Pure Storage (NYSE:PSTG) Price Target Raised to $70.00

Key Points

• Citigroup increased its price target for Pure Storage stock from $65.00 to $70.00, indicating a potential upside of 19.45% from its current trading price.
• Other analysts, including Evercore ISI and Needham & Company, have also set similar target prices, with the average consensus target now at $70.21.
• Pure Storage recently reported earnings of $0.29 per share, beating expectations, and achieved a revenue increase of 12.3% year-over-year.

Pure Storage (NYSE:PSTG - Get Free Report) had its price target lifted by Citigroup from $65.00 to $70.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a "buy" rating on the technology company's stock. Citigroup's price target indicates a potential upside of 17.84% from the company's previous close.

Several other research firms have also recently commented on PSTG. Morgan Stanley lifted their target price on shares of Pure Storage from $40.00 to $62.00 and gave the stock an "equal weight" rating in a research note on Tuesday, May 20th. Needham & Company LLC reaffirmed a "buy" rating and issued a $75.00 target price on shares of Pure Storage in a research note on Friday, June 20th. Barclays lowered their target price on shares of Pure Storage from $61.00 to $57.00 and set an "equal weight" rating for the company in a research note on Thursday, May 29th. Wall Street Zen raised shares of Pure Storage from a "hold" rating to a "buy" rating in a research note on Saturday. Finally, JPMorgan Chase & Co. lowered their target price on shares of Pure Storage from $75.00 to $70.00 and set an "overweight" rating for the company in a research note on Thursday, May 29th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $70.21.

Pure Storage Stock Up 3.6%

Shares of PSTG traded up $2.06 during mid-day trading on Monday, reaching $59.40. 1,973,838 shares of the company's stock were exchanged, compared to its average volume of 1,968,661. The company has a 50-day simple moving average of $55.97 and a two-hundred day simple moving average of $54.05. Pure Storage has a 52-week low of $34.51 and a 52-week high of $73.67. The company has a market cap of $19.41 billion, a price-to-earnings ratio of 160.55, a PEG ratio of 5.45 and a beta of 1.07.

Pure Storage (NYSE:PSTG - Get Free Report) last issued its quarterly earnings data on Wednesday, May 28th. The technology company reported $0.29 earnings per share for the quarter, topping analysts' consensus estimates of $0.25 by $0.04. The business had revenue of $778.49 million during the quarter, compared to analysts' expectations of $770.03 million. Pure Storage had a net margin of 3.93% and a return on equity of 13.98%. The company's revenue was up 12.3% on a year-over-year basis. During the same period last year, the company posted $0.32 EPS. As a group, equities research analysts predict that Pure Storage will post 0.44 EPS for the current fiscal year.

Insider Buying and Selling at Pure Storage

In other Pure Storage news, insider Ajay Singh sold 22,601 shares of the business's stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $55.45, for a total value of $1,253,225.45. Following the transaction, the insider owned 261,465 shares in the company, valued at $14,498,234.25. The trade was a 7.96% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CRO Dan Fitzsimons sold 6,000 shares of the company's stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $51.65, for a total transaction of $309,900.00. Following the completion of the sale, the executive owned 75,965 shares in the company, valued at approximately $3,923,592.25. This trade represents a 7.32% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 446,794 shares of company stock worth $26,641,913. Insiders own 5.60% of the company's stock.

Institutional Investors Weigh In On Pure Storage

Institutional investors and hedge funds have recently bought and sold shares of the business. Penserra Capital Management LLC increased its stake in shares of Pure Storage by 11.8% during the second quarter. Penserra Capital Management LLC now owns 1,666 shares of the technology company's stock valued at $95,000 after acquiring an additional 176 shares during the period. Empowered Funds LLC boosted its holdings in Pure Storage by 4.2% during the first quarter. Empowered Funds LLC now owns 4,790 shares of the technology company's stock worth $212,000 after buying an additional 194 shares in the last quarter. Ramirez Asset Management Inc. boosted its stake in Pure Storage by 40.0% in the 2nd quarter. Ramirez Asset Management Inc. now owns 700 shares of the technology company's stock worth $40,000 after purchasing an additional 200 shares during the period. REAP Financial Group LLC boosted its stake in Pure Storage by 49.0% in the 2nd quarter. REAP Financial Group LLC now owns 611 shares of the technology company's stock worth $35,000 after purchasing an additional 201 shares during the period. Finally, GraniteShares Advisors LLC boosted its stake in Pure Storage by 2.6% in the 2nd quarter. GraniteShares Advisors LLC now owns 8,001 shares of the technology company's stock worth $461,000 after purchasing an additional 206 shares during the period. Institutional investors and hedge funds own 83.42% of the company's stock.

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.