Pure Storage’s (PSTG) “Market Perform” Rating Reaffirmed at Northland Securities

Northland Securities reissued their market perform rating on shares of Pure Storage (NYSE:PSTG) in a research note released on Wednesday,Benzinga reports. They currently have a $63.00 target price on the technology company’s stock, up from their previous target price of $59.00.

PSTG has been the subject of a number of other research reports. TD Cowen reduced their price objective on shares of Pure Storage from $80.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, August 29th. Susquehanna restated a “positive” rating and issued a $80.00 price objective on shares of Pure Storage in a research report on Monday, August 26th. Needham & Company LLC reduced their price objective on shares of Pure Storage from $80.00 to $62.00 and set a “buy” rating for the company in a research report on Thursday, August 29th. Lake Street Capital reduced their price objective on shares of Pure Storage from $70.00 to $68.00 and set a “buy” rating for the company in a research report on Thursday, August 29th. Finally, Wedbush restated an “outperform” rating and set a $80.00 target price on shares of Pure Storage in a research report on Monday, August 26th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $72.00.

Pure Storage Stock Performance

Shares of PSTG stock opened at $65.27 on Wednesday. The stock has a market capitalization of $21.39 billion, a PE ratio of 163.18, a price-to-earnings-growth ratio of 7.20 and a beta of 1.13. Pure Storage has a 52-week low of $31.79 and a 52-week high of $70.41. The stock’s 50-day moving average price is $52.49 and its 200 day moving average price is $56.78. The company has a quick ratio of 1.96, a current ratio of 1.99 and a debt-to-equity ratio of 0.07.

Insider Buying and Selling at Pure Storage

In other Pure Storage news, insider John Colgrove sold 100,000 shares of Pure Storage stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $49.94, for a total value of $4,994,000.00. Following the completion of the transaction, the insider now directly owns 500,000 shares in the company, valued at $24,970,000. The trade was a 16.67 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CRO Dan Fitzsimons sold 8,895 shares of Pure Storage stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $50.67, for a total value of $450,709.65. Following the completion of the transaction, the executive now owns 94,446 shares of the company’s stock, valued at approximately $4,785,578.82. The trade was a 8.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 354,542 shares of company stock worth $18,599,030 over the last quarter. 6.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Pure Storage

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Franklin Resources Inc. boosted its stake in Pure Storage by 210.2% in the third quarter. Franklin Resources Inc. now owns 2,553,402 shares of the technology company’s stock valued at $137,628,000 after acquiring an additional 1,730,123 shares during the period. Tidal Investments LLC boosted its stake in Pure Storage by 2.0% in the third quarter. Tidal Investments LLC now owns 69,711 shares of the technology company’s stock valued at $3,502,000 after acquiring an additional 1,343 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in shares of Pure Storage in the third quarter valued at approximately $119,000. World Investment Advisors LLC acquired a new stake in shares of Pure Storage in the third quarter valued at approximately $477,000. Finally, Sanctuary Advisors LLC increased its stake in shares of Pure Storage by 15.1% in the third quarter. Sanctuary Advisors LLC now owns 17,709 shares of the technology company’s stock valued at $915,000 after purchasing an additional 2,317 shares during the period. 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.