Pure Storage (NYSE:PSTG) Price Target Raised to $72.00

Pure Storage (NYSE:PSTG - Get Free Report) had its price target boosted by stock analysts at Morgan Stanley from $62.00 to $72.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an "equal weight" rating on the technology company's stock. Morgan Stanley's price target suggests a potential upside of 9.47% from the stock's previous close.

PSTG has been the topic of a number of other research reports. Lake Street Capital lifted their price target on shares of Pure Storage from $68.00 to $70.00 and gave the company a "buy" rating in a research report on Wednesday, December 4th. Wedbush reiterated an "outperform" rating and issued a $80.00 target price on shares of Pure Storage in a report on Monday, August 26th. Oppenheimer assumed coverage on shares of Pure Storage in a report on Wednesday, November 13th. They set an "outperform" rating and a $70.00 price target for the company. Stifel Nicolaus raised their price target on Pure Storage from $60.00 to $65.00 and gave the company a "hold" rating in a research report on Wednesday, December 4th. Finally, Wells Fargo & Company increased their target price on Pure Storage from $75.00 to $80.00 and gave the company an "overweight" rating in a research note on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Pure Storage has a consensus rating of "Moderate Buy" and an average target price of $72.70.

Pure Storage Stock Down 1.2 %

NYSE PSTG traded down $0.83 during trading on Tuesday, reaching $65.77. The company's stock had a trading volume of 2,888,744 shares, compared to its average volume of 3,666,855. The company has a current ratio of 1.77, a quick ratio of 1.74 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $21.55 billion, a PE ratio of 173.08, a PEG ratio of 7.69 and a beta of 1.13. Pure Storage has a 1-year low of $34.32 and a 1-year high of $70.41. The business has a 50-day moving average price of $54.86 and a 200-day moving average price of $56.91.

Insider Activity

In related news, insider John Colgrove sold 100,000 shares of the business's stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $49.94, for a total value of $4,994,000.00. Following the sale, the insider now owns 500,000 shares of the company's stock, valued at $24,970,000. The trade was a 16.67 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Mona Chu sold 8,311 shares of the company's stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $62.16, for a total value of $516,611.76. Following the completion of the sale, the chief accounting officer now owns 67,681 shares in the company, valued at $4,207,050.96. This trade represents a 10.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 462,853 shares of company stock worth $25,670,642. Corporate insiders own 6.00% of the company's stock.

Hedge Funds Weigh In On Pure Storage

Institutional investors have recently added to or reduced their stakes in the company. Nvwm LLC boosted its stake in Pure Storage by 23.3% in the third quarter. Nvwm LLC now owns 1,027 shares of the technology company's stock worth $52,000 after purchasing an additional 194 shares in the last quarter. Harbour Investments Inc. raised its holdings in shares of Pure Storage by 3.0% in the second quarter. Harbour Investments Inc. now owns 6,912 shares of the technology company's stock valued at $444,000 after buying an additional 202 shares during the last quarter. Larson Financial Group LLC lifted its position in Pure Storage by 49.1% during the 3rd quarter. Larson Financial Group LLC now owns 644 shares of the technology company's stock worth $32,000 after buying an additional 212 shares in the last quarter. Venturi Wealth Management LLC grew its holdings in Pure Storage by 40.9% during the 3rd quarter. Venturi Wealth Management LLC now owns 754 shares of the technology company's stock worth $38,000 after acquiring an additional 219 shares during the last quarter. Finally, Bank Pictet & Cie Europe AG increased its position in Pure Storage by 3.2% in the 2nd quarter. Bank Pictet & Cie Europe AG now owns 7,202 shares of the technology company's stock valued at $462,000 after acquiring an additional 223 shares in the last quarter. 83.42% of the stock is owned by 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.