Pure Storage (NYSE:PSTG) Stock Rating Lowered by Morgan Stanley

Pure Storage (NYSE:PSTGGet Free Report) was downgraded by equities researchers at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a note issued to investors on Wednesday, Marketbeat reports. They presently have a $60.00 price objective on the technology company’s stock. Morgan Stanley’s price objective would indicate a potential downside of 12.15% from the company’s current price.

A number of other analysts have also weighed in on PSTG. Citigroup raised their price target on shares of Pure Storage from $65.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, May 30th. Stifel Nicolaus upped their price objective on shares of Pure Storage from $46.00 to $65.00 and gave the company a “hold” rating in a research report on Thursday, May 30th. Northland Securities cut shares of Pure Storage from an “outperform” rating to a “market perform” rating and upped their price objective for the company from $58.00 to $68.00 in a research report on Thursday, May 30th. Needham & Company LLC upped their target price on shares of Pure Storage from $66.00 to $80.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. Finally, TD Cowen upped their target price on shares of Pure Storage from $60.00 to $80.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. Seven analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Pure Storage currently has a consensus rating of “Moderate Buy” and a consensus target price of $66.15.

Get Our Latest Analysis on Pure Storage

Pure Storage Stock Performance

NYSE PSTG opened at $68.30 on Wednesday. The firm has a market cap of $22.19 billion, a price-to-earnings ratio of 243.93, a PEG ratio of 6.66 and a beta of 1.06. The company has a 50 day moving average of $56.91 and a 200-day moving average of $47.36. The company has a current ratio of 2.00, a quick ratio of 1.96 and a debt-to-equity ratio of 0.07. Pure Storage has a 1-year low of $31.00 and a 1-year high of $68.75.

Insider Transactions at Pure Storage

In other news, CRO Dan Fitzsimons sold 29,283 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $52.14, for a total transaction of $1,526,815.62. Following the transaction, the executive now directly owns 138,105 shares of the company’s stock, valued at $7,200,794.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CRO Dan Fitzsimons sold 29,283 shares of the stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $52.14, for a total transaction of $1,526,815.62. Following the sale, the executive now owns 138,105 shares in the company, valued at approximately $7,200,794.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Roxanne Taylor sold 36,860 shares of the stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $53.76, for a total transaction of $1,981,593.60. Following the sale, the director now owns 18,883 shares in the company, valued at approximately $1,015,150.08. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 291,399 shares of company stock valued at $15,578,814. 6.00% of the stock is currently owned by company insiders.

Institutional Trading of Pure Storage

A number of hedge funds have recently added to or reduced their stakes in the stock. Sei Investments Co. lifted its holdings in shares of Pure Storage by 19.7% during the third quarter. Sei Investments Co. now owns 464,256 shares of the technology company’s stock worth $16,537,000 after purchasing an additional 76,421 shares during the period. William Blair Investment Management LLC boosted its holdings in Pure Storage by 11.4% during the third quarter. William Blair Investment Management LLC now owns 687,600 shares of the technology company’s stock worth $24,492,000 after purchasing an additional 70,620 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Pure Storage by 2.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,168,335 shares of the technology company’s stock worth $41,666,000 after purchasing an additional 28,086 shares during the last quarter. Sequoia Financial Advisors LLC purchased a new position in Pure Storage during the fourth quarter worth about $514,000. Finally, Private Advisor Group LLC boosted its holdings in Pure Storage by 44.1% during the fourth quarter. Private Advisor Group LLC now owns 11,235 shares of the technology company’s stock worth $401,000 after purchasing an additional 3,437 shares during the last quarter. Institutional investors and hedge funds own 83.42% of the company’s stock.

About Pure Storage

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Pure Storage (NYSE:PSTG)

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