Pure Storage (NYSE:PSTG) Given New $73.00 Price Target at Bank of America

Pure Storage (NYSE:PSTG) had its price target cut by Bank of America from $77.00 to $73.00 in a research note released on Thursday,Benzinga reports. They currently have a neutral rating on the technology company’s stock.

Several other research analysts have also commented on PSTG. Wells Fargo & Company lifted their price target on Pure Storage from $75.00 to $80.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. Oppenheimer assumed coverage on Pure Storage in a report on Wednesday, November 13th. They issued an “outperform” rating and a $70.00 target price for the company. Piper Sandler upgraded Pure Storage from a “neutral” rating to an “overweight” rating and increased their price target for the company from $56.00 to $76.00 in a report on Wednesday, December 4th. Evercore ISI raised their price target on Pure Storage from $70.00 to $75.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Pure Storage from $60.00 to $75.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $73.20.

Pure Storage Stock Down 15.1 %

Shares of NYSE:PSTG opened at $53.04 on Thursday. The firm has a fifty day simple moving average of $65.90 and a two-hundred day simple moving average of $58.24. Pure Storage has a 52 week low of $40.95 and a 52 week high of $73.67. The stock has a market capitalization of $17.30 billion, a P/E ratio of 139.58, a PEG ratio of 5.12 and a beta of 1.09.

Insider Activity

In related news, CRO Dan Fitzsimons sold 8,895 shares of the company’s stock in a transaction dated Tuesday, December 24th. The shares were 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 directly owns 72,927 shares of the company’s stock, valued at $4,675,349.97. This represents a 10.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mona Chu sold 8,311 shares of the stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $62.16, for a total transaction of $516,611.76. Following the transaction, the chief accounting officer now owns 67,681 shares in the company, valued at approximately $4,207,050.96. The trade was a 10.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 137,178 shares of company stock valued at $8,871,746. Corporate insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Pure Storage

Hedge funds and other institutional investors have recently modified their holdings of the business. McIlrath & Eck LLC purchased a new stake in Pure Storage during the fourth quarter worth $25,000. Sugar Maple Asset Management LLC purchased a new position in shares of Pure Storage in the 4th quarter valued at $29,000. Compass Financial Services Inc bought a new position in shares of Pure Storage in the 4th quarter worth $29,000. Crowley Wealth Management Inc. purchased a new stake in shares of Pure Storage during the 4th quarter worth $31,000. Finally, Larson Financial Group LLC lifted its stake in shares of Pure Storage by 49.1% during the 3rd quarter. Larson Financial Group LLC now owns 644 shares of the technology company’s stock worth $32,000 after purchasing an additional 212 shares during the last quarter. 83.42% of the stock is currently owned by institutional investors.

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.