Analysts Set Pure Storage, Inc. (NYSE:PSTG) Price Target at $95.26

by · The Markets Daily

Pure Storage, Inc. (NYSE:PSTG – Get Free Report) has been given an average rating of “Moderate Buy” by the twenty analysts that are currently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, six have assigned a hold recommendation and thirteen have assigned a buy recommendation to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $95.2632.

Several equities research analysts have issued reports on PSTG shares. Morgan Stanley set a $83.00 target price on shares of Pure Storage in a research note on Wednesday, December 3rd. Susquehanna set a $105.00 price objective on shares of Pure Storage in a research note on Wednesday, December 3rd. Guggenheim increased their price objective on shares of Pure Storage from $93.00 to $105.00 and gave the company a “buy” rating in a report on Friday, September 26th. Wall Street Zen upgraded Pure Storage from a “hold” rating to a “buy” rating in a report on Saturday, December 20th. Finally, Raymond James Financial upped their price target on Pure Storage from $88.00 to $99.00 and gave the company an “outperform” rating in a research report on Friday, October 17th.

Check Out Our Latest Report on Pure Storage

Pure Storage Trading Up 2.0%

NYSE:PSTG opened at $66.99 on Monday. The stock has a 50 day moving average of $77.14 and a two-hundred day moving average of $73.93. Pure Storage has a 12 month low of $34.51 and a 12 month high of $100.59. The firm has a market cap of $22.12 billion, a P/E ratio of 176.28, a price-to-earnings-growth ratio of 7.29 and a beta of 1.26.

Pure Storage (NYSE:PSTG – Get Free Report) last released its earnings results on Tuesday, September 9th. The technology company reported $0.44 earnings per share for the quarter. The business had revenue of $763.77 million for the quarter. Pure Storage had a return on equity of 10.60% and a net margin of 3.74%. On average, research analysts forecast that Pure Storage will post 0.44 earnings per share for the current year.

Insider Buying and Selling at Pure Storage

In related news, insider Ajay Singh sold 7,178 shares of the firm’s stock in a transaction dated Tuesday, December 23rd. The shares were sold at an average price of $67.14, for a total transaction of $481,930.92. Following the completion of the sale, the insider directly owned 215,091 shares in the company, valued at approximately $14,441,209.74. This trade represents a 3.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider John Colgrove sold 100,000 shares of the business’s stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $71.31, for a total transaction of $7,131,000.00. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 307,178 shares of company stock worth $26,020,931. Insiders own 5.60% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PSTG. Norges Bank acquired a new stake in Pure Storage during the second quarter worth $225,203,000. Arrowstreet Capital Limited Partnership grew its holdings in shares of Pure Storage by 786.9% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 4,027,610 shares of the technology company’s stock worth $337,554,000 after purchasing an additional 3,573,493 shares during the period. Atreides Management LP purchased a new position in shares of Pure Storage during the 2nd quarter worth $204,552,000. William Blair Investment Management LLC increased its position in shares of Pure Storage by 112.9% during the 2nd quarter. William Blair Investment Management LLC now owns 4,926,836 shares of the technology company’s stock worth $283,687,000 after purchasing an additional 2,612,300 shares during the last quarter. Finally, Polar Capital Holdings Plc raised its holdings in Pure Storage by 90.5% in the 3rd quarter. Polar Capital Holdings Plc now owns 2,831,141 shares of the technology company’s stock valued at $237,278,000 after buying an additional 1,345,207 shares during the period. 83.42% of the stock is currently owned by institutional investors and hedge funds.

About Pure Storage

(Get Free Report)

Pure Storage, Inc (NYSE: PSTG) is a technology company that designs and sells data storage hardware and software for enterprise and cloud environments. The company is best known for its all-flash storage arrays that are engineered to deliver high performance, low latency and simplified management compared with traditional disk-based systems. Its product portfolio includes purpose-built arrays and software aimed at transactional databases, virtualized infrastructures, analytics and large-scale file/object workloads.

Key product and software offerings include the FlashArray family for block storage and FlashBlade for file and object workloads, together with Purity, the company’s storage operating environment.

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