Pure Storage, Inc. (NYSE:PSTG) Receives $72.70 Average Price Target from Analysts

Shares of Pure Storage, Inc. (NYSE:PSTG) have received a consensus rating of “Moderate Buy” from the twenty-two research firms that are presently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell rating, six have issued a hold rating and fifteen have issued a buy rating on the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $72.70.

Several research analysts recently weighed in on PSTG shares. UBS Group lifted their price objective on shares of Pure Storage from $45.00 to $47.00 and gave the stock a “sell” rating in a research note on Wednesday, December 4th. Morgan Stanley lifted their price objective on shares of Pure Storage from $62.00 to $72.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Wells Fargo & Company lifted their price objective on shares of Pure Storage from $75.00 to $80.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. Piper Sandler raised shares of Pure Storage from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $56.00 to $76.00 in a research note on Wednesday, December 4th. Finally, Northland Securities reaffirmed a “market perform” rating and issued a $63.00 price target (up previously from $59.00) on shares of Pure Storage in a research note on Wednesday, December 4th.

Insider Activity

In related news, CAO Mona Chu sold 8,311 shares of the business’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $62.16, for a total transaction of $516,611.76. Following the transaction, the chief accounting officer now directly owns 67,681 shares in the company, valued at approximately $4,207,050.96. The trade was a 10.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John Colgrove sold 100,000 shares of the business’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $65.55, for a total transaction of $6,555,000.00. Following the transaction, the insider now owns 7,316,722 shares in the company, valued at approximately $479,611,127.10. The trade was a 1.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 137,178 shares of company stock worth $8,871,746 over the last ninety days. Insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Pure Storage

A number of institutional investors have recently added to or reduced their stakes in the company. McIlrath & Eck LLC acquired a new position in Pure Storage during the fourth quarter worth $25,000. Castleark Management LLC increased its holdings in shares of Pure Storage by 80.6% in the fourth quarter. Castleark Management LLC now owns 5,870 shares of the technology company’s stock valued at $361,000 after purchasing an additional 2,620 shares during the last quarter. Worldquant Millennium Advisors LLC acquired a new position in shares of Pure Storage in the fourth quarter valued at $26,206,000. Vident Advisory LLC increased its holdings in shares of Pure Storage by 10.0% in the fourth quarter. Vident Advisory LLC now owns 40,555 shares of the technology company’s stock valued at $2,491,000 after purchasing an additional 3,695 shares during the last quarter. Finally, Toronto Dominion Bank increased its holdings in shares of Pure Storage by 1.1% in the fourth quarter. Toronto Dominion Bank now owns 40,705 shares of the technology company’s stock valued at $2,500,000 after purchasing an additional 429 shares during the last quarter. 83.42% of the stock is currently owned by institutional investors and hedge funds.

Pure Storage Price Performance

Pure Storage stock opened at $68.85 on Friday. The company’s 50 day simple moving average is $65.81 and its 200 day simple moving average is $57.76. Pure Storage has a fifty-two week low of $38.78 and a fifty-two week high of $73.67. The firm has a market capitalization of $22.46 billion, a price-to-earnings ratio of 181.20, a PEG ratio of 5.26 and a beta of 1.09.

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.