Pure Storage, Inc. (NYSE:PSTG) Given Average Rating of “Moderate Buy” by Analysts

Shares of Pure Storage, Inc. (NYSE:PSTG) have received a consensus rating of “Moderate Buy” from the twenty-two analysts that are presently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, six have assigned a hold recommendation and fifteen have issued a buy recommendation on the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $73.20.

Several brokerages have commented on PSTG. TD Cowen increased their target price on Pure Storage from $70.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Barclays increased their target price on Pure Storage from $56.00 to $61.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 4th. UBS Group increased their target price on Pure Storage from $47.00 to $50.00 and gave the company a “sell” rating in a research note on Thursday, February 27th. JPMorgan Chase & Co. increased their target price on Pure Storage from $60.00 to $75.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Finally, Stifel Nicolaus increased their target price on Pure Storage from $60.00 to $65.00 and gave the company a “hold” rating in a research note on Wednesday, December 4th.

Pure Storage Stock Down 0.7 %

Shares of PSTG opened at $50.54 on Tuesday. The business’s 50 day moving average price is $62.58 and its 200-day moving average price is $57.34. Pure Storage has a 52 week low of $44.76 and a 52 week high of $73.67. The stock has a market cap of $16.49 billion, a P/E ratio of 133.01, a P/E/G ratio of 5.12 and a beta of 1.09.

Insider Buying and Selling

In other Pure Storage news, insider Ajay Singh sold 19,972 shares of the stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $61.58, for a total value of $1,229,875.76. Following the completion of the sale, the insider now owns 262,144 shares in the company, valued at approximately $16,142,827.52. This represents a 7.08 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CRO Dan Fitzsimons sold 8,895 shares of the stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $64.11, for a total value of $570,258.45. Following the completion of the sale, the executive now owns 72,927 shares of the company’s stock, valued at $4,675,349.97. The trade was a 10.87 % decrease in their position. The disclosure for this sale can be found here. 6.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Pure Storage

Institutional investors have recently bought and sold shares of the business. McIlrath & Eck LLC purchased a new stake in Pure Storage in the 4th quarter worth $25,000. Sugar Maple Asset Management LLC purchased a new position in shares of Pure Storage during the fourth quarter valued at about $29,000. Compass Financial Services Inc purchased a new position in shares of Pure Storage during the fourth quarter valued at about $29,000. Crowley Wealth Management Inc. purchased a new position in shares of Pure Storage during the fourth quarter valued at about $31,000. Finally, Berbice Capital Management LLC purchased a new position in shares of Pure Storage during the fourth quarter valued at about $37,000. 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.