Pure Storage (NYSE:PSTG) Price Target Lowered to $63.00 at Citigroup

Pure Storage (NYSE:PSTG) had its target price decreased by Citigroup from $67.00 to $63.00 in a report issued on Tuesday morning,Benzinga reports. Citigroup currently has a buy rating on the technology company’s stock.

A number of other analysts also recently issued reports on PSTG. Raymond James dropped their price target on shares of Pure Storage from $73.00 to $70.00 and set an “outperform” rating on the stock in a report on Thursday, August 29th. Lake Street Capital dropped their price objective 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. Guggenheim raised their price objective on shares of Pure Storage from $72.00 to $93.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Oppenheimer began coverage on shares of Pure Storage in a report on Wednesday, November 13th. They issued an “outperform” rating and a $70.00 price objective on the stock. Finally, Needham & Company LLC dropped their price objective on shares of Pure Storage from $80.00 to $62.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. One analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $67.95.

Pure Storage Stock Performance

Shares of NYSE PSTG opened at $49.90 on Tuesday. The firm’s 50-day moving average price is $51.47 and its 200-day moving average price is $56.95. The company has a quick ratio of 1.96, a current ratio of 1.99 and a debt-to-equity ratio of 0.07. The company has a market cap of $16.35 billion, a PE ratio of 124.75, a PEG ratio of 6.54 and a beta of 1.10. Pure Storage has a 52-week low of $31.00 and a 52-week high of $70.41.

Pure Storage (NYSE:PSTG) last announced its quarterly earnings results on Wednesday, August 28th. The technology company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.10. The firm had revenue of $763.77 million for the quarter, compared to the consensus estimate of $756.59 million. Pure Storage had a net margin of 4.53% and a return on equity of 17.41%. As a group, analysts anticipate that Pure Storage will post 0.42 EPS for the current year.

Insider Transactions at Pure Storage

In related news, insider John Colgrove sold 100,000 shares of the company’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $57.32, for a total transaction of $5,732,000.00. Following the sale, the insider now owns 300,000 shares of the company’s stock, valued at $17,196,000. This represents a 25.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CRO Dan Fitzsimons sold 8,895 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $50.67, for a total transaction of $450,709.65. Following the sale, the executive now directly owns 94,446 shares in the company, valued at approximately $4,785,578.82. The trade was a 8.61 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 354,542 shares of company stock valued at $18,599,030. 6.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Pure Storage

A number of hedge funds have recently bought and sold shares of PSTG. Bank of New York Mellon Corp increased its position in Pure Storage by 56.1% during the second quarter. Bank of New York Mellon Corp now owns 3,696,390 shares of the technology company’s stock valued at $237,345,000 after acquiring an additional 1,327,873 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its position in Pure Storage by 22.5% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 4,063,776 shares of the technology company’s stock valued at $204,163,000 after acquiring an additional 747,034 shares during the last quarter. State Street Corp increased its position 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 acquiring an additional 626,427 shares during the last quarter. World Investment Advisors LLC bought a new position in Pure Storage during the third quarter valued at $20,470,000. Finally, FMR LLC increased its position in Pure Storage by 0.8% during the third quarter. FMR LLC now owns 49,153,797 shares of the technology company’s stock valued at $2,469,487,000 after acquiring an additional 368,643 shares during the last quarter. 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.