Pure Storage (NYSE:PSTG) Stock Price Expected to Rise, UBS Group Analyst Says

Pure Storage (NYSE:PSTG) had its target price increased by stock analysts at UBS Group from $47.00 to $50.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a “sell” rating on the technology company’s stock. UBS Group’s target price would suggest a potential downside of 9.56% from the company’s current price.

Other equities analysts have also issued reports about the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $75.00 target price on shares of Pure Storage in a report on Thursday. TD Cowen upped their price objective on shares of Pure Storage from $70.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Wells Fargo & Company lifted 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. Evercore ISI increased their price target on Pure Storage from $70.00 to $75.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Finally, Lake Street Capital lifted their price target on shares of Pure Storage from $68.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $73.35.

Pure Storage Price Performance

Pure Storage stock traded down $7.16 during trading hours on Thursday, hitting $55.28. 4,910,544 shares of the stock traded hands, compared to its average volume of 2,439,545. Pure Storage has a 1 year low of $40.95 and a 1 year high of $73.67. The stock has a market capitalization of $18.04 billion, a price-to-earnings ratio of 145.80, a P/E/G ratio of 5.12 and a beta of 1.09. The firm’s 50 day moving average price is $66.09 and its 200-day moving average price is $58.28.

Insider Activity at Pure Storage

In other news, insider John Colgrove sold 100,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $65.55, for a total transaction of $6,555,000.00. Following the completion of the sale, the insider now owns 7,316,722 shares in the company, valued at $479,611,127.10. This represents a 1.35 % 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, insider Ajay Singh sold 19,972 shares of the business’s stock in a transaction dated 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 transaction, the insider now owns 262,144 shares in the company, valued at approximately $16,142,827.52. This trade represents a 7.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 137,178 shares of company stock valued at $8,871,746 over the last three months. 6.00% of the stock is owned by corporate insiders.

Institutional Trading of Pure Storage

A number of hedge funds have recently bought and sold shares of PSTG. World Investment Advisors lifted its stake in shares of Pure Storage by 1.6% during the 4th quarter. World Investment Advisors now owns 9,635 shares of the technology company’s stock worth $592,000 after purchasing an additional 150 shares during the period. Peapack Gladstone Financial Corp lifted its position in Pure Storage by 2.7% during the fourth quarter. Peapack Gladstone Financial Corp now owns 5,775 shares of the technology company’s stock worth $355,000 after buying an additional 150 shares during the period. HighPoint Advisor Group LLC grew its stake in shares of Pure Storage by 2.7% during the 4th quarter. HighPoint Advisor Group LLC now owns 5,885 shares of the technology company’s stock valued at $396,000 after buying an additional 157 shares during the period. Parallel Advisors LLC grew its stake in Pure Storage by 1.4% during the fourth quarter. Parallel Advisors LLC now owns 13,271 shares of the technology company’s stock worth $815,000 after buying an additional 186 shares during the period. Finally, Cherry Creek Investment Advisors Inc. lifted its stake in shares of Pure Storage by 0.3% during the fourth quarter. Cherry Creek Investment Advisors Inc. now owns 67,232 shares of the technology company’s stock worth $4,130,000 after purchasing an additional 189 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.