Pure Storage (NYSE:PSTG) Stock Price Up 1.6%

Pure Storage, Inc. (NYSE:PSTGGet Free Report) rose 1.6% during mid-day trading on Monday . The stock traded as high as $52.84 and last traded at $52.83. Approximately 687,003 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 4,990,234 shares. The stock had previously closed at $51.99.

Wall Street Analysts Forecast Growth

Several research firms recently commented on PSTG. JPMorgan Chase & Co. raised their target price on Pure Storage from $45.00 to $50.00 and gave the company an “overweight” rating in a research report on Thursday, February 29th. Barclays raised their target price on Pure Storage from $42.00 to $51.00 and gave the company an “overweight” rating in a research report on Thursday, February 29th. TD Cowen raised their target price on Pure Storage from $42.00 to $60.00 and gave the company an “outperform” rating in a research report on Thursday, February 29th. Evercore ISI lifted their price target on Pure Storage from $41.00 to $48.00 and gave the company an “outperform” rating in a research report on Friday, February 23rd. Finally, Morgan Stanley lifted their price target on Pure Storage from $43.00 to $48.00 and gave the company an “overweight” rating in a research report on Thursday, February 29th. Three equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $49.72.

Check Out Our Latest Stock Report on Pure Storage

Pure Storage Trading Up 3.6 %

The company has a fifty day simple moving average of $47.16 and a two-hundred day simple moving average of $39.62. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.83 and a quick ratio of 1.80. The company has a market capitalization of $16.91 billion, a P/E ratio of 314.90, a price-to-earnings-growth ratio of 6.76 and a beta of 1.15.

Pure Storage (NYSE:PSTGGet Free Report) last posted its earnings results on Wednesday, February 28th. The technology company reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.10. Pure Storage had a return on equity of 12.60% and a net margin of 2.17%. The company had revenue of $789.81 million for the quarter, compared to analyst estimates of $784.31 million. During the same period last year, the company earned $0.27 earnings per share. The business’s revenue was down 2.5% compared to the same quarter last year. On average, analysts forecast that Pure Storage, Inc. will post 0.44 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Pure Storage

Several institutional investors and hedge funds have recently added to or reduced their stakes in PSTG. Norges Bank acquired a new stake in Pure Storage during the fourth quarter valued at approximately $90,143,000. Price T Rowe Associates Inc. MD boosted its holdings in Pure Storage by 24.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 14,091,077 shares of the technology company’s stock valued at $359,464,000 after purchasing an additional 2,807,489 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings in Pure Storage by 5,725.3% during the third quarter. Assenagon Asset Management S.A. now owns 1,614,837 shares of the technology company’s stock valued at $57,520,000 after purchasing an additional 1,587,116 shares in the last quarter. Spyglass Capital Management LLC acquired a new stake in Pure Storage during the fourth quarter valued at approximately $36,678,000. Finally, Acadian Asset Management LLC boosted its holdings in Pure Storage by 61.5% during the third quarter. Acadian Asset Management LLC now owns 3,399,759 shares of the technology company’s stock valued at $121,081,000 after purchasing an additional 1,294,285 shares in the last quarter. 83.42% of the stock is currently owned by institutional investors.

About Pure Storage

(Get Free Report)

Pure Storage, Inc, together with its subsidiaries, provides data storage technologies, products, and services in the United States and internationally. The company's Purity software is shared across its products and provides enterprise-class data services, such as data reduction, data protection, and encryption, as well as storage protocols, including block, file, and object.

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