Brokerages Set Pure Storage, Inc. (NYSE:PSTG) Target Price at $73.20

Shares of Pure Storage, Inc. (NYSE:PSTG) have earned an average recommendation of “Moderate Buy” from the twenty-two analysts that are currently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, six have given a hold rating and fifteen have assigned a buy rating to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $73.20.

A number of brokerages have recently issued reports on PSTG. TD Cowen lifted their price target on Pure Storage from $70.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Needham & Company LLC reiterated a “buy” rating and issued a $75.00 price target on shares of Pure Storage in a report on Thursday, February 27th. JPMorgan Chase & Co. lifted their price target on Pure Storage from $60.00 to $75.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. Barclays lifted their price target on Pure Storage from $56.00 to $61.00 and gave the company an “equal weight” rating in a report on Wednesday, December 4th. Finally, Stifel Nicolaus raised their price objective on Pure Storage from $60.00 to $65.00 and gave the stock a “hold” rating in a research report on Wednesday, December 4th.

Insider Activity at Pure Storage

In other Pure Storage news, insider Ajay Singh sold 19,972 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the insider now directly owns 262,144 shares in the company, valued at approximately $16,142,827.52. The trade was a 7.08 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CRO Dan Fitzsimons sold 8,895 shares of the business’s stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $64.11, for a total value of $570,258.45. Following the sale, the executive now owns 72,927 shares of the company’s stock, valued at approximately $4,675,349.97. This trade represents a 10.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Pure Storage

A number of large investors have recently made changes to their positions in PSTG. FMR LLC lifted its holdings in Pure Storage by 0.8% in the third quarter. FMR LLC now owns 49,153,797 shares of the technology company’s stock valued at $2,469,487,000 after acquiring an additional 368,643 shares during the last quarter. Vanguard Group Inc. lifted its holdings 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 valued at $2,054,448,000 after acquiring an additional 615,931 shares during the last quarter. State Street Corp lifted its holdings in Pure Storage by 6.5% in the third quarter. State Street Corp now owns 10,262,666 shares of the technology company’s stock valued at $515,596,000 after acquiring an additional 626,427 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its holdings in Pure Storage by 5.9% in 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 acquiring an additional 401,035 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in 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 valued at $413,982,000 after acquiring an additional 1,366,458 shares during the last quarter. 83.42% of the stock is currently owned by hedge funds and other institutional investors.

Pure Storage Stock Up 5.0 %

PSTG opened at $50.99 on Tuesday. The stock’s fifty day moving average is $62.86 and its two-hundred day moving average is $57.36. The company has a market capitalization of $16.63 billion, a P/E ratio of 134.17, a PEG ratio of 5.12 and a beta of 1.09. Pure Storage has a 52 week low of $44.76 and a 52 week high of $73.67.

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.