For Pure Storage Inc. [PSTG], Analyst sees a rise to $34. What next?

Pure Storage Inc. [NYSE: PSTG] traded at a high on 04/10/23, posting a 1.64 gain after which it closed the day’ session at $26.04. 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.

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The results of the trading session contributed to over 5364323 shares changing hands. Over the past one week, the price volatility of Pure Storage Inc. stands at 2.30% while the volatility over the past one month is 2.70%.

The market cap for PSTG stock reached $7.93 billion, with 303.61 million shares outstanding and 281.06 million shares in the current float. Compared to the average trading volume of 5.49M shares, PSTG reached a trading volume of 5364323 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 $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.

Wedbush have made an estimate for Pure Storage Inc. shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on April 06, 2023. While these analysts kept the previous recommendation, Morgan Stanley raised their target price from $35 to $37. The new note on the price target was released on October 31, 2022, representing the official price target for Pure Storage Inc. stock. Previously, the target price had yet another raise to $36, while Credit Suisse analysts kept a Outperform rating on PSTG stock. On May 20, 2022, analysts decreased their price target for PSTG shares from 34 to 27.

The Average True Range (ATR) for Pure Storage Inc. is set at 0.74, with the Price to Sales ratio for PSTG stock in the period of the last 12 months amounting to 2.88. The Price to Book ratio for the last quarter was 8.40, with the Price to Cash per share for the same quarter was set at 5.20. Price to Free Cash Flow for PSTG in the course of the last twelve months was 13.02 with Quick ratio for the last quarter at 1.40.

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 2.08. With this latest performance, PSTG shares gained by 9.55% in over the last four-week period, additionally sinking by -10.67% over the last 6 months – not to mention a drop of -19.70% 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 56.13, with the RSI for the last a single of trading hit 64.90, and the three-weeks RSI is set at 51.57 for Pure Storage Inc. [PSTG]. The present Moving Average for the last 50 days of trading for this stock 26.91, while it was recorded at 25.64 for the last single week of trading, and 28.00 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 +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 4.95, 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 21.47. 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 1.40 and a Current Ratio set at 1.40.

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 32.23%.

Insider trade positions for Pure Storage Inc. [PSTG]

There are presently around $6,914 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 $711.28 million in PSTG stocks shares; and BLACKROCK INC., currently with $396.99 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 245 institutional holders increased their position in Pure Storage Inc. [NYSE:PSTG] by around 34,330,752 shares. Additionally, 178 investors decreased positions by around 20,936,976 shares, while 50 investors held positions by with 214,601,317 shares. The mentioned changes placed institutional holdings at 269,869,045 shares, according to the latest SEC report filing. PSTG stock had 79 new institutional investments in for a total of 4,259,250 shares, while 38 institutional investors sold positions of 3,753,982 shares during the same period.


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