Is a Correction Looming Ahead for Pure Storage Inc. (PSTG) – News Heater
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Is a Correction Looming Ahead for Pure Storage Inc. (PSTG)

Pure Storage Inc. (NYSE:PSTG) went down by -5.17% from its latest closing price compared to the recent 1-year high of $36.71. The company’s stock price has collected -17.50% of loss in the last five trading sessions. Barron’s reported on 03/03/22 that Pure Storage Stock Is Surging on Earnings. ‘We’re No Longer Just a Niche Player,’ CEO Says.

Is It Worth Investing in Pure Storage Inc. (NYSE :PSTG) Right Now?

Plus, the 36-month beta value for PSTG is at 1.50. Opinions of the stock are interesting as 15 analysts out of 20 who provided ratings for Pure Storage Inc. declared the stock was a “buy,” while 2 rated the stock as “overweight,” 3 rated it as “hold,” and 0 as “sell.”

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The average price from analysts is $38.44, which is $13.6 above the current price. PSTG currently public float of 279.83M and currently shorts hold a 6.52% ratio of that float. Today, the average trading volume of PSTG was 3.77M shares.

PSTG’s Market Performance

PSTG stocks went down by -17.50% for the week, with a monthly drop of -19.38% and a quarterly performance of -10.59%, while its annual performance rate touched 45.33%. The volatility ratio for the week stands at 6.13% while the volatility levels for the past 30 days are set at 4.36% for Pure Storage Inc.. The simple moving average for the period of the last 20 days is -16.33% for PSTG stocks with a simple moving average of -11.17% for the last 200 days.

Analysts’ Opinion of PSTG

Many brokerage firms have already submitted their reports for PSTG stocks, with UBS repeating the rating for PSTG by listing it as a “Neutral.” The predicted price for PSTG in the upcoming period, according to UBS is $36 based on the research report published on April 05th of the current year 2022.

Wells Fargo, on the other hand, stated in their research note that they expect to see PSTG reach a price target of $40, previously predicting the price at $37. The rating they have provided for PSTG stocks is “Overweight” according to the report published on March 03rd, 2022.

Wedbush gave a rating of “Neutral” to PSTG, setting the target price at $34 in the report published on March 03rd of the current year.

PSTG Trading at -21.08% from the 50-Day Moving Average

After a stumble in the market that brought PSTG to its low price for the period of the last 52 weeks, the company was unable to rebound, for now settling with -32.58% of loss for the given period.

Volatility was left at 4.36%, however, over the last 30 days, the volatility rate increased by 6.13%, as shares sank -18.88% for the moving average over the last 20 days. Over the last 50 days, in opposition, the stock is trading -2.86% lower at present.

During the last 5 trading sessions, PSTG fell by -17.50%, which changed the moving average for the period of 200-days by +28.91% in comparison to the 20-day moving average, which settled at $29.29. In addition, Pure Storage Inc. saw -23.96% in overturn over a single year, with a tendency to cut further losses.

Insider Trading

Reports are indicating that there were more than several insider trading activities at PSTG starting from Singh Ajay, who sale 36,338 shares at the price of $34.39 back on Mar 23. After this action, Singh Ajay now owns 378,654 shares of Pure Storage Inc., valued at $1,249,591 using the latest closing price.

Brown Andrew William Fraser, the Director of Pure Storage Inc., sale 11,564 shares at $35.20 during a trade that took place back on Mar 21, which means that Brown Andrew William Fraser is holding 58,988 shares at $407,048 based on the most recent closing price.

Stock Fundamentals for PSTG

Current profitability levels for the company are sitting at:

  • -4.51 for the present operating margin
  • +67.52 for the gross margin

The net margin for Pure Storage Inc. stands at -6.57. Equity return is now at value -19.80, with -5.00 for asset returns.

The liquidity ratio also appears to be rather interesting for investors as it stands at 2.22.

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