Stifel Nicolaus Raises Pure Storage (NYSE:PSTG) Price Target to $65.00

Pure Storage (NYSE:PSTG) had its price target upped by equities research analysts at Stifel Nicolaus from $60.00 to $65.00 in a report released on Wednesday, Marketbeat.com reports. The brokerage currently has a “hold” rating on the technology company’s stock. Stifel Nicolaus’ price target would suggest a potential upside of 3.87% from the company’s current price.

Several other equities research analysts have also weighed in on the company. Lake Street Capital lowered their price objective on Pure Storage from $70.00 to $68.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. Piper Sandler raised Pure Storage from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $56.00 to $76.00 in a research note on Wednesday. Wedbush reiterated an “outperform” rating and set a $80.00 price objective on shares of Pure Storage in a research note on Monday, August 26th. Oppenheimer initiated coverage on shares of Pure Storage in a research note on Wednesday, November 13th. They issued an “outperform” rating and a $70.00 target price on the stock. Finally, TD Cowen dropped their target price on shares of Pure Storage from $80.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, August 29th. One analyst has rated the stock with a sell rating, six have issued a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $72.10.

Pure Storage Price Performance

Shares of Pure Storage stock opened at $62.58 on Wednesday. The firm has a market cap of $20.51 billion, a P/E ratio of 164.69, a price-to-earnings-growth ratio of 7.27 and a beta of 1.13. The firm’s 50-day simple moving average is $52.73 and its 200-day simple moving average is $56.82. Pure Storage has a twelve month low of $31.79 and a twelve month high of $70.41. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.96 and a current ratio of 1.99.

Insider Transactions at Pure Storage

In related news, CRO Dan Fitzsimons sold 8,895 shares of Pure Storage 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 directly owns 94,446 shares of the company’s stock, valued at $4,785,578.82. The trade was a 8.61 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider John Colgrove sold 100,000 shares of the stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $49.94, for a total value of $4,994,000.00. Following the completion of the transaction, the insider now directly owns 500,000 shares in the company, valued at $24,970,000. The trade was a 16.67 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 354,542 shares of company stock worth $18,599,030 in the last quarter. 6.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Massmutual Trust Co. FSB ADV raised its holdings in Pure Storage by 61.2% in the second quarter. Massmutual Trust Co. FSB ADV now owns 424 shares of the technology company’s stock worth $27,000 after purchasing an additional 161 shares during the period. Nvwm LLC raised its stake in Pure Storage by 23.3% during the 3rd quarter. Nvwm LLC now owns 1,027 shares of the technology company’s stock worth $52,000 after buying an additional 194 shares during the period. Harbour Investments Inc. lifted its holdings in Pure Storage by 3.0% during the second quarter. Harbour Investments Inc. now owns 6,912 shares of the technology company’s stock worth $444,000 after acquiring an additional 202 shares in the last quarter. Larson Financial Group LLC grew its stake in Pure Storage by 49.1% in the third quarter. Larson Financial Group LLC now owns 644 shares of the technology company’s stock valued at $32,000 after acquiring an additional 212 shares during the period. Finally, Venturi Wealth Management LLC increased its holdings in shares of Pure Storage by 40.9% in the third quarter. Venturi Wealth Management LLC now owns 754 shares of the technology company’s stock worth $38,000 after acquiring an additional 219 shares in 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.