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

Pure Storage (NYSE:PSTG) had its price target hoisted by Guggenheim from $72.00 to $93.00 in a research report sent to investors on Thursday morning, MarketBeat Ratings reports. The firm currently has a buy rating on the technology company’s stock.

A number of other research firms also recently issued reports on PSTG. Susquehanna reiterated a “positive” rating and issued a $80.00 target price on shares of Pure Storage in a research report on Monday, August 26th. Northland Securities reiterated a “market perform” rating and set a $59.00 price objective (down from $68.00) on shares of Pure Storage in a report on Thursday, August 29th. Raymond James dropped their target price on Pure Storage from $73.00 to $70.00 and set an “outperform” rating on the stock in a research report on Thursday, August 29th. Stifel Nicolaus cut their price target on Pure Storage from $65.00 to $60.00 and set a “hold” rating for the company in a research note on Thursday, August 29th. Finally, Needham & Company LLC lowered their price target on Pure Storage from $80.00 to $62.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $68.05.

Pure Storage Stock Performance

Shares of PSTG stock opened at $56.49 on Thursday. The stock’s fifty day simple moving average is $53.13 and its 200-day simple moving average is $56.86. The company has a market capitalization of $18.37 billion, a price-to-earnings ratio of 201.75, a P/E/G ratio of 8.33 and a beta of 1.11. 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 has a 1-year low of $31.00 and a 1-year high of $70.41.

Pure Storage (NYSE:PSTG) last issued its earnings results on Wednesday, August 28th. The technology company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.10. The company had revenue of $763.77 million for the quarter, compared to the consensus estimate of $756.59 million. Pure Storage had a return on equity of 17.41% and a net margin of 4.53%. On average, sell-side analysts predict that Pure Storage will post 0.43 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CRO Dan Fitzsimons sold 8,895 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $50.67, for a total transaction of $450,709.65. Following the transaction, the executive now directly owns 94,446 shares in the company, valued at approximately $4,785,578.82. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CRO Dan Fitzsimons sold 8,895 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $50.67, for a total value of $450,709.65. Following the transaction, the executive now owns 94,446 shares in the company, valued at $4,785,578.82. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John Colgrove sold 100,000 shares of the company’s stock in a transaction dated 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 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 disclosure for this sale can be found here. Insiders have sold a total of 454,542 shares of company stock valued at $24,282,030 in the last 90 days. 6.00% of the stock is currently owned by 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 business. Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in shares of Pure Storage by 2.5% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 50,547 shares of the technology company’s stock valued at $2,539,000 after purchasing an additional 1,251 shares during the period. Bleakley Financial Group LLC increased its holdings in Pure Storage by 10.5% in the third quarter. Bleakley Financial Group LLC now owns 5,588 shares of the technology company’s stock valued at $281,000 after purchasing an additional 530 shares during the last quarter. nVerses Capital LLC acquired a new position in Pure Storage in the third quarter valued at about $50,000. Creative Planning boosted its holdings in Pure Storage by 39.7% during the third quarter. Creative Planning now owns 27,399 shares of the technology company’s stock worth $1,377,000 after buying an additional 7,780 shares during the last quarter. Finally, ORG Wealth Partners LLC acquired a new position in shares of Pure Storage during the 3rd quarter worth about $31,000. 83.42% of the stock is owned by institutional investors.

About Pure Storage

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.