On September 3, 2023, Stifel Nicolaus reaffirmed its “buy” rating on Pure Storage (NYSE:PSTG) stock in a research report. According to them, the technology company’s stock has a potential upside of 12.02% from its current price with a price objective of $41.00.
Pure Storage’s stock opened at $36.60 on Thursday, showcasing stable performance. The company has a debt-to-equity ratio of 0.11, indicating a favorable financial position. Additionally, it boasts a current ratio of 1.69 and quick ratio of 1.64, demonstrating strong liquidity.
With regards to historical averages, Pure Storage’s 50-day moving average stands at $37.12 while its 200-day moving average is $30.61. These figures suggest that the stock has experienced positive momentum over both short and long-term periods.
In terms of market capitalization, Pure Storage has reached an impressive $11.26 billion mark as it continues to establish itself as a significant player within the industry.
However, investors should note that the company currently holds a relatively high price-to-earnings-growth (PEG) ratio of 8.56, which may indicate that the stock is trading at a premium compared to its expected future earnings growth rate.
Pure Storage exhibits volatility with a beta value of 1.29, suggesting that its share prices could fluctuate more significantly compared to the overall market index.
Over the past year, Pure Storage experienced lows of $22.14 and highs reaching $39.19 – reflecting significant price movements within this period.
Looking at institutional investments in PSTG, several hedge funds and other institutional investors have recently made adjustments to their holdings in the business.
Oppenheimer Asset Management Inc., for example, increased its stake in Pure Storage by 1.6% during the second quarter and now holds 20,982 shares of the company’s stock valued at $773,000. LPL Financial LLC also grew its position by 0.3%, now owning 120,438 shares of Pure Storage valued at $3,096,000.
Moreover, Cetera Advisors LLC raised its stake in the company by 2.2% during the fourth quarter and currently owns 17,066 shares worth $457,000. Parallel Advisors LLC also increased its holdings by 1.7% in the second quarter to 22,885 shares valued at $843,000.
Finally, American International Group Inc. experienced a significant uptick in Pure Storage investment with a stake increase of 9.2% during the second quarter. It holds 4,634 shares valued at $171,000.
These institutional investments account for approximately 82.98% of Pure Storage’s outstanding shares—an indicator of confidence from major investors.
Pure Storage last reported its quarterly earnings results on May 31st with better-than-expected performance. The technology company posted earnings per share (EPS) of ($0.17), beating analysts’ consensus estimate by $0.04.
Its revenue for the quarter reached $589.31 million compared to analyst estimates of $560.83 million—showcasing strong business growth during this period.
The company also revealed that it achieved a return on equity (ROE) of 9.03% and a net margin of 0.63%, suggesting healthy profitability despite challenging market conditions.
Equities research analysts predict that Pure Storage will post EPS of 0.28 for the current fiscal year, indicating positive expectations for future financial performance.
In conclusion, with an encouraging “buy” rating reaffirmed by Stifel Nicolaus and a target price suggesting a potential upside from its current level, Pure Storage continues to attract investor attention in the technology sector.
Analysts Provide Insights and Recommendations for Pure Storage Stock as Insiders Sell Shares
On September 3, 2023, various analysts released their research reports concerning Pure Storage, a leading technology company specializing in data storage solutions. The reports provided insights into the stock’s performance and offered recommendations for investors.
UBS Group analysts increased their price target on Pure Storage shares from $31.00 to $38.00 while maintaining a “neutral” rating for the company. This suggests that UBS Group believes the stock price is likely to reach $38.00 and advises investors to hold their positions.
StockNews.com also upgraded its rating on Pure Storage shares from “hold” to “buy” on August 25th. This indicates that StockNews.com believes the stock has now become an attractive investment opportunity.
Wedbush analysts raised their target price on Pure Storage shares from $39.00 to $45.00 and gave the stock an “outperform” rating, suggesting that they expect the stock to outperform market expectations.
Similarly, Raymond James analysts increased their price target on Pure Storage shares from $41.00 to $45.00, accompanied by a “strong-buy” rating. This represents a high level of confidence in the company’s future performance.
Credit Suisse Group reiterated its “outperform” rating and set a price target of $45.00 for Pure Storage shares in its research note on September 3rd. Credit Suisse’s continued positive outlook reflects its expectation of strong performance from the company.
According to Bloomberg.com, Pure Storage currently has an average rating of “Moderate Buy,” indicating overall positive sentiment among analysts regarding the stock’s potential. Additionally, the consensus target price for Pure Storage is estimated at $42.89.
In other news related to Pure Storage, Chief Accounting Officer (CAO) Mona Chu sold 5,387 shares of company stock on July 17th at an average price of $38.49 per share, resulting in a total value of $207,345.63. Following the sale, Chu now owns 147,188 shares of Pure Storage stock, valued at $5,665,266.12. The details of this transaction were disclosed in a legal filing with the Securities and Exchange Commission (SEC).
Furthermore, Chief Financial Officer (CFO) P. Kevan Krysler sold 26,925 shares of Pure Storage stock on June 20th at an average price of $37.04 per share, totaling $997,302.00. After the transaction, Krysler now holds 528,059 shares in the company amounting to approximately $19,559,305.36.
Overall, insiders have sold a total of 148,320 shares over the past three months, valued at approximately $5,453,744. This suggests that company insiders have been taking advantage of the stock’s performance by selling their holdings.
These recent developments provide investors with valuable information to make informed decisions about their investments in Pure Storage. The analysts’ research reports and insider transactions offer insights into the company’s performance and give investors an understanding of its current standing in the market.