Pure Storage (NYSE:PSTG) Price Target Raised to $80.00 at Citigroup

Pure Storage (NYSE:PSTG) had its price target upped by Citigroup from $75.00 to $80.00 in a report released on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. Citigroup’s price target suggests a potential upside of 20.59% from the company’s previous close.

PSTG has been the topic of a number of other reports. Needham & Company LLC boosted their target price on shares of Pure Storage from $62.00 to $75.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Barclays boosted their target price on shares of Pure Storage from $56.00 to $61.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 4th. Piper Sandler upgraded shares of Pure Storage from a “neutral” rating to an “overweight” rating and upped their price target for the company from $56.00 to $76.00 in a research note on Wednesday, December 4th. William Blair restated an “outperform” rating on shares of Pure Storage in a research note on Thursday, November 14th. Finally, Stifel Nicolaus upped their target price on shares of Pure Storage from $60.00 to $65.00 and gave the stock a “hold” rating in a report on Wednesday, December 4th. One equities 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 company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $72.95.

Pure Storage Stock Down 2.2 %

Pure Storage stock traded down $1.46 during midday trading on Friday, hitting $66.34. 952,426 shares of the stock were exchanged, compared to its average volume of 2,245,552. Pure Storage has a 52-week low of $40.32 and a 52-week high of $73.67. The stock has a market capitalization of $21.64 billion, a price-to-earnings ratio of 174.58, a price-to-earnings-growth ratio of 5.12 and a beta of 1.09. The business’s 50-day moving average price is $66.20 and its 200-day moving average price is $58.00.

Insider Transactions at Pure Storage

In other news, insider Ajay Singh sold 19,972 shares of the firm’s stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $61.58, for a total value of $1,229,875.76. Following the completion of the sale, the insider now directly owns 262,144 shares of the company’s stock, valued at approximately $16,142,827.52. This trade represents a 7.08 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider John Colgrove sold 100,000 shares of the stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $65.55, for a total transaction of $6,555,000.00. Following the completion of the transaction, the insider now owns 7,316,722 shares of the company’s stock, valued at approximately $479,611,127.10. The trade was a 1.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 137,178 shares of company stock valued at $8,871,746. Company insiders own 6.00% of the company’s stock.

Institutional Trading of Pure Storage

A number of institutional investors and hedge funds have recently bought and sold shares of the company. FMR LLC grew its stake in shares of Pure Storage by 0.8% in the third quarter. FMR LLC now owns 49,153,797 shares of the technology company’s stock worth $2,469,487,000 after acquiring an additional 368,643 shares during the period. Vanguard Group Inc. lifted its holdings in Pure Storage by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 33,443,732 shares of the technology company’s stock valued at $2,054,448,000 after purchasing an additional 615,931 shares in the last quarter. State Street Corp lifted its holdings in Pure Storage by 6.5% during the third quarter. State Street Corp now owns 10,262,666 shares of the technology company’s stock valued at $515,596,000 after purchasing an additional 626,427 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its holdings in shares of Pure Storage by 5.9% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 7,207,162 shares of the technology company’s stock worth $442,736,000 after buying an additional 401,035 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Pure Storage by 25.4% in the fourth quarter. Geode Capital Management LLC now owns 6,748,553 shares of the technology company’s stock worth $413,982,000 after buying an additional 1,366,458 shares in the last quarter. 83.42% of the stock is currently owned by institutional investors.

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.