Pure Storage, Inc. (NYSE:PSTG) Receives Average Recommendation of "Moderate Buy" from Analysts

Shares of Pure Storage, Inc. (NYSE:PSTG - Get Free Report) have received a consensus recommendation of "Moderate Buy" from the twenty-two brokerages that are covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and fifteen have given a buy rating to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $72.70.

Several research analysts have recently issued reports on PSTG shares. TD Cowen boosted their price objective on shares of Pure Storage from $70.00 to $80.00 and gave the stock a "buy" rating in a report on Wednesday, December 4th. UBS Group boosted their price target on Pure Storage from $45.00 to $47.00 and gave the company a "sell" rating in a research note on Wednesday, December 4th. Oppenheimer started coverage on Pure Storage in a research report on Wednesday, November 13th. They issued an "outperform" rating and a $70.00 price objective for the company. Needham & Company LLC upped their target price on Pure Storage from $62.00 to $75.00 and gave the company a "buy" rating in a research note on Wednesday, December 4th. Finally, Stifel Nicolaus raised their target price on Pure Storage from $60.00 to $65.00 and gave the stock a "hold" rating in a research report on Wednesday, December 4th.

Pure Storage Price Performance

Shares of Pure Storage stock traded up $1.05 during midday trading on Monday, hitting $66.47. The company had a trading volume of 1,871,415 shares, compared to its average volume of 2,272,399. Pure Storage has a 1-year low of $37.26 and a 1-year high of $70.41. The business's 50 day simple moving average is $59.63 and its two-hundred day simple moving average is $56.72. The stock has a market cap of $21.69 billion, a PE ratio of 174.94, a P/E/G ratio of 7.81 and a beta of 1.09.

Insider Activity at Pure Storage

In other Pure Storage news, insider John Colgrove sold 100,000 shares of the stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $65.55, for a total value of $6,555,000.00. Following the transaction, the insider now owns 7,316,722 shares of the company's stock, valued at approximately $479,611,127.10. This represents a 1.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Ajay Singh sold 19,972 shares of the business's stock in a transaction dated Tuesday, December 31st. The stock was 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 of the company's stock, valued at $16,142,827.52. The trade was a 7.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 137,178 shares of company stock worth $8,871,746 over the last 90 days. Insiders own 6.00% of the company's stock.

Institutional Trading of Pure Storage

A number of hedge funds have recently modified their holdings of PSTG. Sugar Maple Asset Management LLC bought a new position in Pure Storage during the fourth quarter worth about $29,000. ORG Wealth Partners LLC acquired a new stake in shares of Pure Storage during the third quarter worth about $31,000. Larson Financial Group LLC lifted 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. Venturi Wealth Management LLC grew its position in shares of Pure Storage by 40.9% in the 3rd quarter. Venturi Wealth Management LLC now owns 754 shares of the technology company's stock valued at $38,000 after purchasing an additional 219 shares during the period. Finally, nVerses Capital LLC bought a new stake in Pure Storage during the 3rd quarter worth approximately $50,000. 83.42% of the stock is currently owned by institutional investors and hedge funds.

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.