On Jan. 04, Dietzen Scott divested U.S. $8,633,636 in shares of Pure Storage Inc.. The Dir sold 375,000 shares at a price per share of $23.02. The transaction decreased this specific insider’s holdings to 1,207,100 shares worth around $27.64 million at present.
Deutsche Bank launched its Pure Storage Inc. [PSTG] rating to the equivalent of a Hold and assigned the price target of $17, in a research note dated June 18, 2020. That figure represents around a -34.71% premium from where the company’s shares closed on Wednesday. Some new analysts also started their coverage, with Deutsche Bank’s analysts assigning the shares to “a Hold” rating in a research note to investors issued in mid June. Meanwhile, Northland Capital had launched its coverage on PSTG with “an Outperform”, in a research note produced for clients March 26, 2020. In addition, there was no change from Maxim Group on February 28, 2020. The rater maintained PSTG to “a Buy” but assigned new target price of $22.
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Is Pure Storage Inc. [NYSE:PSTG] a Good Buy Right Now?
It should be noted that PSTG technical indicators for short, intermediate as well as long term progress have placed an overall average of 100% as Buy. The average signal changed from 100% Buy in the last week and compares with 100% Buy in the past month. Data from Pure Storage Inc.’s Trend Spotter indicated that the signals were Weakest. The stock current average is 4.74 million shares in the past 20 days and the short term average signal indicates a 100% Buy. In the last 50 days, the average trading volume was 3.89 million shares while the medium term average advocated for 100% Buy. The average long-term signal stands at 100% Buy and the 100-day average volume stands at 4.17 million shares.
PSTG Price Performance
On Wall Street, Pure Storage Inc. [NYSE:PSTG] finished Wednesday’s session down -1.97% at $22.90. The stock went up to $23.79 at the same session while its lowest single day price was $22.80. In the last five days, it saw a rise of about 0.13%, Pure Storage Inc. shares gained by almost 1.28% since the beginning of the year. However, the share price has dropped to as low as -7.02% below its one year high. On 01/04/21, the company shares recorded $24.07, the highest single-day price it has got to in the last 52-weeks and a 52-week low was seen on 01/04/21, the same year at $22.30. The company’s shares have inclined by 29.31% in the past year. The 50-day SMA achieved is $19.95 while the 200-day SMA is $16.81. Volume gained to 6.81 million from 3.41 million in the previous session.
Pure Storage Inc. [PSTG] Valuation Measures
Notably, Pure Storage Inc. [PSTG] stock can be helpful for investors to consider historical price-sales ratio, more specifically, a 3.79 PS value ratio is reported for the last one year of reported earnings. That is higher than the industry average of 1.40.
PSTG Stock Support And Resistance Levels
On the 24-hour scale, the immediate backing is perceived around 22.54 level, and in case of violation of this particular level, it will cause more drop to 22.17 level. On the upper level, 24.15 is still the key resistance. The stock may increase to the subsequent resistance at 23.53. The Relative Strength Index (RSI) pinned on the 14-day chart is 60.05, implying a neutral technical stance while the MACD stands at 0.02, meaning price will decrease in the next trading period. Percent R indicator moved to 53.89%, implying low price movement. Stochastic %K at 51.63% suggest holding the stock.
What is the short interest in Pure Storage Inc.?
Short interest in the Pure Storage Inc. stock has plunged, decreasing by -1.12 million shares to total 21.31 million shares on Dec 14, 2020. The interest had seen shares on Nov 12, 2020 stand at 20.19 million, data from Yahoo Finance shows. The increase of 5.26% suggests the stock saw some increased bearish sentiment. The stock’s days to cover (short ratio) moved to while the shorted shares account for just 8.41% of the overall float for the stock.
Pure Storage Inc.’s Biggest Shareholders: Who Owns Pure Storage Inc. [PSTG]?
Filings by ARK Investment Management LLC showed that the firm now holds a total of 29,275,284 shares or roughly 10.92% of the outstanding PSTG shares. This means their shares have increased by 3,681,900 from the 29,275,284 the investor reportedly held in its prior 13-F filing. With the conclusion of the purchase, The Vanguard Group, Inc. updated stake is worth $380,453,219. Details in the latest 13F filings reveal that Champlain Investment Partners LLC acquired their 3.03% stake valued at $350,869,083 while William Blair Investment Manageme cut theirs at $342,027,701. During the last quarter, Champlain Investment Partners LLC raised 565,380 of its shares in Pure Storage Inc. while William Blair Investment Manageme sold -156,850 shares. The T. Rowe Price Associates, Inc.’s holdings currently number 18,579,778 shares at $425476916.2. According to the firm’s last 13F report, Fidelity Management & Research Co shares in the company at filing stood at 15,553,362 shares, roughly $284,159,924.
PSTG Earnings Forecast For The Current Quarter
Pure Storage Inc. [PSTG] is expected to report weak earnings results for the quarter ending on Jan 2021. Consensus estimates give the company expected revenues of $480.13M and an earnings per share of $0.09 for Jan 2021. Looking further ahead, the company is expected to report revenue of $394.58M at an EPS of -$0.06 for Apr 2021. The estimates represent downside of 15.00% and 86.81% in the company’s revenue and earnings per share, respectively, on a year-on-year basis.
PSTG Earnings Estimates For The Current Year
For the financial year, Pure Storage Inc. [NYSE:PSTG] is expected to bring in revenue of $1.66B. The returns are nearly $20.0 million higher than the company’s actual revenue recorded in the fiscal year 2020. In terms of EPS for the 2021, estimate put it at 0.14, lower than that of FY20 by -$0.15. Estimates put this year’s earnings growth at -51.70%, 92.90% for the next, and at an annual 24.52% over the next 5-year period. As for sales, forecasts are for an increase of 1.10% in the current fiscal year and a further 15.00% over the following year.
What are analyst thoughts on Pure Storage Inc.?
Looking forward to the Pure Storage Inc. share price prediction, we can see that analysts, surveyed by FactSet, offer the mean price target for Pure Storage Inc. stock at $22.00 within the next 12 months, which represents almost -4.09 per cent growth from its previous closing price of $22.90. The highest analysts’ target for Pure Storage Inc. stock projections is $26.00 and the lowest one is $16.00. Still, 22 analysts sharing their consensus rating for PSTG stock in 2021 agree that it is an Overweight.