Evercore ISI Has Lowered Expectations for Pure Storage (NYSE:PSTG) Stock Price

Pure Storage (NYSE:PSTG - Free Report) had its price objective decreased by Evercore ISI from $75.00 to $60.00 in a research note published on Monday,Benzinga reports. Evercore ISI currently has an outperform rating on the technology company's stock.

A number of other equities analysts also recently weighed in on the stock. Piper Sandler decreased their target price on shares of Pure Storage from $76.00 to $53.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. StockNews.com downgraded shares of Pure Storage from a "buy" rating to a "hold" rating in a research note on Thursday, February 27th. Citigroup decreased their target price on shares of Pure Storage from $77.00 to $55.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Bank of America decreased 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, Needham & Company LLC reissued a "buy" rating and set a $75.00 price target on shares of Pure Storage in a research report on Thursday, February 27th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $70.20.

Pure Storage Price Performance

PSTG traded up $1.13 on Monday, hitting $46.49. The company had a trading volume of 2,543,639 shares, compared to its average volume of 3,098,137. Pure Storage has a 52-week low of $34.51 and a 52-week high of $73.67. The stock has a fifty day simple moving average of $47.05 and a 200-day simple moving average of $55.97. The firm has a market capitalization of $15.16 billion, a P/E ratio of 122.35, a P/E/G ratio of 5.12 and a beta of 1.08.

Insider Buying and Selling at Pure Storage

In other news, CRO Dan Fitzsimons sold 6,977 shares of Pure Storage stock in a transaction that occurred on Monday, April 21st. The stock was sold at an average price of $40.91, for a total value of $285,429.07. Following the completion of the transaction, the executive now owns 90,223 shares in the company, valued at approximately $3,691,022.93. The trade was a 7.18 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 6.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Pure Storage

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