Analysts Set Pure Storage, Inc. (NYSE:PSTG) Price Target at $72.70

Pure Storage, Inc. (NYSE:PSTG) has been assigned an average rating of “Moderate Buy” from the twenty-two brokerages that are presently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and fifteen have assigned a buy rating to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $72.70.

A number of research analysts have recently commented on the company. Wells Fargo & Company upped their price target on Pure Storage from $75.00 to $80.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. William Blair reiterated an “outperform” rating on shares of Pure Storage in a research report on Thursday, November 14th. Lake Street Capital boosted 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. TD Cowen raised 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. Finally, Evercore ISI boosted their target price on shares of Pure Storage from $70.00 to $75.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th.

Insider Activity at Pure Storage

In other news, insider Ajay Singh sold 19,972 shares of the stock in a transaction dated 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 transaction, the insider now directly owns 262,144 shares in the company, valued at approximately $16,142,827.52. This represents a 7.08 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John Colgrove sold 100,000 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $65.55, for a total value of $6,555,000.00. Following the transaction, the insider now directly owns 7,316,722 shares in the company, valued at approximately $479,611,127.10. This represents a 1.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 137,178 shares of company stock valued at $8,871,746 over the last three months. 6.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. FMR LLC boosted its stake in shares of Pure Storage by 0.8% in the 3rd quarter. FMR LLC now owns 49,153,797 shares of the technology company’s stock valued at $2,469,487,000 after purchasing an additional 368,643 shares in the last quarter. Vanguard Group Inc. lifted its stake in Pure Storage by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 33,443,732 shares of the technology company’s stock worth $2,054,448,000 after purchasing an additional 615,931 shares during the last quarter. State Street Corp boosted its position in Pure Storage by 6.5% during the third quarter. State Street Corp now owns 10,262,666 shares of the technology company’s stock valued at $515,596,000 after buying an additional 626,427 shares during the period. T. Rowe Price Investment Management Inc. grew its stake in shares of Pure Storage by 5.9% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 7,207,162 shares of the technology company’s stock valued at $442,736,000 after buying an additional 401,035 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Pure Storage by 25.4% in the fourth quarter. Geode Capital Management LLC now owns 6,748,553 shares of the technology company’s stock worth $413,982,000 after buying an additional 1,366,458 shares during the period. 83.42% of the stock is currently owned by institutional investors.

Pure Storage Trading Down 0.0 %

Pure Storage stock opened at $67.88 on Friday. The business’s 50 day simple moving average is $66.10 and its 200 day simple moving average is $57.94. Pure Storage has a 12 month low of $38.78 and a 12 month high of $73.67. The company has a market cap of $22.15 billion, a price-to-earnings ratio of 178.64, a PEG ratio of 5.20 and a beta of 1.09.

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.