Pure Storage (NYSE:PSTG) Upgraded at Piper Sandler

Pure Storage (NYSE:PSTG) was upgraded by Piper Sandler from a “neutral” rating to an “overweight” rating in a note issued to investors on Wednesday, MarketBeat reports. The brokerage currently has a $76.00 price objective on the technology company’s stock, up from their prior price objective of $56.00. Piper Sandler’s price objective would suggest a potential upside of 42.04% from the company’s previous close.

PSTG has been the subject of a number of other reports. Raymond James decreased their target price on Pure Storage from $73.00 to $70.00 and set an “outperform” rating for the company in a research note on Thursday, August 29th. TD Cowen cut their target price on Pure Storage from $80.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, August 29th. William Blair reaffirmed an “outperform” rating on shares of Pure Storage in a report on Thursday, November 14th. Northland Securities reaffirmed a “market perform” rating and issued a $63.00 price target (up previously from $59.00) on shares of Pure Storage in a report on Wednesday. Finally, Evercore ISI cut their target price on shares of Pure Storage from $75.00 to $70.00 and set an “outperform” rating on the stock in a research note on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Pure Storage presently has an average rating of “Moderate Buy” and an average target price of $70.30.

Pure Storage Stock Up 0.9 %

Shares of NYSE PSTG opened at $53.51 on Wednesday. Pure Storage has a 1 year low of $31.79 and a 1 year high of $70.41. The firm has a market cap of $17.53 billion, a price-to-earnings ratio of 133.76, a PEG ratio of 7.20 and a beta of 1.13. 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 stock’s 50-day simple moving average is $52.19 and its 200-day simple moving average is $56.72.

Insider Activity

In related news, CRO Dan Fitzsimons sold 8,895 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $50.67, for a total value of $450,709.65. Following the sale, the executive now owns 94,446 shares in the company, valued at approximately $4,785,578.82. This represents a 8.61 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John Colgrove sold 100,000 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $49.94, for a total value of $4,994,000.00. Following the transaction, the insider now owns 500,000 shares in the company, valued at $24,970,000. The trade was a 16.67 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 354,542 shares of company stock valued at $18,599,030. 6.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in PSTG. Franklin Resources Inc. grew its holdings in shares of Pure Storage by 210.2% during 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 grew its holdings in shares of Pure Storage by 2.0% during 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 third quarter valued at about $119,000. World Investment Advisors LLC acquired a new stake in shares of Pure Storage during the third quarter valued at about $477,000. Finally, Sanctuary Advisors LLC boosted its stake in shares of Pure Storage by 15.1% during the third quarter. Sanctuary Advisors LLC now owns 17,709 shares of the technology company’s stock valued at $915,000 after purchasing an additional 2,317 shares in the last quarter. Institutional investors 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.