Pure Storage (NYSE:PSTG) Given New $50.00 Price Target at UBS Group

Pure Storage (NYSE:PSTG) had its price objective increased by UBS Group from $47.00 to $50.00 in a report released on Thursday,Benzinga reports. UBS Group currently has a sell rating on the technology company’s stock.

PSTG has been the subject of a number of other research reports. Bank of America cut their price target on shares of Pure Storage from $77.00 to $73.00 and set a “neutral” rating for the company in a research note on Thursday. TD Cowen upped their price target 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. JPMorgan Chase & Co. boosted their price objective on shares of Pure Storage from $60.00 to $75.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. Morgan Stanley raised their target price on shares of Pure Storage from $62.00 to $72.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Finally, Evercore ISI lifted their target price on shares of Pure Storage from $70.00 to $75.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $73.20.

Pure Storage Stock Performance

NYSE PSTG opened at $53.04 on Thursday. Pure Storage has a twelve month low of $40.95 and a twelve month high of $73.67. The stock has a market capitalization of $17.30 billion, a PE ratio of 139.58, a P/E/G ratio of 5.12 and a beta of 1.09. The stock has a 50-day simple moving average of $65.90 and a 200 day simple moving average of $58.24.

Insider Buying and Selling

In other news, CAO Mona Chu sold 8,311 shares of the stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $62.16, for a total transaction of $516,611.76. Following the completion of the sale, the chief accounting officer now directly owns 67,681 shares in the company, valued at $4,207,050.96. This represents a 10.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Ajay Singh sold 19,972 shares of the business’s stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $61.58, for a total transaction of $1,229,875.76. Following the completion of the transaction, the insider now owns 262,144 shares in the company, valued at approximately $16,142,827.52. The trade was a 7.08 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 137,178 shares of company stock worth $8,871,746 in the last ninety days. Company insiders own 6.00% of the company’s stock.

Institutional Investors Weigh In On Pure Storage

Several large investors have recently added to or reduced their stakes in PSTG. Creative Planning boosted its holdings in Pure Storage by 39.7% in the third quarter. Creative Planning now owns 27,399 shares of the technology company’s stock worth $1,377,000 after acquiring an additional 7,780 shares in the last quarter. International Assets Investment Management LLC lifted its holdings in Pure Storage by 2,507.0% during the third quarter. International Assets Investment Management LLC now owns 108,267 shares of the technology company’s stock worth $5,439,000 after acquiring an additional 104,114 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Pure Storage by 363.9% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,553 shares of the technology company’s stock valued at $275,000 after purchasing an additional 4,356 shares during the last quarter. State of Alaska Department of Revenue raised its stake in shares of Pure Storage by 7.3% during the 3rd quarter. State of Alaska Department of Revenue now owns 35,670 shares of the technology company’s stock worth $1,792,000 after purchasing an additional 2,435 shares during the period. Finally, abrdn plc grew its position in Pure Storage by 1,604.5% during the third quarter. abrdn plc now owns 94,858 shares of the technology company’s stock valued at $4,766,000 after buying an additional 89,293 shares during the period. 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.