Northland Securities Reiterates Market Perform Rating for Pure Storage (NYSE:PSTG)

Pure Storage (NYSE:PSTG)‘s stock had its “market perform” rating reaffirmed by analysts at Northland Securities in a note issued to investors on Wednesday,Benzinga reports. They currently have a $63.00 price target on the technology company’s stock, up from their prior price target of $59.00. Northland Securities’ price objective would suggest a potential upside of 17.75% from the stock’s current price.

Several other brokerages have also recently weighed in on PSTG. Susquehanna reaffirmed a “positive” rating and set a $80.00 price objective on shares of Pure Storage in a research note on Monday, August 26th. UBS Group decreased their price target on Pure Storage from $47.00 to $45.00 and set a “sell” rating on the stock in a research report on Thursday, August 29th. Piper Sandler cut their price objective on Pure Storage from $60.00 to $56.00 and set a “neutral” rating for the company in a research report on Thursday, August 29th. TD Cowen lowered their target price on Pure Storage from $80.00 to $70.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $80.00 price target on shares of Pure Storage in a report on Monday, August 26th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $69.05.

Pure Storage Stock Performance

Pure Storage stock opened at $53.51 on Wednesday. The stock has a fifty day moving average price of $52.19 and a two-hundred day moving average price of $56.72. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.99 and a quick ratio of 1.96. Pure Storage has a 52-week low of $31.79 and a 52-week high of $70.41. The firm has a market capitalization of $17.53 billion, a P/E ratio of 133.76, a P/E/G ratio of 7.20 and a beta of 1.13.

Insider Transactions at Pure Storage

In related news, insider John Colgrove sold 100,000 shares of the firm’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $57.32, for a total transaction of $5,732,000.00. Following the sale, the insider now owns 300,000 shares of the company’s stock, valued at approximately $17,196,000. This trade represents a 25.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CRO Dan Fitzsimons sold 8,895 shares of Pure Storage 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 transaction, the executive now owns 94,446 shares in the company, valued at approximately $4,785,578.82. This represents a 8.61 % decrease in their ownership of the stock. 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 company insiders.

Institutional Trading of Pure Storage

Several hedge funds have recently bought and sold shares of the stock. Massmutual Trust Co. FSB ADV increased its position in shares of Pure Storage by 61.2% during the second quarter. Massmutual Trust Co. FSB ADV now owns 424 shares of the technology company’s stock worth $27,000 after acquiring an additional 161 shares in the last quarter. Larson Financial Group LLC increased its holdings in Pure Storage by 242.9% during the 2nd quarter. Larson Financial Group LLC now owns 432 shares of the technology company’s stock worth $28,000 after purchasing an additional 306 shares in the last quarter. ORG Wealth Partners LLC acquired a new stake in shares of Pure Storage in the 3rd quarter valued at about $31,000. FSC Wealth Advisors LLC bought a new stake in shares of Pure Storage in the second quarter valued at about $33,000. Finally, ORG Partners LLC bought a new stake in shares of Pure Storage in the second quarter valued at about $35,000. 83.42% of the stock is currently owned by institutional investors and hedge funds.

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.