Pure Storage (NYSE:PSTG) Given New $80.00 Price Target at TD Cowen

Pure Storage (NYSE:PSTG) had its price objective raised by TD Cowen from $70.00 to $80.00 in a research report released on Wednesday, MarketBeat.com reports. The brokerage currently has a buy rating on the technology company’s stock.

A number of other research firms have also issued reports on PSTG. Lake Street Capital lowered their target price on Pure Storage from $70.00 to $68.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. Guggenheim lifted their price objective on Pure Storage from $72.00 to $93.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Susquehanna reissued a “positive” rating and set a $80.00 price objective on shares of Pure Storage in a report on Monday, August 26th. Piper Sandler raised Pure Storage from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $56.00 to $76.00 in a report on Wednesday. Finally, Raymond James decreased their price objective on Pure Storage from $73.00 to $70.00 and set an “outperform” rating on the stock in a report on Thursday, August 29th. 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 MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $72.00.

Pure Storage Stock Performance

Shares of NYSE PSTG opened at $65.27 on Wednesday. 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 price-to-earnings ratio of 163.18, a P/E/G ratio of 7.20 and a beta of 1.13. The business’s 50-day simple moving average is $52.49 and its 200-day simple moving average is $56.78. Pure Storage has a 52 week low of $31.79 and a 52 week high of $70.41.

Insider Buying and Selling

In other Pure Storage news, insider John Colgrove sold 100,000 shares of the business’s stock in a transaction dated 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 directly owns 300,000 shares of the company’s stock, valued at approximately $17,196,000. The trade was a 25.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CRO Dan Fitzsimons sold 8,895 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $50.67, for a total value of $450,709.65. Following the completion of the transaction, the executive now directly owns 94,446 shares of the company’s stock, valued at approximately $4,785,578.82. The trade was a 8.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 354,542 shares of company stock valued at $18,599,030 over the last three months. Company insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Massmutual Trust Co. FSB ADV grew its stake in Pure Storage by 61.2% in the second quarter. Massmutual Trust Co. FSB ADV now owns 424 shares of the technology company’s stock valued at $27,000 after acquiring an additional 161 shares during the period. Larson Financial Group LLC lifted its holdings in shares of Pure Storage by 242.9% in the second quarter. Larson Financial Group LLC now owns 432 shares of the technology company’s stock valued at $28,000 after purchasing an additional 306 shares in the last quarter. ORG Wealth Partners LLC bought a new stake in shares of Pure Storage in the third quarter valued at about $31,000. FSC Wealth Advisors LLC bought a new stake in shares of Pure Storage in the second quarter valued at about $33,000. Finally, ORG Partners LLC bought a new stake in shares of Pure Storage in the second quarter valued at about $35,000. 83.42% of the stock is owned by institutional investors and hedge funds.

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.