Pure Storage (NYSE:PSTG) Given New $100.00 Price Target at TD Cowen

Pure Storage (NYSE:PSTG) had its price target raised by research analysts at TD Cowen from $85.00 to $100.00 in a research report issued on Wednesday. The brokerage presently has a “buy” rating on the technology company’s stock. TD Cowen’s target price indicates a potential upside of 5.15% from the stock’s previous close.

PSTG has been the topic of a number of other research reports. Citigroup raised their price objective on shares of Pure Storage from $81.00 to $110.00 and gave the stock a “buy” rating in a report on Tuesday, October 21st. Barclays set a $77.00 price target on shares of Pure Storage in a research note on Wednesday. Northland Securities upped their price objective on shares of Pure Storage from $63.00 to $71.00 and gave the company a “market perform” rating in a research note on Thursday, August 28th. Raymond James Financial lifted their target price on Pure Storage from $88.00 to $99.00 and gave the stock an “outperform” rating in a research report on Friday, October 17th. Finally, Oppenheimer began coverage on Pure Storage in a research report on Monday, November 17th. They issued an “outperform” rating and a $120.00 target price for the company. Thirteen research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $94.42.

Pure Storage Price Performance

Shares of NYSE PSTG opened at $95.10 on Wednesday. The business has a 50-day moving average of $89.22 and a two-hundred day moving average of $71.31. The company has a market capitalization of $31.25 billion, a price-to-earnings ratio of 231.96, a price-to-earnings-growth ratio of 8.99 and a beta of 1.24. Pure Storage has a 1 year low of $34.51 and a 1 year high of $100.59.

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

Insider Buying and Selling at Pure Storage

In related news, Director Roxanne Taylor sold 3,000 shares of the stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $76.93, for a total transaction of $230,790.00. Following the completion of the sale, the director directly owned 16,343 shares of the company’s stock, valued at $1,257,266.99. This trade represents a 15.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider John Colgrove sold 100,000 shares of the company’s stock in a transaction on Monday, November 10th. The stock was sold at an average price of $91.59, for a total transaction of $9,159,000.00. Following the transaction, the insider owned 100,000 shares of the company’s stock, valued at approximately $9,159,000. The trade was a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 330,311 shares of company stock valued at $29,728,890. Corporate insiders own 5.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Mechanics Financial Corp acquired a new stake in Pure Storage in the second quarter valued at about $25,000. Winnow Wealth LLC acquired a new stake in Pure Storage in the third quarter valued at $26,000. Provenance Wealth Advisors LLC acquired a new stake in Pure Storage in the third quarter valued at $27,000. Foster Dykema Cabot & Partners LLC purchased a new stake in shares of Pure Storage during the 3rd quarter worth $28,000. Finally, Sunbelt Securities Inc. grew its stake in shares of Pure Storage by 287.1% during the 3rd quarter. Sunbelt Securities Inc. now owns 329 shares of the technology company’s stock worth $28,000 after purchasing an additional 244 shares during the period. 83.42% of the stock is currently owned by institutional investors and hedge funds.

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.