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

Pure Storage (NYSE:PSTG) had its price target hoisted by investment analysts at JPMorgan Chase & Co. from $60.00 to $75.00 in a report issued on Wednesday,Briefing.com Automated Import reports. The firm currently has an “overweight” rating on the technology company’s stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 40.17% from the company’s current price.

A number of other equities analysts have also recently issued reports on PSTG. Needham & Company LLC lifted their target price on Pure Storage from $62.00 to $75.00 and gave the stock a “buy” rating in a report on Wednesday. Northland Securities reissued a “market perform” rating and issued a $63.00 price target (up previously from $59.00) on shares of Pure Storage in a research note on Wednesday. William Blair reaffirmed an “outperform” rating on shares of Pure Storage in a research note on Thursday, November 14th. TD Cowen lifted their target price on shares of Pure Storage from $70.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Raymond James reduced their price target on shares of Pure Storage from $73.00 to $70.00 and set an “outperform” rating for the company in a research report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Pure Storage currently has a consensus rating of “Moderate Buy” and a consensus price target of $71.90.

Pure Storage Stock Up 0.9 %

PSTG stock opened at $53.51 on Wednesday. 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 firm has a market cap of $17.53 billion, a PE ratio of 133.76, a P/E/G ratio of 7.20 and a beta of 1.13. Pure Storage has a 12 month low of $31.79 and a 12 month high of $70.41. The firm has a 50 day simple moving average of $52.19 and a 200 day simple moving average of $56.72.

Insider Transactions at Pure Storage

In other news, CRO Dan Fitzsimons sold 8,895 shares of the stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $50.67, for a total value 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. This represents a 8.61 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider John Colgrove sold 100,000 shares of Pure Storage stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $49.94, for a total transaction of $4,994,000.00. Following the sale, the insider now owns 500,000 shares in the company, valued at approximately $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. In the last 90 days, insiders have sold 354,542 shares of company stock worth $18,599,030. 6.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Pure Storage

A number of hedge funds have recently modified their holdings of PSTG. Massmutual Trust Co. FSB ADV boosted its stake in Pure Storage by 61.2% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 424 shares of the technology company’s stock valued at $27,000 after buying an additional 161 shares in the last quarter. Larson Financial Group LLC lifted its holdings in shares of Pure Storage by 242.9% during the second quarter. Larson Financial Group LLC now owns 432 shares of the technology company’s stock valued at $28,000 after acquiring an additional 306 shares during the period. ORG Wealth Partners LLC acquired a new stake in shares of Pure Storage in the 3rd quarter valued at $31,000. FSC Wealth Advisors LLC bought a new stake in shares of Pure Storage in the 2nd quarter worth about $33,000. Finally, ORG Partners LLC acquired a new stake in shares of Pure Storage during the 2nd quarter worth about $35,000. 83.42% of the stock is 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.