For Pure Storage Inc [PSTG], Analyst sees a rise to $65. What next?

Pure Storage Inc [NYSE: PSTG] gained 3.62% on the last trading session, reaching $53.53 price per share at the time. The company report on April 2, 2024 at 9:00 AM that With Pure Storage, the City of Bloomington Reduces Data Center Footprint by 85%, While Driving Financial Flexibility and IT Performance.

City of Bloomington, IL optimizes citizen services without compromising cost or sustainability using Pure Storage.

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Pure Storage® (NYSE: PSTG), the IT pioneer that delivers the world’s most advanced data storage technologies and services, announced that the City of Bloomington, located in the heart of Central Illinois, is leveraging Pure Storage’s platform to drive financial flexibility, on-demand scale, and sustainability, while improving citizen services in the digital age.

If compared to the average trading volume of 5.00M shares, PSTG reached a trading volume of 3637363 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying 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 $54.17 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 1.40. 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.

Citigroup have made an estimate for Pure Storage Inc shares, keeping their opinion on the stock as Buy, with their previous recommendation back on March 15, 2024. While these analysts kept the previous recommendation, Needham raised their target price to Buy. The new note on the price target was released on March 06, 2024, representing the official price target for Pure Storage Inc stock. Previously, the target price had yet another raise from $42 to $60, while TD Cowen kept a Outperform rating on PSTG stock.

The Average True Range (ATR) for Pure Storage Inc is set at 1.99, with the Price to Sales ratio for PSTG stock in the period of the last 12 months amounting to 5.98. The Price to Book ratio for the last quarter was 13.47, 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 35.05 with Quick ratio for the last quarter at 1.73.

Trading performance analysis for PSTG stock

Pure Storage Inc [PSTG] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 2.61. With this latest performance, PSTG shares dropped by -3.93% in over the last four-week period, additionally plugging by 50.62% over the last 6 months – not to mention a rise of 109.84% 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 61.23, with the RSI for the last a single of trading hit 62.23, and the three-weeks RSI is set at 61.24 for Pure Storage Inc [PSTG]. The present Moving Average for the last 50 days of trading for this stock 47.15, while it was recorded at 52.36 for the last single week of trading, and 38.95 for the last 200 days.

Pure Storage Inc [PSTG]: A deeper dive into fundamental analysis

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.

Pure Storage Inc [PSTG]: An earnings per share (EPS) analysis

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%.

An analysis of Institutional ownership at Pure Storage Inc [PSTG]

The top three institutional holders of PSTG stocks are: VANGUARD GROUP INC with ownership of 1.32 billion shares, which is approximately 8.4983%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $200.69 billion in PSTG stocks shares; and BERKSHIRE HATHAWAY INC, currently with $174.35 billion in PSTG stock with ownership which is approximately 5.8386%.