Pure Storage (NYSE:PSTG) Price Target Raised to $70.00

Pure Storage (NYSE:PSTG) had its price objective raised by Lake Street Capital from $68.00 to $70.00 in a report issued on Wednesday morning,Benzinga reports. Lake Street Capital currently has a buy rating on the technology company’s stock.

Several other analysts also recently issued reports on the stock. TD Cowen upped their price target on shares of Pure Storage from $70.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday. Barclays upped their target price on Pure Storage from $56.00 to $61.00 and gave the company an “equal weight” rating in a research note on Wednesday. Raymond James dropped their price target on Pure Storage from $73.00 to $70.00 and set an “outperform” rating for the company in a research report on Thursday, August 29th. Northland Securities restated a “market perform” rating and issued a $63.00 price objective (up from $59.00) on shares of Pure Storage in a research report on Wednesday. Finally, Evercore ISI lifted their price objective on Pure Storage from $70.00 to $75.00 and gave the stock an “outperform” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat, Pure Storage presently has an average rating of “Moderate Buy” and a consensus price target of $72.10.

Pure Storage Trading Up 3.8 %

Shares of Pure Storage stock opened at $64.92 on Wednesday. The company has a 50-day moving average of $53.04 and a two-hundred day moving average of $56.86. Pure Storage has a 12-month low of $31.90 and a 12-month high of $70.41. The company has a current ratio of 1.99, a quick ratio of 1.96 and a debt-to-equity ratio of 0.07. The stock has a market cap of $21.27 billion, a PE ratio of 170.85, a price-to-earnings-growth ratio of 7.27 and a beta of 1.13.

Insider Buying and Selling

In other news, CAO Mona Chu sold 25,000 shares of the stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $50.32, for a total value of $1,258,000.00. Following the completion of the sale, the chief accounting officer now owns 96,639 shares in the company, valued at $4,862,874.48. This represents a 20.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider John Colgrove sold 100,000 shares of the company’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $49.94, for a total value of $4,994,000.00. Following the transaction, the insider now directly owns 500,000 shares in the company, valued at $24,970,000. The trade was a 16.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 454,542 shares of company stock valued at $25,154,030 over the last quarter. Corporate insiders own 6.00% of the company’s stock.

Institutional Investors Weigh In On Pure Storage

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sycomore Asset Management acquired a new stake in Pure Storage in the second quarter valued at approximately $2,259,000. Citigroup Inc. lifted its stake in shares of Pure Storage by 11.3% in the 3rd quarter. Citigroup Inc. now owns 144,005 shares of the technology company’s stock valued at $7,235,000 after purchasing an additional 14,659 shares during the last quarter. FMR LLC boosted its holdings in Pure Storage by 0.8% in the third quarter. FMR LLC now owns 49,153,797 shares of the technology company’s stock worth $2,469,487,000 after purchasing an additional 368,643 shares in the last quarter. Bank of Montreal Can increased its position in Pure Storage by 92.0% during the third quarter. Bank of Montreal Can now owns 193,563 shares of the technology company’s stock worth $9,570,000 after buying an additional 92,762 shares during the last quarter. Finally, MinichMacGregor Wealth Management LLC bought a new position in Pure Storage during the third quarter valued at about $6,890,000. Hedge funds and other institutional investors 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.