Pure Storage (NYSE:PSTG) Given New $55.00 Price Target at Citigroup

Pure Storage (NYSE:PSTG - Get Free Report) had its target price cut by equities researchers at Citigroup from $77.00 to $55.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a "buy" rating on the technology company's stock. Citigroup's price target points to a potential upside of 31.61% from the stock's current price.

PSTG has been the subject of a number of other research reports. UBS Group lifted their price target on shares of Pure Storage from $47.00 to $50.00 and gave the stock a "sell" rating in a research note on Thursday, February 27th. Morgan Stanley boosted their target price on shares of Pure Storage from $62.00 to $72.00 and gave the stock an "equal weight" rating in a research note on Tuesday, December 17th. Piper Sandler dropped their price objective on shares of Pure Storage from $76.00 to $53.00 and set an "overweight" rating on the stock 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 report on Thursday, February 27th. Finally, Needham & Company LLC restated a "buy" rating and issued a $75.00 price objective 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 assigned a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $70.95.

Pure Storage Stock Up 1.3 %

NYSE PSTG traded up $0.53 during trading hours on Monday, hitting $41.79. 2,606,810 shares of the company were exchanged, compared to its average volume of 3,131,416. The company has a 50 day moving average of $50.84 and a two-hundred day moving average of $56.41. The firm has a market cap of $13.62 billion, a price-to-earnings ratio of 109.97, a PEG 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.

Hedge Funds Weigh In On Pure Storage

Institutional investors and hedge funds have recently bought and sold shares of the stock. FNY Investment Advisers LLC raised its position in shares of Pure Storage by 5,233.3% in the 1st quarter. FNY Investment Advisers LLC now owns 800 shares of the technology company's stock worth $35,000 after buying an additional 785 shares during the period. QRG Capital Management Inc. grew its position in Pure Storage by 11.5% in the first quarter. QRG Capital Management Inc. now owns 15,118 shares of the technology company's stock valued at $669,000 after acquiring an additional 1,562 shares in the last quarter. Bank Pictet & Cie Europe AG increased its position in shares of Pure Storage by 257.2% during the first quarter. Bank Pictet & Cie Europe AG now owns 32,870 shares of the technology company's stock worth $1,455,000 after acquiring an additional 23,669 shares during the last quarter. Exchange Traded Concepts LLC boosted its stake in Pure Storage by 38.6% during the 1st quarter. Exchange Traded Concepts LLC now owns 73,004 shares of the technology company's stock valued at $3,232,000 after acquiring an additional 20,320 shares during the last quarter. Finally, Stanley Laman Group Ltd. grew its holdings in Pure Storage by 0.9% during the 1st quarter. Stanley Laman Group Ltd. now owns 70,570 shares of the technology company's stock worth $3,124,000 after acquiring an additional 649 shares in the last quarter. Institutional investors and hedge funds own 83.42% of the company's stock.

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.