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

Pure Storage (NYSE:PSTG - Get Free Report) had its price objective hoisted by research analysts at Evercore ISI from $60.00 to $70.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an "outperform" rating on the technology company's stock. Evercore ISI's price target would indicate a potential upside of 26.59% from the stock's previous close.

Other equities analysts have also issued research reports about the company. Piper Sandler decreased their price target on Pure Storage from $76.00 to $53.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Needham & Company LLC reaffirmed a "buy" rating and issued a $75.00 target price on shares of Pure Storage in a research report on Thursday, February 27th. Morgan Stanley lifted their price target on shares of Pure Storage from $40.00 to $62.00 and gave the company an "equal weight" rating in a research report on Tuesday. Bank of America decreased their price objective on shares of Pure Storage from $77.00 to $73.00 and set a "neutral" rating on the stock in a report on Thursday, February 27th. Finally, Citigroup increased their price objective on shares of Pure Storage from $55.00 to $65.00 and gave the stock a "buy" rating in a research report on Friday, May 16th. One analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, Pure Storage presently has an average rating of "Moderate Buy" and a consensus target price of $70.70.

Pure Storage Price Performance

Shares of PSTG traded down $0.75 during mid-day trading on Friday, reaching $55.30. The stock had a trading volume of 402,779 shares, compared to its average volume of 3,077,507. Pure Storage has a 52-week low of $34.51 and a 52-week high of $73.67. The business's fifty day moving average is $47.00 and its 200 day moving average is $55.82. The firm has a market cap of $18.03 billion, a price-to-earnings ratio of 144.95, a P/E/G ratio of 5.12 and a beta of 1.05.

Insider Transactions at Pure Storage

In other Pure Storage news, insider John Colgrove sold 100,000 shares of the firm's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $52.01, for a total value of $5,201,000.00. Following the sale, the insider now directly owns 801,959 shares in the company, valued at $41,709,887.59. This trade represents a 11.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CRO Dan Fitzsimons sold 872 shares of the company's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $51.51, for a total value of $44,916.72. Following the transaction, the executive now directly owns 89,351 shares of the company's stock, valued at approximately $4,602,470.01. This represents a 0.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 107,849 shares of company stock valued at $5,531,346. Insiders own 5.60% of the company's stock.

Hedge Funds Weigh In On Pure Storage

Several hedge funds have recently added to or reduced their stakes in the stock. Norges Bank acquired a new position in shares of Pure Storage in the 4th quarter valued at $216,690,000. Artisan Partners Limited Partnership purchased a new stake in Pure Storage in the fourth quarter valued at $210,906,000. William Blair Investment Management LLC lifted its position in Pure Storage by 1,725.3% in the fourth quarter. William Blair Investment Management LLC now owns 2,525,208 shares of the technology company's stock valued at $155,124,000 after acquiring an additional 2,386,864 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its stake in Pure Storage by 25.9% in the first quarter. T. Rowe Price Investment Management Inc. now owns 9,075,944 shares of the technology company's stock valued at $401,793,000 after acquiring an additional 1,868,782 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Pure Storage by 25.4% during the fourth quarter. Geode Capital Management LLC now owns 6,748,553 shares of the technology company's stock worth $413,982,000 after purchasing an additional 1,366,458 shares during the last quarter. 83.42% of the stock is currently owned by hedge funds and other institutional investors.

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.

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