Pure Storage (NYSE:PSTG) Price Target Increased to $80.00 by Analysts at Susquehanna

Pure Storage (NYSE:PSTG) had its price objective upped by Susquehanna from $75.00 to $80.00 in a report issued on Friday, Benzinga reports. They currently have a positive rating on the technology company’s stock.

Other research analysts also recently issued research reports about the company. TD Cowen boosted their price target on Pure Storage from $60.00 to $80.00 and gave the company a buy rating in a research note on Thursday, May 30th. Northland Capmk downgraded Pure Storage from a strong-buy rating to a hold rating in a research note on Thursday, May 30th. Needham & Company LLC reissued a buy rating and set a $80.00 target price on shares of Pure Storage in a research note on Friday. Raymond James boosted their target price on Pure Storage from $63.00 to $73.00 and gave the stock an outperform rating in a research note on Thursday, May 30th. Finally, Wedbush reissued an outperform rating and set a $70.00 target price (up previously from $50.00) on shares of Pure Storage in a research note on Tuesday, May 28th. Seven analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus price target of $67.68.

Pure Storage Stock Down 2.2 %

PSTG stock opened at $64.49 on Friday. The company has a market cap of $20.95 billion, a PE ratio of 230.32, a price-to-earnings-growth ratio of 6.89 and a beta of 1.06. The business has a 50-day simple moving average of $58.52 and a 200 day simple moving average of $48.70. Pure Storage has a 52 week low of $31.00 and a 52 week high of $70.41. The company has a quick ratio of 1.96, a current ratio of 2.00 and a debt-to-equity ratio of 0.07.

Insider Activity

In other news, insider Ajay Singh sold 37,588 shares of the company’s stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $53.54, for a total value of $2,012,461.52. Following the completion of the transaction, the insider now owns 380,834 shares of the company’s stock, valued at $20,389,852.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Andrew William Fraser Brown sold 20,564 shares of the company’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $52.31, for a total value of $1,075,702.84. Following the sale, the director now directly owns 24,400 shares in the company, valued at $1,276,364. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Ajay Singh sold 37,588 shares of the company’s stock in a transaction that occurred on Friday, April 5th. The shares were sold at an average price of $53.54, for a total value of $2,012,461.52. Following the completion of the sale, the insider now owns 380,834 shares in the company, valued at $20,389,852.36. The disclosure for this sale can be found here. Insiders sold 291,399 shares of company stock valued at $15,578,814 over the last quarter. 6.00% of the stock is owned by company insiders.

Institutional Trading of Pure Storage

Several institutional investors have recently added to or reduced their stakes in PSTG. Naples Money Management LLC bought a new stake in Pure Storage in the fourth quarter valued at approximately $25,000. Banque Cantonale Vaudoise bought a new position in shares of Pure Storage during the 1st quarter worth approximately $25,000. Fidelis Capital Partners LLC bought a new position in shares of Pure Storage during the 1st quarter worth approximately $27,000. Principal Securities Inc. bought a new position in shares of Pure Storage during the 4th quarter worth approximately $31,000. Finally, Lindbrook Capital LLC boosted its holdings in shares of Pure Storage by 295.6% during the 1st quarter. Lindbrook Capital LLC now owns 633 shares of the technology company’s stock worth $33,000 after buying an additional 473 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.