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

Pure Storage (NYSE:PSTG - Get Free Report) had its price target cut by stock analysts at Citigroup from $77.00 to $55.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the technology company's stock. Citigroup's price objective would indicate a potential upside of 31.61% from the stock's previous close.

PSTG has been the topic of a number of other research reports. Needham & Company LLC reiterated a "buy" rating and set a $75.00 target price on shares of Pure Storage in a research report on Thursday, February 27th. Bank of America cut 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. StockNews.com lowered shares of Pure Storage from a "buy" rating to a "hold" rating in a research note on Thursday, February 27th. Piper Sandler lowered their price objective on Pure Storage from $76.00 to $53.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Finally, Morgan Stanley increased their target price on Pure Storage from $62.00 to $72.00 and gave the company an "equal weight" rating in a report on Tuesday, December 17th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $70.95.

Pure Storage Trading Up 1.3 %

PSTG traded up $0.53 on Monday, reaching $41.79. The stock had a trading volume of 2,606,810 shares, compared to its average volume of 3,131,416. Pure Storage has a 12-month low of $34.51 and a 12-month high of $73.67. The business's 50-day moving average price is $50.84 and its two-hundred day moving average price is $56.41. The company has a market cap of $13.62 billion, a P/E ratio of 109.97, a price-to-earnings-growth ratio of 5.12 and a beta of 1.08.

Institutional Trading of Pure Storage

Several institutional investors and hedge funds have recently bought and sold shares of PSTG. McIlrath & Eck LLC purchased a new stake in shares of Pure Storage in the 4th quarter valued at approximately $25,000. Sugar Maple Asset Management LLC purchased a new position in shares of Pure Storage during the fourth quarter worth $29,000. Compass Financial Services Inc acquired a new stake in shares of Pure Storage in the fourth quarter valued at $29,000. MassMutual Private Wealth & Trust FSB lifted 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 acquiring an additional 233 shares in the last quarter. Finally, Crowley Wealth Management Inc. purchased a new position in Pure Storage during the 4th quarter valued at about $31,000. 83.42% of the stock is currently owned by hedge funds and other institutional investors.

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.