Wells Fargo & Company Increases Pure Storage (NYSE:PSTG) Price Target to $80.00

Pure Storage (NYSE:PSTG) had its target price upped by analysts at Wells Fargo & Company from $75.00 to $80.00 in a note issued to investors on Wednesday,Briefing.com Automated Import reports. The brokerage presently has an “overweight” rating on the technology company’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 49.52% from the stock’s current price.

Several other research firms have also recently weighed in on PSTG. Wedbush reaffirmed an “outperform” rating and set a $80.00 price objective on shares of Pure Storage in a research report on Monday, August 26th. JPMorgan Chase & Co. lifted their price target on Pure Storage from $60.00 to $75.00 and gave the company an “overweight” rating in a research report on Wednesday. Susquehanna reiterated a “positive” rating and issued a $80.00 price objective on shares of Pure Storage in a 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. Finally, UBS Group decreased their price target on shares of Pure Storage from $47.00 to $45.00 and set a “sell” rating for the company in a research note on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $71.90.

Pure Storage Trading Up 0.9 %

NYSE:PSTG opened at $53.51 on Wednesday. The company has a 50-day moving average price of $52.19 and a 200-day moving average price of $56.72. The stock has a market cap of $17.53 billion, a price-to-earnings ratio of 133.76, a P/E/G ratio of 7.20 and a beta of 1.13. The company has a current ratio of 1.99, a quick ratio of 1.96 and a debt-to-equity ratio of 0.07. Pure Storage has a 12 month low of $31.79 and a 12 month high of $70.41.

Insider Buying and Selling at Pure Storage

In related news, CRO Dan Fitzsimons sold 8,895 shares of the company’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $50.67, for a total transaction of $450,709.65. Following the completion of the sale, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John Colgrove sold 100,000 shares of the stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $57.32, for a total value of $5,732,000.00. Following the completion of the transaction, the insider now directly owns 300,000 shares in the company, valued at approximately $17,196,000. This represents a 25.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 354,542 shares of company stock worth $18,599,030. Company insiders own 6.00% of the company’s stock.

Institutional Investors Weigh In On Pure Storage

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Massmutual Trust Co. FSB ADV grew its position in Pure Storage by 61.2% during the second quarter. Massmutual Trust Co. FSB ADV now owns 424 shares of the technology company’s stock valued at $27,000 after buying an additional 161 shares during the period. Larson Financial Group LLC grew its position in shares of Pure Storage by 242.9% during the 2nd quarter. Larson Financial Group LLC now owns 432 shares of the technology company’s stock valued at $28,000 after acquiring an additional 306 shares during the period. FSC Wealth Advisors LLC purchased a new stake in shares of Pure Storage in the 2nd quarter worth $33,000. ORG Partners LLC bought a new position in Pure Storage in the 2nd quarter worth $35,000. Finally, ORG Wealth Partners LLC purchased a new position in Pure Storage during the third quarter valued at $31,000. Hedge funds and other institutional investors own 83.42% of the company’s stock.

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.