UBS Group Boosts Pure Storage (NYSE:PSTG) Price Target to $50.00

Pure Storage (NYSE:PSTG) had its target price boosted by equities researchers at UBS Group from $47.00 to $50.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a “sell” rating on the technology company’s stock. UBS Group’s target price indicates a potential downside of 4.62% from the company’s current price.

Other equities research analysts have also issued reports about the company. TD Cowen boosted their target price on Pure Storage from $70.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Barclays boosted their target price on Pure Storage from $56.00 to $61.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 4th. William Blair restated an “outperform” rating on shares of Pure Storage in a report on Thursday, November 14th. JPMorgan Chase & Co. boosted their target price on Pure Storage from $60.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Finally, Bank of America cut their price target on Pure Storage from $77.00 to $73.00 and set a “neutral” rating for the company in a report on Thursday. One analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $73.20.

Pure Storage Stock Performance

PSTG opened at $52.42 on Thursday. The business has a 50 day moving average price of $65.66 and a 200 day moving average price of $58.21. Pure Storage has a twelve month low of $44.76 and a twelve month high of $73.67. The firm has a market cap of $17.10 billion, a P/E ratio of 137.95, a price-to-earnings-growth ratio of 5.12 and a beta of 1.09.

Insider Buying and Selling at Pure Storage

In other Pure Storage news, insider Ajay Singh sold 19,972 shares of the company’s stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $61.58, for a total value of $1,229,875.76. Following the sale, the insider now directly owns 262,144 shares in the company, valued at $16,142,827.52. This represents a 7.08 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider John Colgrove sold 100,000 shares of the business’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $65.55, for a total value 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 approximately $479,611,127.10. This represents a 1.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 137,178 shares of company stock worth $8,871,746 over the last three months. Company insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Pure Storage

Institutional investors and hedge funds have recently bought and sold shares of the business. McIlrath & Eck LLC acquired a new position in Pure Storage in the fourth quarter worth $25,000. Sugar Maple Asset Management LLC acquired a new position in Pure Storage in the fourth quarter worth $29,000. Compass Financial Services Inc acquired a new position in shares of Pure Storage during the fourth quarter valued at $29,000. Crowley Wealth Management Inc. acquired a new position in shares of Pure Storage during the fourth quarter valued at $31,000. Finally, Larson Financial Group LLC lifted its stake in shares of Pure Storage by 49.1% during the third quarter. Larson Financial Group LLC now owns 644 shares of the technology company’s stock valued at $32,000 after acquiring an additional 212 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.