Pure Storage (NYSE:PSTG) Price Target Cut to $77.00 by Analysts at Citigroup

Pure Storage (NYSE:PSTG) had its price objective lowered by equities researchers at Citigroup from $80.00 to $77.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. Citigroup’s target price would suggest a potential upside of 46.89% from the stock’s previous close.

Other analysts also recently issued research reports about the company. Bank of America cut their target price on Pure Storage from $77.00 to $73.00 and set a “neutral” rating on the stock in a research note on Thursday. Lake Street Capital lifted their target price on Pure Storage from $68.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Oppenheimer assumed coverage on Pure Storage in a research note on Wednesday, November 13th. They set an “outperform” rating and a $70.00 target price on the stock. Stifel Nicolaus boosted their price objective on Pure Storage from $60.00 to $65.00 and gave the stock a “hold” rating in a research note on Wednesday, December 4th. Finally, Evercore ISI boosted their price objective on Pure Storage from $70.00 to $75.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $73.20.

Pure Storage Price Performance

Shares of Pure Storage stock opened at $52.42 on Thursday. The business’s fifty day moving average price is $65.66 and its two-hundred day moving average price is $58.21. The company has a market capitalization of $17.10 billion, a P/E ratio of 137.95, a PEG ratio of 5.12 and a beta of 1.09. Pure Storage has a 1-year low of $44.76 and a 1-year high of $73.67.

Insider Activity

In other news, insider John Colgrove sold 100,000 shares of the stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $65.55, for a total value of $6,555,000.00. Following the transaction, the insider now owns 7,316,722 shares of the company’s stock, valued at $479,611,127.10. This represents a 1.35 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Mona Chu sold 8,311 shares of the firm’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $62.16, for a total value of $516,611.76. Following the sale, the chief accounting officer now directly owns 67,681 shares in the company, valued at $4,207,050.96. The trade was a 10.94 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 137,178 shares of company stock worth $8,871,746. Company insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Pure Storage

Hedge funds have recently modified their holdings of the stock. FMR LLC grew its holdings in Pure Storage by 0.8% during the third quarter. FMR LLC now owns 49,153,797 shares of the technology company’s stock worth $2,469,487,000 after purchasing an additional 368,643 shares during the period. Vanguard Group Inc. grew 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 worth $2,054,448,000 after purchasing an additional 615,931 shares during the period. State Street Corp grew 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 worth $515,596,000 after purchasing an additional 626,427 shares during the period. T. Rowe Price Investment Management Inc. grew its holdings in Pure Storage by 5.9% during 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 purchasing an additional 401,035 shares during the period. Finally, Geode Capital Management LLC grew its holdings in Pure Storage by 25.4% during the fourth quarter. Geode Capital Management LLC now owns 6,748,553 shares of the technology company’s stock worth $413,982,000 after purchasing an additional 1,366,458 shares during the period. 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.