Pure Storage, Inc. (NYSE:PSTG) Given Average Recommendation of "Moderate Buy" by Analysts

Pure Storage, Inc. (NYSE:PSTG - Get Free Report) has received a consensus rating of "Moderate Buy" from the twenty-two brokerages that are currently covering the company, Marketbeat Ratings reports. One investment 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 twelve-month price target among analysts that have issued ratings on the stock in the last year is $70.20.

Several research analysts have recently weighed in on PSTG shares. Piper Sandler dropped their target price on shares of Pure Storage from $76.00 to $53.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. UBS Group upped their target price on Pure Storage from $47.00 to $50.00 and gave the stock a "sell" rating in a research report on Thursday, February 27th. Needham & Company LLC restated a "buy" rating and set a $75.00 price target on shares of Pure Storage in a report on Thursday, February 27th. Bank of America reduced their target price on Pure Storage from $77.00 to $73.00 and set a "neutral" rating for the company in a report on Thursday, February 27th. Finally, Evercore ISI lowered their target price on shares of Pure Storage from $75.00 to $60.00 and set an "outperform" rating on the stock in a research note on Monday.

Pure Storage Trading Up 0.4 %

Shares of Pure Storage stock opened at $45.58 on Wednesday. The company's 50-day moving average price is $47.45 and its two-hundred day moving average price is $56.04. The stock has a market cap of $14.86 billion, a PE ratio of 119.94, a price-to-earnings-growth ratio of 5.12 and a beta of 1.08. Pure Storage has a 52 week low of $34.51 and a 52 week high of $73.67.

Insider Buying and Selling at Pure Storage

In related news, CRO Dan Fitzsimons sold 6,977 shares of Pure Storage stock in a transaction on Monday, April 21st. The stock was sold at an average price of $40.91, for a total transaction of $285,429.07. Following the sale, the executive now directly owns 90,223 shares in the company, valued at approximately $3,691,022.93. This trade represents a 7.18 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 6.00% of the stock is currently owned by company insiders.

Institutional Trading of Pure Storage

Several hedge funds and other institutional investors have recently modified their holdings of PSTG. McIlrath & Eck LLC bought a new position in shares of Pure Storage in the 4th quarter worth $25,000. Sugar Maple Asset Management LLC bought a new position in shares of Pure Storage during the 4th quarter valued at $29,000. Compass Financial Services Inc bought a new stake in Pure Storage in the fourth quarter worth $29,000. Crowley Wealth Management Inc. purchased a new stake in Pure Storage during the 4th quarter valued at about $31,000. Finally, Berbice Capital Management LLC purchased a new position in Pure Storage in the 4th quarter worth approximately $37,000. Institutional investors 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.

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