Pure Storage (NYSE:PSTG) had its price target lifted by Morgan Stanley from $21.00 to $24.00 in a report published on Wednesday. Morgan Stanley currently has an equal weight rating on the technology company’s stock.

Other research analysts have also recently issued reports about the company. Summit Insights upgraded Pure Storage to a buy rating in a research report on Tuesday, May 22nd. Deutsche Bank lifted their price target on Pure Storage from $24.00 to $25.00 and gave the company a buy rating in a research report on Tuesday, May 22nd. Zacks Investment Research upgraded Pure Storage from a hold rating to a buy rating and set a $27.00 price target for the company in a research report on Tuesday, July 17th. ValuEngine upgraded Pure Storage from a hold rating to a buy rating in a research report on Monday, June 4th. Finally, Stifel Nicolaus initiated coverage on Pure Storage in a research report on Tuesday, June 5th. They set a hold rating and a $23.00 price target for the company. One analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have issued a buy rating to the company. The company has an average rating of Buy and an average price target of $25.13.

Shares of PSTG stock opened at $26.56 on Wednesday. The company has a debt-to-equity ratio of 0.68, a current ratio of 4.34 and a quick ratio of 4.22. The company has a market cap of $5.08 billion, a P/E ratio of -31.62 and a beta of 1.12. Pure Storage has a twelve month low of $13.43 and a twelve month high of $27.15.

Pure Storage (NYSE:PSTG) last announced its quarterly earnings results on Tuesday, August 21st. The technology company reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.07. The company had revenue of $308.90 million during the quarter, compared to analysts’ expectations of $301.32 million. Pure Storage had a negative return on equity of 32.22% and a negative net margin of 15.07%. Pure Storage’s quarterly revenue was up 37.5% on a year-over-year basis. During the same period last year, the business earned ($0.11) earnings per share. equities analysts predict that Pure Storage will post -0.75 earnings per share for the current year.

In other news, Director Michael L. Speiser sold 4,437,833 shares of the business’s stock in a transaction that occurred on Monday, July 9th. The stock was sold at an average price of $23.38, for a total value of $103,756,535.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President David Hatfield sold 150,000 shares of the business’s stock in a transaction that occurred on Monday, August 20th. The shares were sold at an average price of $21.53, for a total value of $3,229,500.00. The disclosure for this sale can be found here. Insiders sold 7,175,438 shares of company stock valued at $168,074,680 over the last 90 days. Company insiders own 15.30% of the company’s stock.

Several institutional investors have recently bought and sold shares of PSTG. Fortis Advisors LLC acquired a new stake in shares of Pure Storage in the first quarter worth approximately $118,000. WealthTrust Fairport LLC acquired a new stake in shares of Pure Storage in the first quarter worth approximately $121,000. Point72 Asia Hong Kong Ltd acquired a new stake in shares of Pure Storage in the first quarter worth approximately $132,000. Adviser Investments LLC acquired a new stake in shares of Pure Storage in the first quarter worth approximately $136,000. Finally, Global X Management Co LLC acquired a new stake in shares of Pure Storage in the second quarter worth approximately $181,000. Institutional investors and hedge funds own 66.21% of the company’s stock.

About Pure Storage

Pure Storage, Inc engages in building a data platform that enables businesses to enhance performance and reduce complexity and costs worldwide. The company delivers its data platform through Purity Operating Environment, an optimized software for solid-state memory that offers enterprise-class storage and protocol services; FlashArray and FlashBlade optimized hardware products for solid-state memory to enhance the performance and density of flash, optimize its advanced software services, and reduce solution cost for customers; Pure1, a cloud-based management and support software; and FlashStack, a converged infrastructure solution.

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Analyst Recommendations for Pure Storage (NYSE:PSTG)

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