Pure Storage (NYSE:PSTG) Stock Price Up 0.3%

Pure Storage, Inc. (NYSE:PSTG) shares were up 0.3% during trading on Thursday . The stock traded as high as $53.33 and last traded at $52.70. Approximately 569,948 shares were traded during trading, a decline of 89% from the average daily volume of 5,029,086 shares. The stock had previously closed at $52.55.

Analyst Ratings Changes

Several analysts have commented on PSTG shares. TheStreet upgraded Pure Storage from a “c” rating to a “b-” rating in a research note on Wednesday, November 29th. Raymond James reduced their target price on Pure Storage from $45.00 to $42.00 and set a “strong-buy” rating on the stock in a report on Thursday, November 30th. Wedbush reissued an “outperform” rating and set a $50.00 price objective on shares of Pure Storage in a research note on Thursday, February 29th. UBS Group boosted their target price on Pure Storage from $38.00 to $44.00 and gave the company a “neutral” rating in a research report on Thursday, February 29th. Finally, TD Cowen boosted their price objective on shares of Pure Storage from $42.00 to $60.00 and gave the stock an “outperform” rating in a research note on Thursday, February 29th. Three investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.72.

Pure Storage Price Performance

The business’s fifty day moving average is $45.93 and its 200 day moving average is $39.11. The company has a current ratio of 1.83, a quick ratio of 1.80 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $16.43 billion, a P/E ratio of 306.43, a P/E/G ratio of 6.55 and a beta of 1.15.

Pure Storage (NYSE:PSTG) last posted its earnings results on Wednesday, February 28th. The technology company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.17 by $0.10. The company had revenue of $789.81 million during the quarter, compared to the consensus estimate of $784.31 million. Pure Storage had a net margin of 2.17% and a return on equity of 12.60%. The company’s revenue for the quarter was down 2.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.27 earnings per share. As a group, analysts forecast that Pure Storage, Inc. will post 0.45 EPS for the current year.

Hedge Funds Weigh In On Pure Storage

A number of hedge funds have recently made changes to their positions in PSTG. Naples Money Management LLC acquired a new stake in shares of Pure Storage during the 4th quarter worth about $25,000. Global Retirement Partners LLC bought a new position in shares of Pure Storage in the 3rd quarter valued at about $28,000. LM Advisors LLC bought a new position in Pure Storage during the 4th quarter worth approximately $28,000. Principal Securities Inc. bought a new position in Pure Storage during the 4th quarter worth approximately $31,000. Finally, ST Germain D J Co. Inc. acquired a new stake in Pure Storage during the 2nd quarter worth approximately $32,000. Institutional investors and hedge funds own 83.42% of the company’s stock.

Pure Storage Company Profile

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.