Brokerages Set Pure Storage, Inc. (NYSE:PSTG) Target Price at $72.70

Shares of Pure Storage, Inc. (NYSE:PSTG) have been given a consensus recommendation of “Moderate Buy” by the twenty-two ratings firms that are presently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and fifteen have assigned a buy rating to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $72.70.

Several equities analysts have recently commented on the company. Oppenheimer started coverage on Pure Storage in a research note on Wednesday, November 13th. They set an “outperform” rating and a $70.00 price target on the stock. Stifel Nicolaus raised their target price on shares of Pure Storage from $60.00 to $65.00 and gave the company a “hold” rating in a research report on Wednesday, December 4th. William Blair reaffirmed an “outperform” rating on shares of Pure Storage in a research report on Thursday, November 14th. Guggenheim lifted their price objective on shares of Pure Storage from $72.00 to $93.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Finally, Piper Sandler upgraded Pure Storage from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $56.00 to $76.00 in a report on Wednesday, December 4th.

Insider Transactions at Pure Storage

In other news, CAO Mona Chu sold 8,311 shares of the stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $62.16, for a total value of $516,611.76. Following the sale, the chief accounting officer now owns 67,681 shares in the company, valued at $4,207,050.96. This represents a 10.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John Colgrove sold 100,000 shares of the firm’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 directly owns 7,316,722 shares of the company’s stock, valued at approximately $479,611,127.10. This trade represents a 1.35 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 137,178 shares of company stock worth $8,871,746. Company insiders own 6.00% of the company’s stock.

Institutional Investors Weigh In On Pure Storage

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sugar Maple Asset Management LLC purchased a new stake in shares of Pure Storage in the fourth quarter worth about $29,000. ORG Wealth Partners LLC purchased a new stake in Pure Storage in the 3rd quarter worth approximately $31,000. Larson Financial Group LLC grew its stake in shares of Pure Storage by 49.1% during the 3rd quarter. Larson Financial Group LLC now owns 644 shares of the technology company’s stock worth $32,000 after purchasing an additional 212 shares during the period. Berbice Capital Management LLC purchased a new position in shares of Pure Storage during the 4th quarter valued at approximately $37,000. Finally, Venturi Wealth Management LLC lifted its stake in shares of Pure Storage by 40.9% in the 3rd quarter. Venturi Wealth Management LLC now owns 754 shares of the technology company’s stock valued at $38,000 after purchasing an additional 219 shares during the period. 83.42% of the stock is owned by institutional investors and hedge funds.

Pure Storage Stock Up 3.2 %

Shares of NYSE:PSTG opened at $72.33 on Monday. The business’s 50 day moving average is $60.31 and its 200 day moving average is $56.78. The stock has a market cap of $23.60 billion, a P/E ratio of 190.35, a price-to-earnings-growth ratio of 8.00 and a beta of 1.09. Pure Storage has a 52-week low of $38.78 and a 52-week high of $73.67.

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.