Pure Storage (NYSE:PSTG) Given New $77.00 Price Target at Citigroup

Pure Storage (NYSE:PSTG) had its price objective trimmed by Citigroup from $80.00 to $77.00 in a research report released on Thursday morning,Benzinga reports. The firm currently has a buy rating on the technology company’s stock.

Other equities analysts have also issued research reports about the stock. Morgan Stanley raised their price objective on shares of Pure Storage from $62.00 to $72.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Bank of America decreased their target price on Pure Storage from $77.00 to $73.00 and set a “neutral” rating for the company in a research report on Thursday. Piper Sandler raised Pure Storage from a “neutral” rating to an “overweight” rating and upped their price target for the company from $56.00 to $76.00 in a research report on Wednesday, December 4th. Oppenheimer assumed coverage on Pure Storage in a research report on Wednesday, November 13th. They set an “outperform” rating and a $70.00 price objective for the company. Finally, Stifel Nicolaus upped their target price on Pure Storage from $60.00 to $65.00 and gave the company a “hold” rating in a report on Wednesday, December 4th. 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 data from MarketBeat.com, Pure Storage currently has an average rating of “Moderate Buy” and a consensus price target of $73.20.

Pure Storage Stock Down 15.1 %

Shares of NYSE PSTG opened at $53.04 on Thursday. Pure Storage has a 12 month low of $40.95 and a 12 month high of $73.67. The business has a fifty day simple moving average of $65.90 and a 200-day simple moving average of $58.24. The company has a market cap of $17.30 billion, a price-to-earnings ratio of 139.58, a P/E/G ratio of 5.12 and a beta of 1.09.

Insider Buying and Selling

In other news, insider Ajay Singh sold 19,972 shares of the firm’s stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $61.58, for a total value of $1,229,875.76. Following the sale, the insider now directly owns 262,144 shares of the company’s stock, valued at approximately $16,142,827.52. This trade represents a 7.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Mona Chu sold 8,311 shares of Pure Storage stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $62.16, for a total value of $516,611.76. Following the completion of the transaction, the chief accounting officer now owns 67,681 shares in the company, valued at $4,207,050.96. The trade was a 10.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 137,178 shares of company stock worth $8,871,746. 6.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Pure Storage

Hedge funds have recently modified their holdings of the business. McIlrath & Eck LLC acquired a new position in Pure Storage during the 4th quarter valued at $25,000. Sugar Maple Asset Management LLC acquired a new stake in Pure Storage in the 4th quarter worth $29,000. Compass Financial Services Inc bought a new position in shares of Pure Storage during the 4th quarter worth about $29,000. Crowley Wealth Management Inc. acquired a new position in shares of Pure Storage during the fourth quarter valued at about $31,000. Finally, Berbice Capital Management LLC bought a new stake in shares of Pure Storage in the fourth quarter valued at about $37,000. 83.42% of the stock is owned by 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.