A share of Pure Storage Inc. (NYSE:PSTG) closed at $27.57 per share on Wednesday, down from $28.01 day before. While Pure Storage Inc. has underperformed by -1.57%, investors are advised to look at stock chart patterns for technical insight. Within its last year performance, PSTG rose by 7.36%, with highs and lows ranging from $36.71 to $21.90, whereas the simple moving average fell by -4.36% in the last 200 days.
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On August 17, 2022, Credit Suisse started tracking Pure Storage Inc. (NYSE: PSTG) recommending Outperform. A report published by BofA Securities on May 20, 2022, Downgraded its rating to ‘Neutral’ for PSTG. UBS also rated PSTG shares as ‘Neutral’, setting a target price of $36 on the company’s shares in an initiating report dated April 05, 2022. Wells Fargo Reiterated the rating as Overweight on March 03, 2022, but set its price target from $37 to $40. Wedbush resumed its ‘Neutral’ rating for PSTG, as published in its report on March 03, 2022. Raymond James’s report from March 03, 2022 suggests a price prediction of $39 for PSTG shares, giving the stock a ‘Strong Buy’ rating. Northland Capital also rated the stock as ‘Outperform’.
Analysis of Pure Storage Inc. (PSTG)
Further, the quarter-over-quarter increase in sales is 30.20%, showing a positive trend in the upcoming months.
Pure Storage Inc.’s future performance can be predicted by a variety of well-rounded types of analysis and research, with equity being one of the most crucial ones. Taking into account the quick ratio of the company, currently set at 1.30, you can see that the company can cover any debts it may have, which can easily be seen in the annual report of the company.
For any stock, average volume can be an extremely valuable indicator of volatility, and PSTG is registering an average volume of 3.23M. On a monthly basis, the volatility of the stock is set at 3.52%, whereas on a weekly basis, it is put at 2.97%, with a loss of -7.08% over the past seven days. Furthermore, long-term investors anticipate a median target price of $39.44, showing growth from the present price of $27.57, which can serve as yet another indication of whether PSTG is worth investing in or should be passed over.
How Do You Analyze Pure Storage Inc. Shares?
Besides checking the fundamentals, you should also know how many employees own shares in the company. This is because the values should be in line with investors’ expectations. As such, the current holdings of company stock inside the company are set at 3.80%. This can enable you to see the extent to which executives own the company’s stock. As opposed to executive stock, institutional ownership accounts for 85.80% of the company’s shares, contributing to an indication of company value, since large shareholders may signify strength within the organization.
Are institutional investors increasing their holdings in PSTG shares?
The recent increase in stakes in PSTG appears to be a result of several institutional investors and hedge funds increasing their positions. Fidelity Management & Research Co’s position in PSTG has increased by 9.83% in the first quarter. The company now owns 35,343,169 shares of the stock, with a value of $1.02 billion, following the purchase of 3,164,595 additional shares during the last quarter. The Vanguard Group, Inc. made another increased to its shares in PSTG during the first quarter, upping its stake by 1.19%. During the last quarter, the company dropped down 322,637 additional shares for a total stake of worth $791.55 million, bringing number of shares owned by the company to 27,323,095.
During the first quarter, T. Rowe Price Associates, Inc. subtracted a -1,221,944 position in PSTG. Champlain Investment Partners LLC sold an additional -0.13 million shares in the last quarter, decreasing its holdings by -0.92%, now holding 14.52 million shares worth $420.77 million. At the end of the first quarter, BlackRock Fund Advisors increased its PSTG holdings by 3.38% and now holds 10.61 million PSTG shares valued at $307.25 million with the added 0.35 million shares during the period. PSTG shares are owned by institutional investors to the tune of 85.80% at present.