Pure Storage, Inc. (NYSE:PSTG) Given Consensus Rating of “Moderate Buy” by Analysts

Pure Storage, Inc. (NYSE:PSTG) has earned a consensus recommendation of “Moderate Buy” from the twenty-two brokerages that are covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, six have issued a hold recommendation and fifteen have issued a buy recommendation on the company. The average 12-month price target among brokerages that have covered the stock in the last year is $72.70.

A number of brokerages have recently weighed in on PSTG. Citigroup raised their price target on Pure Storage from $63.00 to $75.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Northland Securities restated a “market perform” rating and set a $63.00 target price (up from $59.00) on shares of Pure Storage in a report on Wednesday, December 4th. Piper Sandler raised shares of Pure Storage from a “neutral” rating to an “overweight” rating and upped their price target for the company from $56.00 to $76.00 in a report on Wednesday, December 4th. JPMorgan Chase & Co. raised their price objective on shares of Pure Storage from $60.00 to $75.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. Finally, 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, December 4th.

Pure Storage Price Performance

NYSE PSTG opened at $66.47 on Monday. The business has a 50 day moving average price of $59.63 and a 200 day moving average price of $56.72. The company has a market capitalization of $21.69 billion, a P/E ratio of 174.94, a PEG ratio of 7.81 and a beta of 1.09. Pure Storage has a 1-year low of $37.26 and a 1-year high of $70.41.

Insider Activity

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Nvwm LLC raised its stake in shares of Pure Storage by 23.3% during the third quarter. Nvwm LLC now owns 1,027 shares of the technology company’s stock valued at $52,000 after purchasing an additional 194 shares during the period. Larson Financial Group LLC grew its holdings in Pure Storage by 49.1% during the 3rd quarter. Larson Financial Group LLC now owns 644 shares of the technology company’s stock valued at $32,000 after purchasing an additional 212 shares in the last quarter. Venturi Wealth Management LLC increased its stake in Pure Storage by 40.9% during the 3rd quarter. Venturi Wealth Management LLC now owns 754 shares of the technology company’s stock worth $38,000 after buying an additional 219 shares during the period. Brookstone Capital Management increased its stake in Pure Storage by 3.1% during the 4th quarter. Brookstone Capital Management now owns 7,917 shares of the technology company’s stock worth $486,000 after buying an additional 240 shares during the period. Finally, Bank Pictet & Cie Europe AG lifted its holdings in Pure Storage by 3.6% in the 3rd quarter. Bank Pictet & Cie Europe AG now owns 7,461 shares of the technology company’s stock worth $375,000 after buying an additional 259 shares in the last quarter. 83.42% of the stock is owned by hedge funds and other institutional investors.

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.