Citigroup Raises Pure Storage (NYSE:PSTG) Price Target to $75.00

Pure Storage (NYSE:PSTG) had its price target lifted by analysts at Citigroup from $63.00 to $75.00 in a research report issued to clients and investors on Wednesday,Briefing.com Automated Import reports. The firm presently has a “buy” rating on the technology company’s stock. Citigroup’s target price points to a potential upside of 40.17% from the stock’s previous close.

Several other analysts have also issued reports on PSTG. Susquehanna reaffirmed a “positive” rating and set a $80.00 price target on shares of Pure Storage in a research report on Monday, August 26th. Lake Street Capital dropped their target price on shares of Pure Storage from $70.00 to $68.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. Oppenheimer initiated coverage on Pure Storage in a report on Wednesday, November 13th. They set an “outperform” rating and a $70.00 price target for the company. UBS Group dropped their price target on Pure Storage from $47.00 to $45.00 and set a “sell” rating on the stock in a research note on Thursday, August 29th. Finally, Stifel Nicolaus increased their price target on shares of Pure Storage from $60.00 to $65.00 and gave the company a “hold” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, six have given a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat, Pure Storage presently has a consensus rating of “Moderate Buy” and a consensus price target of $71.90.

Pure Storage Stock Up 0.9 %

NYSE:PSTG opened at $53.51 on Wednesday. Pure Storage has a twelve month low of $31.79 and a twelve month high of $70.41. The firm has a market capitalization of $17.53 billion, a price-to-earnings ratio of 133.76, a price-to-earnings-growth ratio of 7.20 and a beta of 1.13. The company has a quick ratio of 1.96, a current ratio of 1.99 and a debt-to-equity ratio of 0.07. The stock’s 50 day moving average price is $52.19 and its two-hundred day moving average price is $56.72.

Insider Activity

In related news, CRO Dan Fitzsimons sold 8,895 shares of the firm’s stock in a transaction dated 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 directly owns 94,446 shares of the company’s stock, valued at $4,785,578.82. This trade represents a 8.61 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider John Colgrove sold 100,000 shares of the business’s stock in a transaction dated 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 directly owns 500,000 shares of the company’s stock, valued at approximately $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 ninety days, insiders sold 354,542 shares of company stock worth $18,599,030. 6.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Pure Storage

A number of institutional investors have recently added to or reduced their stakes in the stock. FMR LLC grew its stake in shares of Pure Storage by 0.8% during the third quarter. FMR LLC now owns 49,153,797 shares of the technology company’s stock worth $2,469,487,000 after buying an additional 368,643 shares during the last quarter. State Street Corp boosted its holdings in shares of Pure Storage by 6.5% during the 3rd quarter. State Street Corp now owns 10,262,666 shares of the technology company’s stock valued at $515,596,000 after acquiring an additional 626,427 shares in the last quarter. Disciplined Growth Investors Inc. MN grew its position in Pure Storage by 3.2% during the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 5,684,218 shares of the technology company’s stock worth $285,575,000 after acquiring an additional 177,559 shares during the last quarter. Geode Capital Management LLC grew its position in Pure Storage by 4.3% during the 3rd quarter. Geode Capital Management LLC now owns 5,382,095 shares of the technology company’s stock worth $269,798,000 after acquiring an additional 219,971 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its holdings in Pure Storage by 22.5% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 4,063,776 shares of the technology company’s stock worth $204,163,000 after purchasing an additional 747,034 shares in the last quarter. 83.42% of the stock is currently owned by institutional investors and hedge funds.

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.