Bank of America Has Lowered Expectations for Pure Storage (NYSE:PSTG) Stock Price

Pure Storage (NYSE:PSTG - Get Free Report) had its price target reduced by equities research analysts at Bank of America from $77.00 to $73.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "neutral" rating on the technology company's stock. Bank of America's target price suggests a potential upside of 47.47% from the company's previous close.

A number of other equities research analysts also recently weighed in on PSTG. Wells Fargo & Company boosted their price target on Pure Storage from $75.00 to $80.00 and gave the company an "overweight" rating in a report on Wednesday, December 4th. Morgan Stanley boosted their target price on shares of Pure Storage from $62.00 to $72.00 and gave the company an "equal weight" rating in a research note on Tuesday, December 17th. Piper Sandler upgraded shares of Pure Storage from a "neutral" rating to an "overweight" rating and raised their price target for the stock from $56.00 to $76.00 in a research report on Wednesday, December 4th. Barclays lifted their price target on shares of Pure Storage from $56.00 to $61.00 and gave the company an "equal weight" rating in a report on Wednesday, December 4th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Pure Storage from $60.00 to $75.00 and gave the stock an "overweight" rating in a research note on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $73.20.

Pure Storage Trading Down 5.7 %

Pure Storage stock traded down $2.97 during midday trading on Thursday, hitting $49.50. The stock had a trading volume of 4,067,337 shares, compared to its average volume of 2,638,176. The business has a fifty day moving average price of $65.66 and a 200 day moving average price of $58.19. Pure Storage has a 12 month low of $44.76 and a 12 month high of $73.67. The stock has a market cap of $16.15 billion, a P/E ratio of 130.27, a P/E/G ratio of 5.12 and a beta of 1.09.

Insider Activity

In other Pure Storage news, insider Ajay Singh sold 19,972 shares of the company's stock in a transaction that occurred on Tuesday, December 31st. The shares were sold at an average price of $61.58, for a total value of $1,229,875.76. Following the transaction, the insider now owns 262,144 shares in the company, valued at approximately $16,142,827.52. This represents a 7.08 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mona Chu sold 8,311 shares of Pure Storage stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $62.16, for a total transaction of $516,611.76. Following the sale, the chief accounting officer now directly owns 67,681 shares of the company's stock, valued at $4,207,050.96. This trade represents a 10.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 137,178 shares of company stock worth $8,871,746 over the last quarter. Corporate insiders own 6.00% of the company's stock.

Institutional Investors Weigh In On Pure Storage

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. McIlrath & Eck LLC acquired a new position in Pure Storage in the fourth quarter worth approximately $25,000. Sugar Maple Asset Management LLC bought a new stake in Pure Storage in the fourth quarter worth approximately $29,000. Compass Financial Services Inc bought a new stake in Pure Storage in the fourth quarter worth approximately $29,000. Crowley Wealth Management Inc. acquired a new position in shares of Pure Storage during the 4th quarter worth $31,000. Finally, Larson Financial Group LLC raised its holdings in shares of Pure Storage by 49.1% during the 3rd quarter. Larson Financial Group LLC now owns 644 shares of the technology company's stock valued at $32,000 after purchasing an additional 212 shares in the last quarter. 83.42% of the stock is 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.