Pure Storage (NYSE:PSTG) Given New $38.00 Price Target at UBS Group

Posted by Defense World Staff on Sep 1st, 2023

Pure Storage (NYSE:PSTG – Free Report) had its price objective upped by UBS Group from $31.00 to $38.00 in a report released on Thursday, MarketBeat reports. The firm currently has a neutral rating on the technology company’s stock.

Other research analysts have also recently issued research reports about the stock. StockNews.com raised shares of Pure Storage from a hold rating to a buy rating in a report on Friday, August 25th. Stifel Nicolaus upped their price target on shares of Pure Storage from $32.00 to $35.00 in a report on Thursday, June 1st. Bank of America upped their price target on shares of Pure Storage from $33.00 to $38.00 and gave the stock a neutral rating in a report on Monday. Barclays upped their price target on shares of Pure Storage from $38.00 to $42.00 and gave the stock an overweight rating in a report on Wednesday. Finally, Credit Suisse Group upped their price target on shares of Pure Storage from $40.00 to $42.00 in a report on Friday, June 2nd. Two research 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’s stock. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $42.58.

Read Our Latest Report on Pure Storage

Pure Storage Price Performance

Pure Storage stock opened at $36.60 on Thursday. The business’s 50 day simple moving average is $37.12 and its 200 day simple moving average is $30.61. The company has a current ratio of 1.69, a quick ratio of 1.64 and a debt-to-equity ratio of 0.11. Pure Storage has a 12 month low of $22.14 and a 12 month high of $39.19. The company has a market cap of $11.26 billion, a price-to-earnings ratio of 1,220.41, a PEG ratio of 8.56 and a beta of 1.29.

Pure Storage (NYSE:PSTG – Get Free Report) last issued its earnings results on Wednesday, May 31st. The technology company reported ($0.17) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.04. Pure Storage had a net margin of 0.63% and a return on equity of 9.03%. The business had revenue of $589.31 million for the quarter, compared to analysts’ expectations of $560.83 million. Sell-side analysts forecast that Pure Storage will post 0.28 EPS for the current year.

Insiders Place Their Bets

In other Pure Storage news, CAO Mona Chu sold 5,387 shares of the firm’s stock in a transaction that occurred on Monday, July 17th. The shares were sold at an average price of $38.49, for a total transaction of $207,345.63. Following the completion of the transaction, the chief accounting officer now owns 147,188 shares of the company’s stock, valued at $5,665,266.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Mona Chu sold 5,387 shares of the firm’s stock in a transaction that occurred on Monday, July 17th. The shares were sold at an average price of $38.49, for a total transaction of $207,345.63. Following the completion of the sale, the chief accounting officer now owns 147,188 shares of the company’s stock, valued at $5,665,266.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Andrew William Fraser Brown sold 9,097 shares of the firm’s stock in a transaction that occurred on Monday, June 26th. The stock was sold at an average price of $35.83, for a total transaction of $325,945.51. Following the completion of the sale, the director now owns 44,964 shares in the company, valued at approximately $1,611,060.12. The disclosure for this sale can be found here. Insiders sold 148,320 shares of company stock worth $5,453,744 over the last three months. Company insiders own 6.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Oppenheimer Asset Management Inc. boosted its stake in shares of Pure Storage by 1.6% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 20,982 shares of the technology company’s stock worth $773,000 after acquiring an additional 340 shares during the last quarter. LPL Financial LLC lifted its stake in shares of Pure Storage by 0.3% during the 2nd quarter. LPL Financial LLC now owns 120,438 shares of the technology company’s stock valued at $3,096,000 after buying an additional 357 shares in the last quarter. Cetera Advisors LLC lifted its stake in shares of Pure Storage by 2.2% during the 4th quarter. Cetera Advisors LLC now owns 17,066 shares of the technology company’s stock valued at $457,000 after buying an additional 368 shares in the last quarter. Parallel Advisors LLC lifted its stake in shares of Pure Storage by 1.7% during the 2nd quarter. Parallel Advisors LLC now owns 22,885 shares of the technology company’s stock valued at $843,000 after buying an additional 388 shares in the last quarter. Finally, American International Group Inc. lifted its stake in shares of Pure Storage by 9.2% during the 2nd quarter. American International Group Inc. now owns 4,634 shares of the technology company’s stock valued at $171,000 after buying an additional 391 shares in the last quarter. Hedge funds and other institutional investors own 82.98% of the company’s stock.

Pure Storage Company Profile

(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.