Lake Street Capital Boosts Pure Storage (NYSE:PSTG) Price Target to $70.00

Pure Storage (NYSE:PSTGFree Report) had its target price upped by Lake Street Capital from $48.00 to $70.00 in a report released on Thursday morning, Benzinga reports. Lake Street Capital currently has a buy rating on the technology company’s stock.

Several other research firms also recently commented on PSTG. Susquehanna raised their price objective on Pure Storage from $65.00 to $75.00 and gave the stock a positive rating in a research note on Thursday. Stifel Nicolaus lifted their target price on Pure Storage from $46.00 to $65.00 and gave the company a hold rating in a research note on Thursday. KeyCorp lifted their target price on Pure Storage from $64.00 to $79.00 and gave the company an overweight rating in a research note on Thursday. TD Cowen lifted their target price on Pure Storage from $60.00 to $80.00 and gave the company a buy rating in a research note on Thursday. Finally, Evercore ISI lifted their target price on Pure Storage from $65.00 to $75.00 and gave the company an outperform rating in a research note on Thursday. Six equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $66.15.

Check Out Our Latest Report on PSTG

Pure Storage Stock Down 4.7 %

NYSE PSTG opened at $60.29 on Thursday. The stock’s 50-day moving average price is $54.72 and its 200-day moving average price is $45.76. The company has a quick ratio of 1.80, a current ratio of 2.00 and a debt-to-equity ratio of 0.07. Pure Storage has a 52 week low of $27.98 and a 52 week high of $68.75. The company has a market capitalization of $19.59 billion, a P/E ratio of 215.32, a price-to-earnings-growth ratio of 6.72 and a beta of 1.15.

Insider Transactions at Pure Storage

In other news, CRO Dan Fitzsimons sold 29,283 shares of Pure Storage stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $52.14, for a total value of $1,526,815.62. Following the completion of the transaction, the executive now owns 138,105 shares in the company, valued at approximately $7,200,794.70. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CRO Dan Fitzsimons sold 29,283 shares of Pure Storage stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $52.14, for a total value of $1,526,815.62. Following the completion of the transaction, the executive now owns 138,105 shares in the company, valued at approximately $7,200,794.70. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO P. Kevan Krysler sold 15,286 shares of Pure Storage stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $52.80, for a total value of $807,100.80. Following the completion of the transaction, the chief financial officer now owns 507,824 shares of the company’s stock, valued at approximately $26,813,107.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 286,581 shares of company stock worth $15,266,704. 6.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Pure Storage

A number of institutional investors and hedge funds have recently modified their holdings of the business. Teachers Retirement System of The State of Kentucky bought a new stake in shares of Pure Storage during the 1st quarter worth approximately $5,095,000. Cetera Advisors LLC lifted its stake in shares of Pure Storage by 3.0% during the 1st quarter. Cetera Advisors LLC now owns 19,214 shares of the technology company’s stock worth $999,000 after acquiring an additional 555 shares during the last quarter. Cetera Investment Advisers lifted its stake in shares of Pure Storage by 284.9% during the 1st quarter. Cetera Investment Advisers now owns 55,801 shares of the technology company’s stock worth $2,901,000 after acquiring an additional 41,305 shares during the last quarter. Virtu Financial LLC bought a new stake in shares of Pure Storage during the 1st quarter worth approximately $2,889,000. Finally, Comerica Bank lifted its stake in shares of Pure Storage by 1.6% during the 1st quarter. Comerica Bank now owns 272,506 shares of the technology company’s stock worth $14,168,000 after acquiring an additional 4,287 shares during the last quarter. 83.42% of the stock is owned by institutional investors.

About Pure Storage

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Pure Storage, Inc engages in the provision of data storage and management technologies, products, and services in the United States and internationally. Its Purity software is shared across its products and provides enterprise-class data services, such as always-on data reduction, data protection, and encryption, as well as storage protocols, including block, file, and object.

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