure Storage by 9,131.0% during the 1st quarter. American International Group Inc. now owns 394,996 shares of the technology company’s stock worth $20,536,000 after purchasing an additional 390,717 shares in the last quarter. 83.42% of the stock is currently owned by institutional investors and hedge funds.

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.