Pure Storage Inc. (PSTG) – The -6.18% Downside Potential Remains

Pure Storage Inc. (NYSE: PSTG) is 3.32% higher on its value in year-to-date trading and has touched a low of $7.93 and a high of $24.63 in the current 52-week trading range. The PSTG stock was last observed hovering at around $22.94 in the last trading session, with the day’s gains setting it 0.42% off its average median price target of $22.00 for the next 12 months. It is also 10.15% off the consensus price target high of $26.00 offered by 22 analysts, but current levels are -46.0% lower than the price target low of $16.00 for the same period.

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Currently trading at $23.36, the stock is 4.30% and 18.31% above its SMA20 and SMA50 respectively. However, with a daily trading volume of 3.36 million and changing 1.83% at the moment leaves the stock 40.02% off its SMA200. PSTG registered 32.50% gain for a year compared to 6-month gain of 36.85%. The firm has a 50-day simple moving average (SMA 50) of $20.99 and a 200-day simple moving average (SMA200) of $17.75.

The stock witnessed a 20.66% loss in the last 1 month and extending the period to 3 months gives it a 43.75%, and is -2.34% down over the last 5 days. If we measure the stock’s price variations over the week and the month, we find that the volatility rates stand at 4.35% over the week and 4.27% over the month.

Pure Storage Inc. (PSTG) has around 3850 employees, a market worth around $6.46B and $1.67B in sales. Fwd P/E is 86.84. Profit margin for the company is -14.00%. Distance from 52-week low is 194.58% and -5.16% from its 52-week high. The company has generated returns on investments over the last 12 months (-15.10%).

Pure Storage Inc. (PSTG) Analyst Forecasts

Analyst recommendations provided by FactSet shows that the consensus forecast for Pure Storage Inc. (PSTG) is a “Overweight”. 22 analysts offering their recommendations for the stock have an average rating of 2.10, where 7 rate it as a Hold and 1 think it is a “Overweight”. 14 of the analysts rate the stock as a “Buy”. 0 analysts have rated the stock as a Sell or Underperform.

Pure Storage Inc. is expected to release its quarterly report on 03/04/2021 and quarterly earnings per share for the current quarter are estimated at $0.09 with sales reaching $480.13M over the same period.The EPS is expected to shrink by -3.40% this year, but quarterly earnings will post 1.10% year-over-year. Quarterly sales are estimated to shrink -2.40% in year-over-year returns.

Pure Storage Inc. (PSTG) Top Institutional Holders

336 institutions hold shares in Pure Storage Inc. (PSTG), with 21.22M shares held by insiders accounting for 7.78% while institutional investors hold 92.75% of the company’s shares. The shares outstanding are 269.14M, and float is at 251.59M with Short Float at 8.47%. Institutions hold 85.53% of the Float.

The top institutional shareholder in the company is ARK Investment Management, LLC with over 25.59 million shares valued at $393.88 million. The investor’s holdings represent 9.38% of the PSTG Shares outstanding. As of Sep 29, 2020, the second largest holder is Vanguard Group, Inc. (The) with 21.18 million shares valued at $325.98 million to account for 7.76% of the shares outstanding. The other top investors are Champlain Investment Partners, LLC which holds 19.2 million shares representing 7.04% and valued at over $295.56 million, while Price (T.Rowe) Associates Inc holds 6.81% of the shares totaling 18.58 million with a market value of $285.94 million.

Pure Storage Inc. (PSTG) Insider Activity

The most recent transaction is an insider sale by Mountford Paul S, the company’s Chief Operating Officer. SEC filings show that Mountford Paul S sold 66,986 shares of the company’s common stock on Dec 22 at a price of $23.52 per share for a total of $1.58 million. Following the sale, the insider now owns 0.37 million shares.

Pure Storage Inc. disclosed in a document filed with the SEC on Dec 07 that Dietzen Scott (Director) sold a total of 14,122 shares of the company’s common stock. The trade occurred on Dec 07 and was made at $21.03 per share for $0.3 million. Following the transaction, the insider now directly holds 1.54 million shares of the PSTG stock.

Still, SEC filings show that on Dec 04, Dietzen Scott (Director) disposed off 385,878 shares at an average price of $20.71 for $7.99 million. The insider now directly holds 457,000 shares of Pure Storage Inc. (PSTG).

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Pure Storage Inc. (PSTG): Who are the competitors?

The company’s main competitors (and peers) include Seagate Technology plc (STX) that is 3.35% higher over the past 12 months. Short interest in the company’s stock has risen 5.26% from the last report on Nov 12, 2020 to stand at a total of 20.19 million short shares sold with a short interest ratio of 5.61.

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