Citigroup Issues Pessimistic Forecast for Pure Storage (NYSE:PSTG) Stock Price

Pure Storage (NYSE:PSTG) had its target price reduced by equities research analysts at Citigroup from $77.00 to $55.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the technology company’s stock. Citigroup’s price target would suggest a potential upside of 31.00% from the stock’s current price.

Other equities research analysts have also recently issued reports about the company. UBS Group upped their price objective on Pure Storage from $47.00 to $50.00 and gave the stock a “sell” rating in a research note on Thursday, February 27th. 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. Needham & Company LLC reiterated a “buy” rating and set a $75.00 price objective on shares of Pure Storage in a research note on Thursday, February 27th. StockNews.com downgraded shares of Pure Storage from a “buy” rating to a “hold” rating in a research note on Thursday, February 27th. Finally, Morgan Stanley upped their price target on Pure Storage from $62.00 to $72.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Pure Storage has an average rating of “Moderate Buy” and a consensus price target of $70.95.

Pure Storage Stock Up 1.8 %

Shares of NYSE:PSTG opened at $41.99 on Monday. The company has a market capitalization of $13.69 billion, a price-to-earnings ratio of 110.49, a price-to-earnings-growth ratio of 5.12 and a beta of 1.08. The firm has a 50 day moving average of $52.50 and a 200 day moving average of $56.62. Pure Storage has a 52 week low of $34.51 and a 52 week high of $73.67.

Institutional Investors Weigh In On Pure Storage

Institutional investors have recently added to or reduced their stakes in the stock. McIlrath & Eck LLC purchased a new position in Pure Storage during the fourth quarter valued at $25,000. Sugar Maple Asset Management LLC acquired a new stake in Pure Storage in the 4th quarter worth about $29,000. Compass Financial Services Inc acquired a new stake in Pure Storage in the 4th quarter worth about $29,000. MassMutual Private Wealth & Trust FSB increased its stake in Pure Storage by 55.9% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 650 shares of the technology company’s stock worth $29,000 after buying an additional 233 shares in the last quarter. Finally, Crowley Wealth Management Inc. purchased a new position in shares of Pure Storage in the fourth quarter valued at approximately $31,000. Institutional investors and hedge funds own 83.42% of the company’s stock.

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.