Lake Street Capital Forecasts Strong Price Appreciation for Pure Storage (NYSE:PSTG) Stock

Pure Storage (NYSE:PSTG) had its target price boosted by stock analysts at Lake Street Capital from $68.00 to $70.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. Lake Street Capital’s price target would indicate a potential upside of 7.25% from the company’s current price.

Several other equities research analysts have also weighed in on the stock. Raymond James cut their target price on shares of Pure Storage from $73.00 to $70.00 and set an “outperform” rating on the stock in a report on Thursday, August 29th. Stifel Nicolaus increased their price objective on shares of Pure Storage from $60.00 to $65.00 and gave the stock a “hold” rating in a research report on Wednesday. UBS Group increased their price objective on shares of Pure Storage from $45.00 to $47.00 and gave the stock a “sell” rating in a research report on Wednesday. Oppenheimer assumed coverage on shares of Pure Storage in a research report on Wednesday, November 13th. They set an “outperform” rating and a $70.00 price objective for the company. Finally, Piper Sandler raised shares of Pure Storage from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $56.00 to $76.00 in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $72.10.

Pure Storage Trading Up 21.9 %

PSTG opened at $65.27 on Wednesday. The firm’s fifty day moving average is $52.49 and its two-hundred day moving average is $56.78. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.96 and a current ratio of 1.99. The firm has a market cap of $21.39 billion, a PE ratio of 171.77, a price-to-earnings-growth ratio of 7.27 and a beta of 1.13. Pure Storage has a twelve month low of $31.79 and a twelve month high of $70.41.

Insider Buying and Selling at Pure Storage

In other news, CRO Dan Fitzsimons sold 8,895 shares of the firm’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $50.67, for a total transaction of $450,709.65. Following the completion of the sale, the executive now owns 94,446 shares in the company, valued at approximately $4,785,578.82. This trade represents a 8.61 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider John Colgrove sold 100,000 shares of the firm’s stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $57.32, for a total transaction of $5,732,000.00. Following the sale, the insider now owns 300,000 shares of the company’s stock, valued at approximately $17,196,000. This represents a 25.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 354,542 shares of company stock worth $18,599,030 over the last quarter. 6.00% of the stock is currently owned by insiders.

Institutional Trading of Pure Storage

A number of hedge funds have recently modified their holdings of PSTG. Franklin Resources Inc. raised its stake in Pure Storage by 210.2% in the 3rd quarter. Franklin Resources Inc. now owns 2,553,402 shares of the technology company’s stock worth $137,628,000 after purchasing an additional 1,730,123 shares in the last quarter. Tidal Investments LLC raised its stake in Pure Storage by 2.0% in the 3rd quarter. Tidal Investments LLC now owns 69,711 shares of the technology company’s stock worth $3,502,000 after purchasing an additional 1,343 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in Pure Storage in the 3rd quarter worth about $119,000. World Investment Advisors LLC acquired a new stake in Pure Storage in the 3rd quarter worth about $477,000. Finally, Sanctuary Advisors LLC raised its stake in Pure Storage by 15.1% in the 3rd quarter. Sanctuary Advisors LLC now owns 17,709 shares of the technology company’s stock worth $915,000 after purchasing an additional 2,317 shares in the last quarter. 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.