Pure Storage Inc [NYSE: PSTG] stock went on an upward path that rose over 5.09% on Friday, amounting to a one-week price increase of more than 36.38%. The company report on February 29, 2024 at 9:00 AM that Pure Storage Unveils Strategic Evolution of its Partner Program, Built for the Subscription Economy.
Updates Will Enhance Partner Experience to Drive Partner Empowerment, Scale, and Preference.
Pure Storage® (NYSE: PSTG), the IT pioneer that delivers the world’s most advanced data storage technologies and services, announced significant updates to its robust partner program, delivering heightened value and performance to partners, tailored to their unique business models. These enhancements reflect Pure Storage’s service-led strategy to enable new levels of scale, consistency, and preference for partners as the only storage vendor to deliver subscriptions entirely through the channel.
Over the last 12 months, PSTG stock rose by 92.18%. The one-year Pure Storage Inc stock forecast points to a potential downside of -8.49. The average equity rating for PSTG stock is currently 1.42, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $17.48 billion, with 304.08 million shares outstanding and 296.13 million shares in the current float. Compared to the average trading volume of 5.11M shares, PSTG stock reached a trading volume of 10504968 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 $51.00 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 1.42. 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.
TD Cowen have made an estimate for Pure Storage Inc shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on February 29, 2024. The new note on the price target was released on February 14, 2024, representing the official price target for Pure Storage Inc stock. Previously, the target price had yet another raise to $48, while Guggenheim analysts kept a Buy rating on PSTG stock. On November 30, 2023, analysts decreased their price target for PSTG shares from 50 to 42.
The Average True Range (ATR) for Pure Storage Inc is set at 2.17, with the Price to Sales ratio for PSTG stock in the period of the last 12 months amounting to 6.18. The Price to Book ratio for the last quarter was 15.22, with the Price to Cash per share for the same quarter was set at 4.85. Price to Free Cash Flow for PSTG in the course of the last twelve months was 36.23 with Quick ratio for the last quarter at 1.73.
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 36.38. With this latest performance, PSTG shares gained by 38.36% in over the last four-week period, additionally plugging by 51.67% over the last 6 months – not to mention a rise of 92.18% 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 78.86, with the RSI for the last a single of trading hit 83.95, and the three-weeks RSI is set at 75.23 for Pure Storage Inc [PSTG]. The present Moving Average for the last 50 days of trading for this stock 40.13, while it was recorded at 46.62 for the last single week of trading, and 36.50 for the last 200 days.
Insight into Pure Storage Inc Fundamentals:
Pure Storage Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.73 and a Current Ratio set at 1.76.
PSTG Stock EPS
With the latest financial reports released by the company, Pure Storage Inc posted 0.08/share EPS, while the average EPS was predicted by analysts to be reported at 0.04/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 100.00%. 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 17.70%.
Pure Storage Inc [PSTG] Institutonal Ownership Details
The top three institutional holders of PSTG stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in PSTG stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in PSTG stock with ownership which is approximately 5.8325%.
