Pure Storage (NYSE:PSTG) Price Target Raised to $75.00 at Citigroup

Pure Storage (NYSE:PSTG) had its price objective lifted by analysts at Citigroup from $63.00 to $75.00 in a report issued on Wednesday,Briefing.com Automated Import reports. The brokerage currently has a “buy” rating on the technology company’s stock. Citigroup’s price target points to a potential upside of 40.17% from the stock’s previous close.

PSTG has been the topic of a number of other research reports. Needham & Company LLC upped their price target on Pure Storage from $62.00 to $75.00 and gave the company a “buy” rating in a research report on Wednesday. Susquehanna reiterated a “positive” rating and issued a $80.00 target price on shares of Pure Storage in a report on Monday, August 26th. William Blair reissued an “outperform” rating on shares of Pure Storage in a research report on Thursday, November 14th. Wedbush restated an “outperform” rating and issued a $80.00 price target on shares of Pure Storage in a research report on Monday, August 26th. Finally, TD Cowen increased their price objective on shares of Pure Storage from $70.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, six have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $71.90.

Pure Storage Price Performance

Shares of NYSE:PSTG opened at $53.51 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. Pure Storage has a 52 week low of $31.79 and a 52 week high of $70.41. The firm has a market cap of $17.53 billion, a PE ratio of 133.76, a price-to-earnings-growth ratio of 7.20 and a beta of 1.13. The firm’s fifty day moving average is $52.19 and its 200-day moving average is $56.72.

Insider Buying and Selling at Pure Storage

In related news, CAO Mona Chu sold 25,000 shares of the stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $50.32, for a total value of $1,258,000.00. Following the completion of the sale, the chief accounting officer now directly owns 96,639 shares of the company’s stock, valued at approximately $4,862,874.48. This represents a 20.55 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider John Colgrove sold 100,000 shares of Pure Storage stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $49.94, for a total transaction of $4,994,000.00. Following the transaction, the insider now directly owns 500,000 shares in the company, valued at $24,970,000. This represents a 16.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 354,542 shares of company stock valued at $18,599,030. Corporate insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Massmutual Trust Co. FSB ADV increased its stake 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 valued at $27,000 after buying an additional 161 shares during the last quarter. Nvwm LLC boosted its stake in shares of Pure Storage by 23.3% in the 3rd quarter. Nvwm LLC now owns 1,027 shares of the technology company’s stock worth $52,000 after buying an additional 194 shares during the last quarter. Harbour Investments Inc. grew its holdings in shares of Pure Storage by 3.0% in the second quarter. Harbour Investments Inc. now owns 6,912 shares of the technology company’s stock valued at $444,000 after acquiring an additional 202 shares in the last quarter. Larson Financial Group LLC increased its position in shares of Pure Storage by 49.1% during the third quarter. Larson Financial Group LLC now owns 644 shares of the technology company’s stock valued at $32,000 after acquiring an additional 212 shares during the last quarter. Finally, Venturi Wealth Management LLC lifted its holdings in Pure Storage by 40.9% during the third quarter. Venturi Wealth Management LLC now owns 754 shares of the technology company’s stock worth $38,000 after acquiring an additional 219 shares during the period. 83.42% of the stock is owned by institutional investors.

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.