Pure Storage (NYSE:PSTG) Downgraded by StockNews.com

Pure Storage (NYSE:PSTG) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Friday.

Other equities research analysts also recently issued research reports about the stock. JPMorgan Chase & Co. upped their price target on shares of Pure Storage from $45.00 to $50.00 and gave the company an “overweight” rating in a research report on Thursday, February 29th. TD Cowen increased their target price on shares of Pure Storage from $42.00 to $60.00 and gave the stock an “outperform” rating in a research report on Thursday, February 29th. Susquehanna increased their target price on shares of Pure Storage from $45.00 to $65.00 and gave the stock a “positive” rating in a research report on Thursday, April 11th. Needham & Company LLC reiterated a “buy” rating and issued a $66.00 target price on shares of Pure Storage in a research report on Thursday, April 11th. Finally, UBS Group increased their target price on shares of Pure Storage from $38.00 to $44.00 and gave the stock a “neutral” rating 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’s stock. Based on data from MarketBeat.com, Pure Storage currently has an average rating of “Moderate Buy” and an average target price of $51.63.

Pure Storage Trading Up 1.4 %

Shares of NYSE:PSTG traded up $0.75 during mid-day trading on Friday, hitting $52.97. The stock had a trading volume of 2,272,429 shares, compared to its average volume of 4,534,327. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.80 and a current ratio of 1.83. The company has a market cap of $17.21 billion, a PE ratio of 311.61, a P/E/G ratio of 6.58 and a beta of 1.15. Pure Storage has a 12-month low of $22.14 and a 12-month high of $58.46. The company’s 50 day moving average is $50.86 and its 200-day moving average is $41.75.

Pure Storage (NYSE:PSTG) last issued its quarterly 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. The business had revenue of $789.81 million during the quarter, compared to the consensus estimate of $784.31 million. Pure Storage had a net margin of 2.17% and a return on equity of 12.60%. The firm’s quarterly revenue was down 2.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.27 EPS. On average, sell-side analysts predict that Pure Storage will post 0.44 EPS for the current year.

Insider Activity at Pure Storage

In related news, Director Roxanne Taylor sold 36,860 shares of Pure Storage stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $53.76, for a total transaction of $1,981,593.60. Following the completion of the transaction, the director now directly owns 18,883 shares of the company’s stock, valued at approximately $1,015,150.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Pure Storage news, Director Roxanne Taylor sold 36,860 shares of the business’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 completion of the transaction, the director now directly owns 18,883 shares of the company’s stock, valued at $1,015,150.08. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, 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 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. Insiders sold 286,581 shares of company stock valued at $15,266,704 in the last ninety days. Insiders own 6.50% of the company’s stock.

Institutional Investors Weigh In On Pure Storage

Institutional investors have recently modified their holdings of the business. Yousif Capital Management LLC acquired a new position in Pure Storage during the first quarter valued at approximately $7,046,000. Lindbrook Capital LLC grew its holdings in Pure Storage by 295.6% during the first quarter. Lindbrook Capital LLC now owns 633 shares of the technology company’s stock valued at $33,000 after purchasing an additional 473 shares during the period. New York State Teachers Retirement System acquired a new position in Pure Storage during the first quarter valued at approximately $12,675,000. Whalen Wealth Management Inc. bought a new position in Pure Storage in the first quarter valued at approximately $426,000. Finally, Simplicity Wealth LLC bought a new position in Pure Storage in the first quarter valued at approximately $260,000. Institutional investors and hedge funds own 83.42% of the company’s stock.

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.