Pure Storage (NYSE:PSTG) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Pure Storage (NYSE:PSTG) had its target price upped by analysts at Morgan Stanley from $62.00 to $72.00 in a report released on Tuesday,Benzinga reports. The firm presently has an “equal weight” rating on the technology company’s stock. Morgan Stanley’s target price would indicate a potential upside of 15.03% from the company’s current price.

PSTG has been the topic of a number of other research reports. JPMorgan Chase & Co. boosted their price objective on Pure Storage from $60.00 to $75.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. TD Cowen upped their price target on Pure Storage from $70.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Piper Sandler upgraded Pure Storage from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $56.00 to $76.00 in a report on Wednesday, December 4th. Oppenheimer began coverage on shares of Pure Storage in a research note on Wednesday, November 13th. They issued an “outperform” rating and a $70.00 price objective for the company. Finally, Needham & Company LLC increased their price target on Pure Storage from $62.00 to $75.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $72.70.

Pure Storage Trading Down 4.8 %

Shares of PSTG stock opened at $62.59 on Tuesday. Pure Storage has a fifty-two week low of $34.32 and a fifty-two week high of $70.41. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.74 and a current ratio of 1.77. The stock’s fifty day moving average price is $55.05 and its two-hundred day moving average price is $56.95. The company has a market cap of $20.51 billion, a PE ratio of 164.71, a P/E/G ratio of 7.69 and a beta of 1.13.

Insider Buying and Selling

In other Pure Storage news, CAO Mona Chu sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $50.32, for a total value of $1,258,000.00. Following the completion of the transaction, the chief accounting officer now owns 96,639 shares in the company, valued at $4,862,874.48. This trade represents a 20.55 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John Colgrove sold 100,000 shares of the firm’s stock in a transaction on Wednesday, December 4th. The shares were 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 directly 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 quarter, insiders have sold 362,853 shares of company stock valued at $20,676,642. 6.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Pure Storage

Large investors have recently added to or reduced their stakes in the company. Larson Financial Group LLC boosted its stake in Pure Storage by 242.9% in the second quarter. Larson Financial Group LLC now owns 432 shares of the technology company’s stock worth $28,000 after buying an additional 306 shares in the last quarter. ORG Wealth Partners LLC purchased a new stake in shares of Pure Storage in the 3rd quarter valued at $31,000. Blue Trust Inc. grew its holdings in shares of Pure Storage by 174.4% during the 2nd quarter. Blue Trust Inc. now owns 741 shares of the technology company’s stock valued at $48,000 after purchasing an additional 471 shares during the last quarter. Venturi Wealth Management LLC raised its position in Pure Storage by 40.9% in the 3rd quarter. Venturi Wealth Management LLC now owns 754 shares of the technology company’s stock worth $38,000 after purchasing an additional 219 shares during the period. Finally, Covestor Ltd increased its holdings in shares of Pure Storage by 175.3% in the third quarter. Covestor Ltd now owns 991 shares of the technology company’s stock worth $50,000 after buying an additional 631 shares during the period. Hedge funds and other institutional investors 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.