Piper Sandler Issues Pessimistic Forecast for Pure Storage (NYSE:PSTG) Stock Price

Pure Storage (NYSE:PSTG) had its price target reduced by Piper Sandler from $76.00 to $53.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the technology company’s stock. Piper Sandler’s price target indicates a potential upside of 18.69% from the company’s previous close.

A number of other equities analysts have also recently commented on the stock. StockNews.com cut shares of Pure Storage from a “buy” rating to a “hold” rating in a research note on Thursday, February 27th. Bank of America dropped their price target on shares of Pure Storage from $77.00 to $73.00 and set a “neutral” rating for the company in a research note on Thursday, February 27th. Needham & Company LLC reaffirmed a “buy” rating and set a $75.00 price target on shares of Pure Storage in a research note on Thursday, February 27th. UBS Group lifted their price target on shares of Pure Storage from $47.00 to $50.00 and gave the stock a “sell” rating in a research note on Thursday, February 27th. Finally, Morgan Stanley lifted their price target on shares of Pure Storage from $62.00 to $72.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $72.05.

Pure Storage Stock Up 15.4 %

Pure Storage stock opened at $44.66 on Tuesday. The company’s 50-day moving average price is $54.67 and its 200-day moving average price is $56.86. Pure Storage has a twelve month low of $34.51 and a twelve month high of $73.67. The company has a market cap of $14.56 billion, a PE ratio of 117.52, a price-to-earnings-growth ratio of 5.12 and a beta of 1.08.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of PSTG. Quantinno Capital Management LP increased its stake in Pure Storage by 18.8% during the 3rd quarter. Quantinno Capital Management LP now owns 42,737 shares of the technology company’s stock valued at $2,147,000 after purchasing an additional 6,769 shares in the last quarter. XTX Topco Ltd increased its stake in Pure Storage by 98.3% during the 3rd quarter. XTX Topco Ltd now owns 24,281 shares of the technology company’s stock valued at $1,220,000 after purchasing an additional 12,036 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in shares of Pure Storage in the 3rd quarter valued at $203,000. Nomura Asset Management Co. Ltd. boosted its holdings in shares of Pure Storage by 6.3% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 84,610 shares of the technology company’s stock valued at $4,251,000 after acquiring an additional 5,000 shares during the last quarter. Finally, Barclays PLC boosted its holdings in shares of Pure Storage by 9.4% in the 3rd quarter. Barclays PLC now owns 316,911 shares of the technology company’s stock valued at $15,921,000 after acquiring an additional 27,345 shares during the last quarter. 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.