Pure Storage, Inc. (NYSE:PSTG) Receives $89.65 Average Target Price from Analysts

Shares of Pure Storage, Inc. (NYSE:PSTG) have been given a consensus recommendation of “Moderate Buy” by the twenty analysts that are covering the company, MarketBeat reports. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have issued a buy rating on the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $92.6111.

A number of brokerages have weighed in on PSTG. JPMorgan Chase & Co. lifted their price target on shares of Pure Storage from $105.00 to $110.00 and gave the company an “overweight” rating in a report on Monday. Raymond James Financial upped their price objective on Pure Storage from $88.00 to $99.00 and gave the stock an “outperform” rating in a report on Friday, October 17th. Bank of America lifted their target price on Pure Storage from $76.00 to $80.00 and gave the company a “neutral” rating in a report on Thursday, August 28th. Cowen reissued a “buy” rating on shares of Pure Storage in a research report on Thursday, August 28th. Finally, Wells Fargo & Company upped their price target on Pure Storage from $80.00 to $100.00 and gave the stock an “overweight” rating in a research note on Friday, September 26th.

Insider Buying and Selling at Pure Storage

In related news, Director Roxanne Taylor sold 3,000 shares of the stock in a transaction that occurred on Thursday, September 4th. The shares were sold at an average price of $76.93, for a total transaction of $230,790.00. Following the completion of the sale, the director owned 16,343 shares of the company’s stock, valued at approximately $1,257,266.99. This represents a 15.51% 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 9,091 shares of the firm’s stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $84.91, for a total transaction of $771,916.81. Following the completion of the transaction, the chief accounting officer owned 107,353 shares in the company, valued at $9,115,343.23. The trade was a 7.81% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 443,111 shares of company stock worth $36,793,439. Company insiders own 5.60% of the company’s stock.

Institutional Trading of Pure Storage

A number of institutional investors have recently added to or reduced their stakes in PSTG. Nisa Investment Advisors LLC increased its holdings in Pure Storage by 35.6% in the 1st quarter. Nisa Investment Advisors LLC now owns 910 shares of the technology company’s stock valued at $40,000 after purchasing an additional 239 shares in the last quarter. Cerity Partners LLC grew its stake in shares of Pure Storage by 53.1% in the first quarter. Cerity Partners LLC now owns 19,741 shares of the technology company’s stock valued at $874,000 after buying an additional 6,850 shares in the last quarter. New York State Common Retirement Fund grew its stake in shares of Pure Storage by 2.2% in the first quarter. New York State Common Retirement Fund now owns 162,454 shares of the technology company’s stock valued at $7,192,000 after buying an additional 3,500 shares in the last quarter. CWM LLC lifted its position in Pure Storage by 26.7% during the 1st quarter. CWM LLC now owns 8,309 shares of the technology company’s stock worth $368,000 after acquiring an additional 1,751 shares in the last quarter. Finally, Signaturefd LLC boosted its holdings in Pure Storage by 25.3% in the 1st quarter. Signaturefd LLC now owns 4,017 shares of the technology company’s stock worth $178,000 after acquiring an additional 812 shares during the period. 83.42% of the stock is owned by hedge funds and other institutional investors.

Pure Storage Price Performance

PSTG opened at $82.21 on Friday. Pure Storage has a 12 month low of $34.51 and a 12 month high of $100.59. The business has a 50-day moving average of $89.40 and a two-hundred day moving average of $68.98. The stock has a market capitalization of $27.02 billion, a price-to-earnings ratio of 200.51, a price-to-earnings-growth ratio of 8.99 and a beta of 1.24.

Pure Storage (NYSE:PSTG) last announced its quarterly earnings data on Tuesday, September 9th. The technology company reported $0.44 earnings per share for the quarter. Pure Storage had a net margin of 4.15% and a return on equity of 11.34%. The business had revenue of $763.77 million for the quarter. Equities research analysts anticipate that Pure Storage will post 0.44 earnings per share for the current year.

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.