Credit Suisse lifts Pure Storage Inc. [PSTG] price estimate. Who else is bullish?

Pure Storage Inc. [NYSE: PSTG] stock went on an upward path that rose over 1.81% on Thursday, amounting to a one-week price increase of more than 7.92%. The company report on October 26, 2022 that Pure Storage Expands as-a-Service Model Across Full Suite of Portworx Offerings and Introduces the Next Generation of Portworx Enterprise.

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Platform Engineers Can Run Kubernetes in Production at Scale with Next-Gen Performance and Reliability within Seconds.

Today at KubeCon North America 2022, Pure Storage® (NYSE: PSTG), the IT pioneer that delivers the world’s most advanced data storage technology and services, announced a new fully managed service for Portworx® Enterprise to bring a Kubernetes-ready data plane to every developer that works on containerized applications. With Portworx Enterprise 3.0, the underlying platform for this new fully managed service, DevOps teams can run mission-critical Kubernetes apps in production with elastic scalability and unmatched data availability. Now the full suite of Portworx offerings can be consumed as a fully managed service by users of Amazon EKS, RedHat OpenShift, and any other Kubernetes services (fully managed or upstream distributions).

Over the last 12 months, PSTG stock rose by 12.78%. The one-year Pure Storage Inc. stock forecast points to a potential upside of 22.9. The average equity rating for PSTG stock is currently 2.10, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $8.55 billion, with 297.48 million shares outstanding and 281.06 million shares in the current float. Compared to the average trading volume of 3.35M shares, PSTG stock reached a trading volume of 4153810 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Guru’s Opinion on 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 $38.69 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 2.10. 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.

Credit Suisse have made an estimate for Pure Storage Inc. shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on August 17, 2022. While these analysts kept the previous recommendation, BofA Securities dropped their target price from $34 to $27. The new note on the price target was released on May 20, 2022, representing the official price target for Pure Storage Inc. stock. Previously, the target price had yet another raise to $36, while UBS analysts kept a Neutral rating on PSTG stock. On March 03, 2022, analysts increased their price target for PSTG shares from 37 to 40.

The Average True Range (ATR) for Pure Storage Inc. is set at 1.07, with the Price to Sales ratio for PSTG stock in the period of the last 12 months amounting to 3.37. The Price to Book ratio for the last quarter was 11.65, with the Price to Cash per share for the same quarter was set at 4.75.

PSTG Stock Performance Analysis:

Pure Storage Inc. [PSTG] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 7.92. With this latest performance, PSTG shares gained by 7.85% in over the last four-week period, additionally sinking by -2.45% over the last 6 months – not to mention a rise of 12.78% 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 62.30, with the RSI for the last a single of trading hit 68.80, and the three-weeks RSI is set at 58.41 for Pure Storage Inc. [PSTG]. The present Moving Average for the last 50 days of trading for this stock 28.57, while it was recorded at 29.22 for the last single week of trading, and 28.24 for the last 200 days.

Insight into Pure Storage Inc. 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 1.30 and a Current Ratio set at 1.30.


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 31.76%.

Pure Storage Inc. [PSTG] Insider Position Details

There are presently around $7,429 million, or 85.00% of PSTG stock, in the hands of institutional investors. The top three institutional holders of PSTG stocks are: FMR LLC with ownership of 36,316,619, which is approximately 9.804% of the company’s market cap and around 3.70% of the total institutional ownership; VANGUARD GROUP INC, holding 27,715,902 shares of the stock with an approximate value of $826.76 million in PSTG stocks shares; and PRICE T ROWE ASSOCIATES INC /MD/, currently with $510.09 million in PSTG stock with ownership of nearly -6.669% of the company’s market capitalization.

Positions in Pure Storage Inc. stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 213 institutional holders increased their position in Pure Storage Inc. [NYSE:PSTG] by around 25,219,523 shares. Additionally, 188 investors decreased positions by around 19,960,274 shares, while 60 investors held positions by with 203,874,971 shares. The mentioned changes placed institutional holdings at 249,054,768 shares, according to the latest SEC report filing. PSTG stock had 63 new institutional investments in for a total of 4,229,435 shares, while 60 institutional investors sold positions of 2,815,646 shares during the same period.


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