Pure Storage (NYSE:PSTG) Price Target Raised to $65.00

Pure Storage (NYSE:PSTG) had its price objective raised by Citigroup from $55.00 to $65.00 in a research note released on Friday morning,Benzinga reports. They currently have a buy rating on the technology company’s stock.

PSTG has been the topic of several other research reports. Piper Sandler lowered their price target on shares of Pure Storage from $76.00 to $53.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. StockNews.com cut shares of Pure Storage from a “buy” rating to a “hold” rating in a research report on Thursday, February 27th. UBS Group lifted their price objective on shares of Pure Storage from $47.00 to $50.00 and gave the company a “sell” rating in a research report on Thursday, February 27th. Evercore ISI reduced their price objective on shares of Pure Storage from $75.00 to $60.00 and set an “outperform” rating on the stock in a research report on Monday, April 28th. Finally, Bank of America reduced their price objective on shares of Pure Storage from $77.00 to $73.00 and set a “neutral” rating on the stock in a research report on Thursday, February 27th. One analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $70.70.

Pure Storage Price Performance

Shares of NYSE:PSTG opened at $56.53 on Friday. Pure Storage has a 1-year low of $34.51 and a 1-year high of $73.67. The company has a market capitalization of $18.43 billion, a P/E ratio of 148.77, a P/E/G ratio of 5.12 and a beta of 1.05. The firm’s 50 day simple moving average is $46.48 and its two-hundred day simple moving average is $55.74.

Insiders Place Their Bets

In other Pure Storage news, insider John Colgrove sold 100,000 shares of Pure Storage stock in a transaction on Monday, May 12th. The shares were sold at an average price of $52.01, for a total transaction of $5,201,000.00. Following the completion of the transaction, the insider now directly owns 801,959 shares of the company’s stock, valued at $41,709,887.59. The trade was a 11.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CRO Dan Fitzsimons sold 6,977 shares of Pure Storage stock in a transaction on Monday, April 21st. The stock was sold at an average price of $40.91, for a total transaction of $285,429.07. Following the transaction, the executive now directly owns 90,223 shares of the company’s stock, valued at $3,691,022.93. The trade was a 7.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 107,849 shares of company stock valued at $5,531,346 over the last three months. 5.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Woodline Partners LP purchased a new stake in shares of Pure Storage during the first quarter valued at $38,989,000. Empowered Funds LLC boosted its stake in shares of Pure Storage by 4.2% during the first quarter. Empowered Funds LLC now owns 4,790 shares of the technology company’s stock valued at $212,000 after purchasing an additional 194 shares during the period. Ascent Group LLC boosted its stake in shares of Pure Storage by 107.1% during the first quarter. Ascent Group LLC now owns 10,465 shares of the technology company’s stock valued at $463,000 after purchasing an additional 5,411 shares during the period. Fred Alger Management LLC purchased a new stake in shares of Pure Storage during the first quarter valued at $5,039,000. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Pure Storage by 109.7% during the first quarter. Goldman Sachs Group Inc. now owns 1,137,939 shares of the technology company’s stock valued at $50,377,000 after purchasing an additional 595,307 shares during the period. 83.42% of the stock is owned by hedge funds and other institutional investors.

Pure Storage Company Profile

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.