Pure Storage (NYSE:PSTG) Price Target Lowered to $73.00 at Bank of America

Pure Storage (NYSE:PSTG) had its target price dropped by analysts at Bank of America from $77.00 to $73.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the technology company’s stock. Bank of America‘s price target would indicate a potential upside of 39.26% from the company’s previous close.

Other analysts have also issued research reports about the stock. Morgan Stanley raised their price target on shares of Pure Storage from $62.00 to $72.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. UBS Group lifted their target price on Pure Storage from $45.00 to $47.00 and gave the company a “sell” rating in a research note on Wednesday, December 4th. 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 note on Wednesday, December 4th. Citigroup lifted their price objective on Pure Storage from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Friday, February 21st. Finally, Oppenheimer assumed coverage on shares of Pure Storage in a research report on Wednesday, November 13th. They set an “outperform” rating and a $70.00 target price on the stock. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $73.20.

Pure Storage Stock Down 1.5 %

Shares of NYSE PSTG opened at $52.42 on Thursday. The company has a market cap of $17.10 billion, a price-to-earnings ratio of 137.95, a price-to-earnings-growth ratio of 5.12 and a beta of 1.09. Pure Storage has a 12-month low of $44.76 and a 12-month high of $73.67. The firm’s 50-day simple moving average is $65.66 and its 200 day simple moving average is $58.21.

Insider Transactions at Pure Storage

In related news, CAO Mona Chu sold 8,311 shares of the firm’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $62.16, for a total transaction of $516,611.76. Following the sale, the chief accounting officer now directly owns 67,681 shares in the company, valued at $4,207,050.96. This trade represents a 10.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Ajay Singh sold 19,972 shares of the company’s stock in a transaction 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 transaction, the insider now directly owns 262,144 shares of the company’s stock, valued at approximately $16,142,827.52. The trade was a 7.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 137,178 shares of company stock valued at $8,871,746 over the last 90 days. 6.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Pure Storage

A number of hedge funds and other institutional investors have recently bought and sold shares of PSTG. Creative Planning grew its stake in shares of Pure Storage by 39.7% during the 3rd quarter. Creative Planning now owns 27,399 shares of the technology company’s stock worth $1,377,000 after acquiring an additional 7,780 shares in the last quarter. International Assets Investment Management LLC grew its position in Pure Storage by 2,507.0% in the third quarter. International Assets Investment Management LLC now owns 108,267 shares of the technology company’s stock valued at $5,439,000 after purchasing an additional 104,114 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in Pure Storage by 363.9% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,553 shares of the technology company’s stock valued at $275,000 after buying an additional 4,356 shares during the last quarter. State of Alaska Department of Revenue lifted its position in Pure Storage by 7.3% during the 3rd quarter. State of Alaska Department of Revenue now owns 35,670 shares of the technology company’s stock worth $1,792,000 after buying an additional 2,435 shares in the last quarter. Finally, abrdn plc lifted its position in Pure Storage by 1,604.5% during the 3rd quarter. abrdn plc now owns 94,858 shares of the technology company’s stock worth $4,766,000 after buying an additional 89,293 shares in the last quarter. Institutional investors and hedge funds 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.