For Pure Storage Inc. [PSTG], Analyst sees a rise to $37. What next?

Pure Storage Inc. [NYSE: PSTG] stock went on an upward path that rose over 0.88% on Monday, amounting to a one-week price decrease of less than -1.40%. The company report on March 21, 2023 that Pure Storage FlashBlade Enables Australian Genome Research Facility to Deliver Faster, Life-Saving Research Results Globally.

Pure Storage® (NYSE: PSTG), the IT pioneer that delivers the world’s most advanced data storage technology and services, today announced that the Australian Genome Research Facility (AGRF), Australia’s largest provider of genomics services and solutions, is leveraging FlashBlade®, Pure Storage’s unified fast file and object (UFFO) storage solution, to speed data performance and reduce genomic pipeline turnaround times for global clients.

Over the last 12 months, PSTG stock dropped by -32.89%. The one-year Pure Storage Inc. stock forecast points to a potential upside of 32.79. The average equity rating for PSTG stock is currently 2.00, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $7.36 billion, with 300.98 million shares outstanding and 281.06 million shares in the current float. Compared to the average trading volume of 5.37M shares, PSTG stock reached a trading volume of 6293595 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 $35.68 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 2.00. 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.

Morgan Stanley have made an estimate for Pure Storage Inc. shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on October 31, 2022. While these analysts kept the previous recommendation, Credit Suisse raised their target price to Outperform. The new note on the price target was released on August 17, 2022, representing the official price target for Pure Storage Inc. stock. Previously, the target price had yet another drop from $34 to $27, while BofA Securities kept a Neutral rating on PSTG stock.

The Average True Range (ATR) for Pure Storage Inc. is set at 0.85, with the Price to Sales ratio for PSTG stock in the period of the last 12 months amounting to 2.67. The Price to Book ratio for the last quarter was 8.59, with the Price to Cash per share for the same quarter was set at 4.77.

PSTG Stock Performance Analysis:

Pure Storage Inc. [PSTG] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -1.40. With this latest performance, PSTG shares dropped by -14.63% in over the last four-week period, additionally sinking by -8.68% over the last 6 months – not to mention a drop of -32.89% 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 38.56, with the RSI for the last a single of trading hit 39.84, and the three-weeks RSI is set at 39.14 for Pure Storage Inc. [PSTG]. The present Moving Average for the last 50 days of trading for this stock 27.23, while it was recorded at 24.29 for the last single week of trading, and 28.01 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 +3.03 and a Gross Margin at +68.92. Pure Storage Inc.’s Net Margin is presently recorded at +2.65.

Return on Total Capital for PSTG is now 4.97, given the latest momentum, and Return on Invested Capital for the company is 5.38. Return on Equity for this stock inclined to 8.62, with Return on Assets sitting at 2.19. When it comes to the capital structure of this company, Pure Storage Inc. [PSTG] has a Total Debt to Total Equity ratio set at 79.76. Additionally, PSTG Total Debt to Total Capital is recorded at 44.37, with Total Debt to Total Assets ending up at 21.17. Long-Term Debt to Equity for the company is recorded at 15.14, with the Long-Term Debt to Total Capital now at 8.42.

Receivables Turnover for the company is 4.77 with a Total Asset Turnover recorded at a value of 0.82.Pure Storage Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.30 and a Current Ratio set at 1.40.

PSTG Stock EPS

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 32.23%.

Pure Storage Inc. [PSTG] Insider Position Details

There are presently around $6,429 million, or 88.00% of PSTG stock, in the hands of institutional investors. The top three institutional holders of PSTG stocks are: FMR LLC with ownership of 40,587,363, which is approximately 8.982% of the company’s market cap and around 3.60% of the total institutional ownership; VANGUARD GROUP INC, holding 27,762,874 shares of the stock with an approximate value of $659.92 million in PSTG stocks shares; and BLACKROCK INC., currently with $368.32 million in PSTG stock with ownership of nearly 1.368% of the company’s market capitalization.

Positions in Pure Storage Inc. stocks held by institutional investors increased at the end of Wednesday and at the time of the Wednesday reporting period, where 248 institutional holders increased their position in Pure Storage Inc. [NYSE:PSTG] by around 34,465,583 shares. Additionally, 182 investors decreased positions by around 21,024,880 shares, while 51 investors held positions by with 214,969,716 shares. The mentioned changes placed institutional holdings at 270,460,179 shares, according to the latest SEC report filing. PSTG stock had 81 new institutional investments in for a total of 4,331,700 shares, while 40 institutional investors sold positions of 3,824,293 shares during the same period.