Citigroup Issues Pessimistic Forecast for Pure Storage (NYSE:PSTG) Stock Price

Pure Storage (NYSE:PSTG) had its price target decreased by equities researchers at Citigroup from $67.00 to $63.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the technology company’s stock. Citigroup’s price target would indicate a potential upside of 26.58% from the company’s previous close.

PSTG has been the topic of several other research reports. Lake Street Capital reduced their price target on shares of Pure Storage from $70.00 to $68.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. Susquehanna reissued a “positive” rating and issued a $80.00 price objective on shares of Pure Storage in a research note on Monday, August 26th. Piper Sandler dropped their target price on Pure Storage from $60.00 to $56.00 and set a “neutral” rating on the stock in a research report on Thursday, August 29th. Needham & Company LLC reduced their price target on Pure Storage from $80.00 to $62.00 and set a “buy” rating for the company in a research report on Thursday, August 29th. Finally, Stifel Nicolaus dropped their price objective on Pure Storage from $65.00 to $60.00 and set a “hold” rating on the stock in a research report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $67.95.

Pure Storage Trading Down 0.3 %

PSTG stock opened at $49.77 on Tuesday. Pure Storage has a twelve month low of $31.00 and a twelve month high of $70.41. The stock has a market capitalization of $16.31 billion, a price-to-earnings ratio of 124.43, a price-to-earnings-growth ratio of 6.54 and a beta of 1.10. The company has a quick ratio of 1.96, a current ratio of 1.99 and a debt-to-equity ratio of 0.07. The firm’s fifty day simple moving average is $51.54 and its two-hundred day simple moving average is $56.94.

Pure Storage (NYSE:PSTG) last issued its quarterly earnings results on Wednesday, August 28th. The technology company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.10 by $0.10. The company had revenue of $763.77 million for the quarter, compared to the consensus estimate of $756.59 million. Pure Storage had a net margin of 4.53% and a return on equity of 17.41%. As a group, analysts anticipate that Pure Storage will post 0.42 earnings per share for the current year.

Insider Transactions at Pure Storage

In related news, insider John Colgrove sold 100,000 shares of the stock in a transaction on Monday, October 21st. The stock was sold at an average price of $57.32, for a total value of $5,732,000.00. Following the completion of the transaction, the insider now directly owns 300,000 shares of the company’s stock, valued at approximately $17,196,000. This represents a 25.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mona Chu sold 20,647 shares of Pure Storage stock in a transaction on Monday, October 7th. The stock was sold at an average price of $51.50, for a total transaction of $1,063,320.50. Following the sale, the chief accounting officer now directly owns 75,992 shares in the company, valued at approximately $3,913,588. This trade represents a 21.37 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 354,542 shares of company stock valued at $18,599,030 over the last 90 days. Corporate insiders own 6.00% of the company’s stock.

Institutional Trading of Pure Storage

A number of hedge funds have recently bought and sold shares of the business. Massmutual Trust Co. FSB ADV increased its holdings in shares of Pure Storage by 61.2% in the second quarter. Massmutual Trust Co. FSB ADV now owns 424 shares of the technology company’s stock valued at $27,000 after purchasing an additional 161 shares during the last quarter. Larson Financial Group LLC increased its position in Pure Storage by 242.9% during the second quarter. Larson Financial Group LLC now owns 432 shares of the technology company’s stock worth $28,000 after purchasing an additional 306 shares during the last quarter. ORG Wealth Partners LLC acquired a new position in Pure Storage in the 3rd quarter valued at about $31,000. FSC Wealth Advisors LLC purchased a new stake in shares of Pure Storage in the 2nd quarter valued at approximately $33,000. Finally, City State Bank increased its holdings in shares of Pure Storage by 175.0% during the 2nd quarter. City State Bank now owns 550 shares of the technology company’s stock worth $35,000 after buying an additional 350 shares during 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.