Market Analysts see Pure Storage Inc. [PSTG] gaining to $40. Time to buy?

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Pure Storage Inc. [NYSE: PSTG] slipped around -0.72 points on Wednesday, while shares priced at $34.53 at the close of the session, down -2.04%. The company report on March 22, 2022 that Pure as-a-Service Sees Strong Customer Adoption Globally, Underscores Pure’s Commitment to Delivering Simple, Flexible, and Transparent Storage Solutions.

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Pure Storage® (NYSE: PSTG), the IT pioneer that delivers the world’s most advanced data storage technology and services, today announced continued growth and customer adoption of its Pure as-a-Service subscription offering.

Unveiled in 2018 as the first true consumption-based service model for storage, Pure as-a-Service delivers flexibility, transparency, and simplicity, along with proactive monitoring and non-disruptive upgrades while satisfying performance and usage Service Level Agreements (SLAs).

Pure Storage Inc. stock is now 6.08% up from its year-to-date (YTD) trading value. PSTG Stock saw the intraday high of $34.90 and lowest of $33.97 per share. The company’s 52-week high price is 35.71, which means current price is +48.58% above from all time high which was touched on 03/22/22.

Compared to the average trading volume of 3.82M shares, PSTG reached a trading volume of 5122377 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about Pure Storage Inc. [PSTG]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for PSTG shares is $38.18 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on PSTG stock is a recommendation set at 1.80. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Wells Fargo have made an estimate for Pure Storage Inc. shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on March 03, 2022. While these analysts kept the previous recommendation, Wedbush raised their target price from $33 to $34. The new note on the price target was released on March 03, 2022, representing the official price target for Pure Storage Inc. stock. Previously, the target price had yet another raise from $38 to $39, while Raymond James kept a Strong Buy rating on PSTG stock. On March 03, 2022, analysts increased their price target for PSTG shares from 40 to 42.

The Average True Range (ATR) for Pure Storage Inc. is set at 1.48, with the Price to Sales ratio for PSTG stock in the period of the last 12 months amounting to 4.50. The Price to Book ratio for the last quarter was 13.70, with the Price to Cash per share for the same quarter was set at 4.80. Price to Free Cash Flow for PSTG in the course of the last twelve months was 67.65 with Quick ratio for the last quarter at 2.40.

How has PSTG stock performed recently?

Pure Storage Inc. [PSTG] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 9.00. With this latest performance, PSTG shares gained by 34.99% in over the last four-week period, additionally plugging by 30.85% over the last 6 months – not to mention a rise of 65.29% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for PSTG stock in for the last two-week period is set at 68.81, with the RSI for the last a single of trading hit 70.94, and the three-weeks RSI is set at 65.86 for Pure Storage Inc. [PSTG]. The present Moving Average for the last 50 days of trading for this stock 28.10, while it was recorded at 34.65 for the last single week of trading, and 25.86 for the last 200 days.

Pure Storage Inc. [PSTG]: Deeper insight into the fundamentals

Operating Margin for any stock indicates how profitable investing would be, and Pure Storage Inc. [PSTG] shares currently have an operating margin of -4.51 and a Gross Margin at +67.52. Pure Storage Inc.’s Net Margin is presently recorded at -6.57.

Return on Equity for this stock declined to -19.05, with Return on Assets sitting at -4.81.

Pure Storage Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.40 and a Current Ratio set at 2.50.

Earnings analysis for Pure Storage Inc. [PSTG]

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for PSTG. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Pure Storage Inc. go to 65.14%.

Insider trade positions for Pure Storage Inc. [PSTG]

There are presently around $8,442 million, or 84.20% of PSTG stock, in the hands of institutional investors. The top three institutional holders of PSTG stocks are: FMR LLC with ownership of 30,191,038, which is approximately 18.977% of the company’s market cap and around 3.40% of the total institutional ownership; VANGUARD GROUP INC, holding 27,165,387 shares of the stock with an approximate value of $957.58 million in PSTG stocks shares; and CHAMPLAIN INVESTMENT PARTNERS, LLC, currently with $610.45 million in PSTG stock with ownership of nearly -0.884% of the company’s market capitalization.

Positions in Pure Storage Inc. stocks held by institutional investors increased at the end of March and at the time of the March reporting period, where 209 institutional holders increased their position in Pure Storage Inc. [NYSE:PSTG] by around 30,196,719 shares. Additionally, 142 investors decreased positions by around 26,745,567 shares, while 44 investors held positions by with 182,542,740 shares. The mentioned changes placed institutional holdings at 239,485,026 shares, according to the latest SEC report filing. PSTG stock had 86 new institutional investments in for a total of 11,422,555 shares, while 29 institutional investors sold positions of 5,139,782 shares during the same period.