Pure Storage (NYSE:PSTG) had its target price increased by Morgan Stanley from $17.00 to $21.00 in a report published on Wednesday morning, BenzingaRatingsTable reports. Morgan Stanley currently has an equal weight rating on the technology company’s stock.
A number of other research analysts have also recently issued reports on PSTG. TheStreet cut shares of Pure Storage from a c- rating to a d+ rating in a research note on Thursday, June 27th. Credit Suisse Group cut their target price on shares of Pure Storage from $23.00 to $18.00 and set a neutral rating for the company in a research note on Wednesday, May 22nd. Lake Street Capital set a $19.00 target price on shares of Pure Storage and gave the company a buy rating in a research note on Thursday, August 22nd. Maxim Group upgraded shares of Pure Storage from a hold rating to a buy rating and lifted their target price for the company from $18.00 to $20.00 in a research note on Thursday, August 22nd. Finally, Barclays set a $17.00 target price on shares of Pure Storage and gave the company a buy rating in a research note on Wednesday, August 21st. Six research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. Pure Storage has a consensus rating of Buy and a consensus price target of $20.67.
Shares of PSTG opened at $17.39 on Wednesday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 3.14 and a current ratio of 3.21. Pure Storage has a 12 month low of $12.68 and a 12 month high of $27.59. The company has a 50-day moving average price of $15.39 and a two-hundred day moving average price of $18.00.
In related news, CFO Timothy Riitters sold 10,420 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $15.78, for a total value of $164,427.60. Following the completion of the transaction, the chief financial officer now owns 417,425 shares in the company, valued at approximately $6,586,966.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 31,260 shares of company stock valued at $512,247 in the last 90 days. 10.00% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of the stock. Riverhead Capital Management LLC acquired a new stake in Pure Storage during the 2nd quarter worth $29,000. Price Wealth Management Inc. acquired a new stake in Pure Storage during the 2nd quarter worth $29,000. Coastal Investment Advisors Inc. grew its holdings in Pure Storage by 25.0% during the 2nd quarter. Coastal Investment Advisors Inc. now owns 4,000 shares of the technology company’s stock worth $61,000 after acquiring an additional 800 shares during the period. Flinton Capital Management LLC grew its holdings in Pure Storage by 203.8% during the 2nd quarter. Flinton Capital Management LLC now owns 5,056 shares of the technology company’s stock worth $77,000 after acquiring an additional 3,392 shares during the period. Finally, Meadow Creek Investment Management LLC grew its holdings in Pure Storage by 203.8% during the 2nd quarter. Meadow Creek Investment Management LLC now owns 6,952 shares of the technology company’s stock worth $106,000 after acquiring an additional 4,664 shares during the period. Hedge funds and other institutional investors own 77.26% of the company’s stock.
About Pure Storage
Pure Storage, Inc engages in building a data platform that enables businesses to enhance performance and reduce complexity and costs worldwide. The company delivers its data platform through Purity Operating Environment, an optimized software for solid-state memory that offers enterprise-class storage and protocol services; FlashArray and FlashBlade optimized hardware products for solid-state memory to enhance the performance and density of flash, optimize its advanced software services, and reduce solution cost for customers; Pure1, a cloud-based management and support software; and FlashStack and Artificial Intelligence Ready Infrastructure converged infrastructure solutions.
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