Citigroup Issues Pessimistic Forecast for Pure Storage (NYSE:PSTG) Stock Price

Pure Storage (NYSE:PSTG - Free Report) had its price objective decreased by Citigroup from $80.00 to $77.00 in a research note published on Thursday morning,Benzinga reports. Citigroup currently has a buy rating on the technology company's stock.

A number of other analysts have also issued reports on the stock. William Blair restated an "outperform" rating on shares of Pure Storage in a research report on Thursday, November 14th. Evercore ISI raised their target price on shares of Pure Storage from $70.00 to $75.00 and gave the stock an "outperform" rating in a research report on Wednesday, December 4th. Lake Street Capital raised their target price on shares of Pure Storage from $68.00 to $70.00 and gave the stock a "buy" rating in a research report on Wednesday, December 4th. Bank of America decreased their target price on shares of Pure Storage from $77.00 to $73.00 and set a "neutral" rating on the stock in a research report on Thursday. Finally, Oppenheimer started coverage on shares of Pure Storage in a research report on Wednesday, November 13th. They set an "outperform" rating and a $70.00 target price on the stock. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and fifteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, Pure Storage has a consensus rating of "Moderate Buy" and a consensus target price of $73.20.

Pure Storage Stock Performance

NYSE PSTG traded down $2.97 during mid-day trading on Thursday, reaching $49.50. 4,069,031 shares of the stock were exchanged, compared to its average volume of 2,638,260. Pure Storage has a 1-year low of $44.76 and a 1-year high of $73.67. The business's fifty day simple moving average is $65.37 and its 200 day simple moving average is $58.09. The stock has a market capitalization of $16.15 billion, a PE ratio of 130.27, a PEG ratio of 5.12 and a beta of 1.09.

Insider Activity

In related news, CRO Dan Fitzsimons sold 8,895 shares of Pure Storage stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $64.11, for a total transaction of $570,258.45. Following the sale, the executive now owns 72,927 shares of the company's stock, valued at $4,675,349.97. The trade was a 10.87 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Ajay Singh sold 19,972 shares of Pure Storage stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $61.58, for a total transaction of $1,229,875.76. Following the sale, the insider now directly owns 262,144 shares in the company, valued at $16,142,827.52. This trade represents a 7.08 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 137,178 shares of company stock valued at $8,871,746. Company insiders own 6.00% of the company's stock.

Institutional Investors Weigh In On Pure Storage

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Creative Planning increased its position in shares of Pure Storage by 39.7% in the 3rd quarter. Creative Planning now owns 27,399 shares of the technology company's stock worth $1,377,000 after purchasing an additional 7,780 shares during the last quarter. International Assets Investment Management LLC increased its position in shares of Pure Storage by 2,507.0% in the 3rd quarter. International Assets Investment Management LLC now owns 108,267 shares of the technology company's stock worth $5,439,000 after purchasing an additional 104,114 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Pure Storage by 363.9% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,553 shares of the technology company's stock worth $275,000 after purchasing an additional 4,356 shares during the last quarter. State of Alaska Department of Revenue increased its position in shares of Pure Storage by 7.3% in the 3rd quarter. State of Alaska Department of Revenue now owns 35,670 shares of the technology company's stock worth $1,792,000 after purchasing an additional 2,435 shares during the last quarter. Finally, abrdn plc increased its position in shares of Pure Storage by 1,604.5% in the 3rd quarter. abrdn plc now owns 94,858 shares of the technology company's stock worth $4,766,000 after purchasing an additional 89,293 shares during the last quarter. Hedge funds and other institutional investors 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.