Brokerages Set Pure Storage, Inc. (NYSE:PSTG) Target Price at $72.70

Shares of Pure Storage, Inc. (NYSE:PSTG) have received a consensus rating of “Moderate Buy” from the twenty-two ratings firms that are currently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, six have given a hold recommendation and fifteen have issued a buy recommendation on the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $72.70.

Several equities analysts recently commented on PSTG shares. TD Cowen upped their target price on shares of Pure Storage from $70.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. William Blair reissued an “outperform” rating on shares of Pure Storage in a report on Thursday, November 14th. Morgan Stanley boosted their price target on shares of Pure Storage from $62.00 to $72.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. JPMorgan Chase & Co. boosted their price target on shares of Pure Storage from $60.00 to $75.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. Finally, Citigroup boosted their price target on shares of Pure Storage from $63.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday, December 4th.

Pure Storage Price Performance

NYSE:PSTG opened at $68.85 on Friday. The stock has a market cap of $22.46 billion, a P/E ratio of 181.20, a PEG ratio of 5.26 and a beta of 1.09. Pure Storage has a one year low of $38.78 and a one year high of $73.67. The company has a fifty day moving average price of $65.81 and a 200 day moving average price of $57.76.

Insider Buying and Selling at Pure Storage

In other news, CAO Mona Chu sold 8,311 shares of the firm’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $62.16, for a total value of $516,611.76. Following the transaction, the chief accounting officer now owns 67,681 shares of the company’s stock, valued at approximately $4,207,050.96. This trade represents a 10.94 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John Colgrove sold 100,000 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $65.55, for a total transaction of $6,555,000.00. Following the completion of the transaction, the insider now directly owns 7,316,722 shares in the company, valued at $479,611,127.10. This trade represents a 1.35 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 137,178 shares of company stock worth $8,871,746. 6.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. McIlrath & Eck LLC bought a new position in shares of Pure Storage in the 4th quarter valued at about $25,000. Sugar Maple Asset Management LLC bought a new position in shares of Pure Storage in the 4th quarter valued at about $29,000. Compass Financial Services Inc bought a new position in shares of Pure Storage in the 4th quarter valued at about $29,000. Crowley Wealth Management Inc. bought a new position in shares of Pure Storage in the 4th quarter valued at about $31,000. Finally, Berbice Capital Management LLC bought a new position in shares of Pure Storage in the 4th quarter valued at about $37,000. Institutional investors 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.