Brokerages Set Pure Storage, Inc. (NYSE:PSTG) Target Price at $73.20

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 assigned a hold rating and fifteen have given a buy rating to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $73.20.

A number of equities analysts have recently issued reports on PSTG shares. UBS Group raised their price objective on Pure Storage from $47.00 to $50.00 and gave the stock a “sell” rating in a research report on Thursday, February 27th. Morgan Stanley raised their price target on shares of Pure Storage from $62.00 to $72.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Citigroup reduced their price objective on shares of Pure Storage from $80.00 to $77.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. Bank of America lowered their target price on shares of Pure Storage from $77.00 to $73.00 and set a “neutral” rating for the company in a research note on Thursday, February 27th. Finally, StockNews.com cut shares of Pure Storage from a “buy” rating to a “hold” rating in a research report on Thursday, February 27th.

Pure Storage Stock Up 3.5 %

Shares of NYSE:PSTG opened at $38.47 on Friday. The firm has a market cap of $12.54 billion, a P/E ratio of 101.25, a P/E/G ratio of 5.12 and a beta of 1.08. Pure Storage has a 12-month low of $34.51 and a 12-month high of $73.67. The business has a fifty day simple moving average of $56.76 and a 200 day simple moving average of $57.19.

Hedge Funds Weigh In On Pure Storage

Several large investors have recently added to or reduced their stakes in PSTG. Norges Bank bought a new stake in Pure Storage during the 4th quarter worth approximately $216,690,000. Artisan Partners Limited Partnership purchased a new position in shares of Pure Storage during the fourth quarter valued at approximately $210,906,000. William Blair Investment Management LLC grew its holdings in Pure Storage by 1,725.3% during the fourth quarter. William Blair Investment Management LLC now owns 2,525,208 shares of the technology company’s stock worth $155,124,000 after buying an additional 2,386,864 shares in the last quarter. Franklin Resources Inc. raised its position in Pure Storage by 210.2% in the 3rd quarter. Franklin Resources Inc. now owns 2,553,402 shares of the technology company’s stock valued at $137,628,000 after buying an additional 1,730,123 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in Pure Storage by 25.4% during the 4th quarter. Geode Capital Management LLC now owns 6,748,553 shares of the technology company’s stock valued at $413,982,000 after acquiring an additional 1,366,458 shares in the last quarter. Institutional investors 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.