Brokerages Set Pure Storage, Inc. (NYSE:PSTG) Target Price at $72.70

Shares of Pure Storage, Inc. (NYSE:PSTG) have earned a consensus rating of “Moderate Buy” from the twenty-two analysts that are currently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and fifteen have assigned a buy rating to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $72.70.

PSTG has been the subject of a number of research analyst reports. Oppenheimer began coverage on shares of Pure Storage in a research note on Wednesday, November 13th. They issued an “outperform” rating and a $70.00 target price for the company. Barclays lifted their target price on Pure Storage from $56.00 to $61.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 4th. JPMorgan Chase & Co. upped their price target on Pure Storage from $60.00 to $75.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. Stifel Nicolaus lifted their price objective on shares of Pure Storage from $60.00 to $65.00 and gave the company a “hold” rating in a report on Wednesday, December 4th. Finally, Lake Street Capital raised their target price on shares of Pure Storage from $68.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th.

Pure Storage Stock Performance

Shares of PSTG opened at $72.15 on Monday. The firm’s 50 day moving average price is $61.21 and its two-hundred day moving average price is $57.00. Pure Storage has a twelve month low of $38.78 and a twelve month high of $73.67. The firm has a market cap of $23.54 billion, a P/E ratio of 189.87, a PEG ratio of 8.72 and a beta of 1.09.

Insiders Place Their Bets

In other news, CRO Dan Fitzsimons sold 8,895 shares of the stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $64.11, for a total transaction of $570,258.45. Following the transaction, the executive now owns 72,927 shares in the company, valued at approximately $4,675,349.97. This trade represents a 10.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider John Colgrove sold 100,000 shares of the business’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $65.55, for a total value of $6,555,000.00. Following the completion of the sale, the insider now owns 7,316,722 shares of the company’s stock, valued at $479,611,127.10. This trade represents a 1.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 137,178 shares of company stock valued at $8,871,746 over the last ninety days. 6.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Pure Storage

Hedge funds and other institutional investors have recently modified their holdings of the company. Sugar Maple Asset Management LLC acquired a new stake in Pure Storage in the 4th quarter worth about $29,000. Berbice Capital Management LLC acquired a new stake in shares of Pure Storage in the fourth quarter valued at approximately $37,000. ORG Wealth Partners LLC bought a new stake in shares of Pure Storage in the third quarter valued at approximately $31,000. Larson Financial Group LLC grew its position in Pure Storage by 49.1% during the third quarter. Larson Financial Group LLC now owns 644 shares of the technology company’s stock worth $32,000 after buying an additional 212 shares in the last quarter. Finally, Financial Life Planners bought a new position in Pure Storage during the 4th quarter worth $44,000. Institutional investors and hedge funds 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.