Pure Storage (NYSE:PSTG) Downgraded by StockNews.com

Pure Storage (NYSE:PSTG) was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating in a report released on Friday.

A number of other research firms also recently weighed in on PSTG. KeyCorp lifted their target price on Pure Storage from $51.00 to $55.00 and gave the stock an “overweight” rating in a report on Thursday, February 29th. Bank of America lifted their price objective on Pure Storage from $42.00 to $50.00 and gave the stock a “neutral” rating in a research note on Thursday, February 29th. Susquehanna boosted their price target on Pure Storage from $45.00 to $65.00 and gave the company a “positive” rating in a research note on Thursday, April 11th. UBS Group boosted their price objective on Pure Storage from $38.00 to $44.00 and gave the company a “neutral” rating in a report on Thursday, February 29th. Finally, Wedbush reiterated an “outperform” rating and set a $50.00 price target on shares of Pure Storage in a report on Thursday, February 29th. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, Pure Storage has a consensus rating of “Moderate Buy” and an average target price of $51.63.

Pure Storage Trading Up 1.4 %

Shares of NYSE:PSTG traded up $0.75 during mid-day trading on Friday, reaching $52.97. The stock had a trading volume of 2,272,429 shares, compared to its average volume of 4,534,327. The firm has a 50 day simple moving average of $50.86 and a two-hundred day simple moving average of $41.75. Pure Storage has a twelve month low of $22.14 and a twelve month high of $58.46. 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 cap of $17.21 billion, a PE ratio of 311.61, a price-to-earnings-growth ratio of 6.58 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 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.17 by $0.10. The business had revenue of $789.81 million during the quarter, compared to analysts’ expectations of $784.31 million. Pure Storage had a return on equity of 12.60% and a net margin of 2.17%. Pure Storage’s revenue for the quarter was down 2.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.27 EPS. On average, research analysts predict that Pure Storage will post 0.44 EPS for the current fiscal year.

Insider Activity at Pure Storage

In other Pure Storage news, Director Scott Dietzen sold 147,000 shares of the business’s stock in a transaction on Friday, April 12th. The stock was sold at an average price of $53.49, for a total value of $7,863,030.00. Following the sale, the director now directly owns 100,000 shares of the company’s stock, valued at $5,349,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Pure Storage news, CFO P. Kevan Krysler sold 15,286 shares of the company’s stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $52.80, for a total value of $807,100.80. Following the completion of the sale, the chief financial officer now owns 507,824 shares in the company, valued at $26,813,107.20. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Scott Dietzen sold 147,000 shares of the stock in a transaction that occurred on Friday, April 12th. The shares were sold at an average price of $53.49, for a total value of $7,863,030.00. Following the transaction, the director now directly owns 100,000 shares of the company’s stock, valued at $5,349,000. The disclosure for this sale can be found here. Insiders have sold 286,581 shares of company stock worth $15,266,704 over the last ninety days. 6.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Pure Storage

Several institutional investors have recently modified their holdings of the stock. Naples Money Management LLC purchased a new position in Pure Storage during the 4th quarter worth $25,000. Banque Cantonale Vaudoise purchased a new position in Pure Storage during the 1st quarter worth $25,000. Global Retirement Partners LLC bought a new stake in Pure Storage during the 3rd quarter valued at $28,000. Principal Securities Inc. bought a new stake in Pure Storage during the 4th quarter valued at $31,000. Finally, Lindbrook Capital LLC boosted its position in Pure Storage by 295.6% during the 1st quarter. Lindbrook Capital LLC now owns 633 shares of the technology company’s stock valued at $33,000 after acquiring an additional 473 shares in the last quarter. 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.