Pure Storage, Inc. (NYSE:PSTG) Receives $70.20 Consensus Price Target from Brokerages

Pure Storage, Inc. (NYSE:PSTG) has been given an average rating of “Moderate Buy” by the twenty-two ratings firms that are covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, six have assigned a hold rating and fifteen have given a buy rating to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $70.20.

PSTG has been the topic of a number of analyst reports. Bank of America lowered their target price on shares of Pure Storage from $77.00 to $73.00 and set a “neutral” rating on the stock in a report on Thursday, February 27th. Citigroup dropped their price objective on Pure Storage from $77.00 to $55.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. StockNews.com lowered shares of Pure Storage from a “buy” rating to a “hold” rating in a research note on Thursday, February 27th. Piper Sandler dropped their price target on shares of Pure Storage from $76.00 to $53.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. Finally, Evercore ISI reduced their price objective on shares of Pure Storage from $75.00 to $60.00 and set an “outperform” rating for the company in a research report on Monday, April 28th.

Insider Buying and Selling at Pure Storage

In other news, CRO Dan Fitzsimons sold 6,977 shares of the stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $40.91, for a total value of $285,429.07. Following the sale, the executive now directly owns 90,223 shares of the company’s stock, valued at approximately $3,691,022.93. This represents a 7.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 6.00% of the company’s stock.

Institutional Trading of Pure Storage

Several institutional investors and hedge funds have recently bought and sold shares of PSTG. McIlrath & Eck LLC bought a new position in shares of Pure Storage in the fourth quarter worth $25,000. Sugar Maple Asset Management LLC purchased a new position in Pure Storage during the fourth quarter worth about $29,000. Compass Financial Services Inc bought a new position in Pure Storage in the 4th quarter worth about $29,000. MassMutual Private Wealth & Trust FSB raised its holdings in shares of Pure Storage by 55.9% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 650 shares of the technology company’s stock valued at $29,000 after acquiring an additional 233 shares in the last quarter. Finally, Crowley Wealth Management Inc. bought a new stake in shares of Pure Storage during the 4th quarter valued at about $31,000. 83.42% of the stock is currently owned by hedge funds and other institutional investors.

Pure Storage Trading Up 3.0 %

Shares of PSTG stock opened at $47.84 on Wednesday. Pure Storage has a 12 month low of $34.51 and a 12 month high of $73.67. The firm has a market capitalization of $15.60 billion, a PE ratio of 125.90, a price-to-earnings-growth ratio of 5.12 and a beta of 1.08. The firm has a fifty day simple moving average of $46.43 and a two-hundred day simple moving average of $55.88.

About Pure Storage

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.