Set Your Sights On Pure Storage Inc (NYSE: PSTG)’S Upside Potential

Pure Storage Inc (PSTG) concluded trading on Wednesday at a closing price of $53.53, with 3.64 million shares of worth about $194.71 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 50.62% during that period and on April 3, 2024 the price saw a gain of about 3.62%. Currently the company’s common shares owned by public are about 319.52M shares, out of which, 295.63M shares are available for trading.

However, the stock later moved at a day high price of 55.38, or with a gain of 3.62%. Stock saw a price change of 2.61% in past 5 days and over the past one month there was a price change of -3.93%. Year-to-date (YTD), PSTG shares are showing a performance of 50.11% which increased to 109.84% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $22.14 but also hit the highest price of $58.46 during that period. The average intraday trading volume for Pure Storage Inc shares is 5.00 million. The stock is currently trading 1.73% above its 20-day simple moving average (SMA20), while that difference is up 14.12% for SMA50 and it goes to 37.72% higher than SMA200.

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Pure Storage Inc (NYSE: PSTG) currently have 319.52M outstanding shares and institutions hold larger chunk of about 83.85% of that.

The stock has a current market capitalization of $16.91B and its 3Y-monthly beta is at 1.15. PE ratio of stock for trailing 12 months is 320.73, while it has posted earnings per share of $0.17 in the same period. Its PEG reads 18.12 and has Quick Ratio of 1.73 while making debt-to-equity ratio of 0.21. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for PSTG, volatility over the week remained 3.34% while standing at 3.76% over the month.

Stock’s fiscal year EPS is expected to rise by 7.12% while it is estimated to increase by 17.54% in next year.

Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Citigroup on March 15, 2024 offering a Buy rating for the stock and assigned a target price of $65 to it. Coverage by Needham stated Pure Storage Inc (PSTG) stock as a Buy in their note to investors on March 06, 2024, suggesting a price target of $66 for the stock. On February 29, 2024, TD Cowen Reiterated their recommendations, while on February 14, 2024, Stifel Downgrade their ratings for the stock with a price target of $41. Stock get a Buy rating from Guggenheim on December 07, 2023.

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