Pure Storage (NYSE:PSTG) Given New $65.00 Price Target at Stifel Nicolaus

Pure Storage (NYSE:PSTG) had its price target lifted by Stifel Nicolaus from $60.00 to $65.00 in a research note issued to investors on Wednesday morning, Marketbeat Ratings reports. They currently have a hold rating on the technology company’s stock.

Several other equities research analysts have also commented on PSTG. William Blair reiterated an “outperform” rating on shares of Pure Storage in a research report on Thursday, November 14th. Piper Sandler upgraded shares of Pure Storage from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $56.00 to $76.00 in a research report on Wednesday. Guggenheim boosted their price objective on shares of Pure Storage from $72.00 to $93.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. TD Cowen decreased their price objective on shares of Pure Storage from $80.00 to $70.00 and set a “buy” rating on the stock in a research report on Thursday, August 29th. Finally, Citigroup reduced their target price on shares of Pure Storage from $67.00 to $63.00 and set a “buy” rating on the stock in a report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $72.00.

Pure Storage Price Performance

Pure Storage stock opened at $65.27 on Wednesday. Pure Storage has a 52 week low of $31.79 and a 52 week high of $70.41. The company has a quick ratio of 1.96, a current ratio of 1.99 and a debt-to-equity ratio of 0.07. The firm’s 50-day simple moving average is $52.49 and its 200 day simple moving average is $56.78. The firm has a market capitalization of $21.39 billion, a PE ratio of 163.18, a P/E/G ratio of 7.20 and a beta of 1.13.

Insider Buying and Selling

In other Pure Storage news, CAO Mona Chu sold 20,647 shares of the company’s stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $51.50, for a total value of $1,063,320.50. Following the completion of the transaction, the chief accounting officer now owns 75,992 shares in the company, valued at $3,913,588. This represents a 21.37 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John Colgrove sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $57.32, for a total value of $5,732,000.00. Following the completion of the transaction, 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. In the last quarter, insiders sold 354,542 shares of company stock valued at $18,599,030. 6.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Pure Storage

A number of institutional investors and hedge funds have recently bought and sold shares of PSTG. Massmutual Trust Co. FSB ADV boosted its holdings in Pure Storage by 61.2% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 424 shares of the technology company’s stock worth $27,000 after acquiring an additional 161 shares during the period. Larson Financial Group LLC boosted its holdings in Pure Storage by 242.9% in the 2nd quarter. Larson Financial Group LLC now owns 432 shares of the technology company’s stock worth $28,000 after acquiring an additional 306 shares during the period. ORG Wealth Partners LLC purchased a new position in Pure Storage in the 3rd quarter worth approximately $31,000. FSC Wealth Advisors LLC purchased a new position in Pure Storage in the 2nd quarter worth approximately $33,000. Finally, ORG Partners LLC purchased a new position in shares of Pure Storage during the 2nd quarter valued at approximately $35,000. 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.