JPMorgan Chase & Co. Boosts Pure Storage (NYSE:PSTG) Price Target to $75.00

Pure Storage (NYSE:PSTG) had its target price hoisted by JPMorgan Chase & Co. from $60.00 to $75.00 in a note issued to investors on Wednesday,Briefing.com Automated Import reports. The firm presently has an “overweight” rating on the technology company’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 40.17% from the stock’s previous close.

A number of other analysts have also issued reports on PSTG. UBS Group dropped their target price on Pure Storage from $47.00 to $45.00 and set a “sell” rating on the stock in a research report on Thursday, August 29th. Lake Street Capital cut their target price on Pure Storage from $70.00 to $68.00 and set a “buy” rating on the stock in a research report on Thursday, August 29th. Northland Securities reiterated a “market perform” rating and set a $63.00 target price (up from $59.00) on shares of Pure Storage in a research note on Wednesday. Susquehanna reaffirmed a “positive” rating and issued a $80.00 price target on shares of Pure Storage in a report on Monday, August 26th. Finally, Citigroup reduced their price objective on shares of Pure Storage from $67.00 to $63.00 and set a “buy” rating on the stock in a research note on Tuesday, November 19th. One analyst has rated the stock with a sell rating, six have issued a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $71.90.

Pure Storage Stock Performance

Pure Storage stock opened at $53.51 on Wednesday. Pure Storage has a 12-month low of $31.79 and a 12-month high of $70.41. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.99 and a quick ratio of 1.96. The company has a market capitalization of $17.53 billion, a price-to-earnings ratio of 133.76, a price-to-earnings-growth ratio of 7.20 and a beta of 1.13. The firm’s fifty day moving average price is $52.19 and its 200 day moving average price is $56.72.

Insider Activity

In other Pure Storage news, CRO Dan Fitzsimons sold 8,895 shares of the business’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $50.67, for a total transaction of $450,709.65. Following the completion of the transaction, the executive now owns 94,446 shares in the company, valued at approximately $4,785,578.82. The trade was a 8.61 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider John Colgrove sold 100,000 shares of the firm’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $49.94, for a total value of $4,994,000.00. Following the transaction, the insider now directly owns 500,000 shares in the company, valued at $24,970,000. This trade represents a 16.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 354,542 shares of company stock valued at $18,599,030. 6.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Pure Storage

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Sycomore Asset Management bought a new stake in shares of Pure Storage during the 2nd quarter worth about $2,259,000. Citigroup Inc. raised its holdings in Pure Storage by 11.3% during the third quarter. Citigroup Inc. now owns 144,005 shares of the technology company’s stock worth $7,235,000 after purchasing an additional 14,659 shares in the last quarter. FMR LLC lifted its position in Pure Storage by 0.8% in the third quarter. FMR LLC now owns 49,153,797 shares of the technology company’s stock worth $2,469,487,000 after purchasing an additional 368,643 shares during the period. Bank of Montreal Can boosted its stake in Pure Storage by 92.0% during the 3rd quarter. Bank of Montreal Can now owns 193,563 shares of the technology company’s stock valued at $9,570,000 after purchasing an additional 92,762 shares in the last quarter. Finally, MinichMacGregor Wealth Management LLC acquired a new position in shares of Pure Storage during the 3rd quarter valued at $6,890,000. 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.