Pure Storage (NYSE:PSTG) Price Target Raised to $100.00

Pure Storage (NYSE:PSTG) had its price objective raised by TD Cowen from $85.00 to $100.00 in a research note released on Wednesday morning, MarketBeat Ratings reports. They currently have a buy rating on the technology company’s stock.

Several other analysts have also recently issued reports on PSTG. Wall Street Zen upgraded Pure Storage from a “hold” rating to a “buy” rating in a research report on Saturday, August 30th. Citigroup upped their price target on Pure Storage from $81.00 to $110.00 and gave the stock a “buy” rating in a research note on Tuesday, October 21st. Evercore ISI lifted their price objective on shares of Pure Storage from $90.00 to $105.00 and gave the company an “outperform” rating in a research report on Monday, October 20th. Wells Fargo & Company upped their target price on shares of Pure Storage from $80.00 to $100.00 and gave the stock an “overweight” rating in a research report on Friday, September 26th. Finally, UBS Group set a $110.00 target price on shares of Pure Storage in a research note on Tuesday, October 21st. Thirteen analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $95.26.

Pure Storage Price Performance

Shares of NYSE PSTG opened at $70.37 on Wednesday. The stock has a market cap of $23.13 billion, a PE ratio of 185.18, a price-to-earnings-growth ratio of 6.71 and a beta of 1.27. Pure Storage has a 1 year low of $34.51 and a 1 year high of $100.59. The firm has a fifty day moving average price of $88.43 and a 200-day moving average price of $71.39.

Pure Storage (NYSE:PSTG) last issued its earnings results on Tuesday, September 9th. The technology company reported $0.44 earnings per share for the quarter. The company had revenue of $763.77 million during the quarter. Pure Storage had a net margin of 3.74% and a return on equity of 10.60%. On average, research analysts expect that Pure Storage will post 0.44 EPS for the current year.

Insider Buying and Selling at Pure Storage

In other Pure Storage news, insider Ajay Singh sold 7,014 shares of the stock in a transaction on Wednesday, September 24th. The shares were sold at an average price of $85.85, for a total transaction of $602,151.90. Following the completion of the transaction, the insider owned 229,307 shares in the company, valued at $19,686,005.95. This trade represents a 2.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Mona Chu sold 9,091 shares of Pure Storage stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $84.91, for a total transaction of $771,916.81. Following the completion of the transaction, the chief accounting officer directly owned 107,353 shares of the company’s stock, valued at $9,115,343.23. The trade was a 7.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 327,311 shares of company stock worth $29,498,100 in the last ninety days. Company insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On Pure Storage

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PSTG. Mechanics Financial Corp purchased a new position in shares of Pure Storage in the 2nd quarter worth approximately $25,000. Winnow Wealth LLC purchased a new stake in Pure Storage during the 3rd quarter valued at $26,000. Provenance Wealth Advisors LLC bought a new stake in Pure Storage in the third quarter worth $27,000. Foster Dykema Cabot & Partners LLC purchased a new position in Pure Storage during the third quarter worth $28,000. Finally, Sunbelt Securities Inc. increased its position in Pure Storage by 287.1% during the third quarter. Sunbelt Securities Inc. now owns 329 shares of the technology company’s stock valued at $28,000 after acquiring an additional 244 shares during the last quarter. 83.42% of the stock is currently owned by hedge funds and other institutional investors.

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.