Piper Sandler Cuts Pure Storage (NYSE:PSTG) Price Target to $53.00

Pure Storage (NYSE:PSTG) had its target price reduced by Piper Sandler from $76.00 to $53.00 in a research note published on Tuesday,Benzinga reports. Piper Sandler currently has an overweight rating on the technology company’s stock.

Other analysts have also recently issued reports about the stock. Morgan Stanley lifted their target price 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. Needham & Company LLC restated a “buy” rating and set a $75.00 price objective on shares of Pure Storage in a report on Thursday, February 27th. UBS Group upped their target price on Pure Storage from $47.00 to $50.00 and gave the company a “sell” rating in a research note on Thursday, February 27th. Citigroup decreased their price target on Pure Storage from $80.00 to $77.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. Finally, StockNews.com downgraded shares of Pure Storage from a “buy” rating to a “hold” rating in a research note on Thursday, February 27th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $72.05.

Pure Storage Price Performance

Pure Storage stock opened at $41.88 on Tuesday. The stock has a market capitalization of $13.65 billion, a P/E ratio of 110.21, a P/E/G ratio of 5.12 and a beta of 1.08. Pure Storage has a 12-month low of $34.51 and a 12-month high of $73.67. The firm’s 50-day moving average is $54.17 and its two-hundred day moving average is $56.80.

Institutional Investors Weigh In On Pure Storage

A number of large investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in Pure Storage by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 33,443,732 shares of the technology company’s stock worth $2,054,448,000 after acquiring an additional 615,931 shares during the period. T. Rowe Price Investment Management Inc. boosted its stake in shares of Pure Storage by 5.9% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 7,207,162 shares of the technology company’s stock valued at $442,736,000 after purchasing an additional 401,035 shares during the period. Geode Capital Management LLC grew its holdings in Pure Storage by 25.4% during the 4th quarter. Geode Capital Management LLC now owns 6,748,553 shares of the technology company’s stock valued at $413,982,000 after purchasing an additional 1,366,458 shares in the last quarter. Champlain Investment Partners LLC increased its stake in Pure Storage by 3.0% during the 4th quarter. Champlain Investment Partners LLC now owns 5,921,392 shares of the technology company’s stock worth $363,751,000 after buying an additional 174,449 shares during the period. Finally, Disciplined Growth Investors Inc. MN lifted its holdings in Pure Storage by 3.2% in the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 5,684,218 shares of the technology company’s stock worth $285,575,000 after buying an additional 177,559 shares in the last quarter. Institutional investors and hedge funds own 83.42% of the company’s stock.

About Pure Storage

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.