Pure Storage (NYSE:PSTG) Price Target Raised to $90.00

Pure Storage (NYSE:PSTG) had its price target lifted by Morgan Stanley from $72.00 to $90.00 in a research note published on Monday morning,Benzinga reports. The firm currently has an equal weight rating on the technology company’s stock.

Several other research analysts have also recently commented on PSTG. JPMorgan Chase & Co. raised their target price on shares of Pure Storage from $80.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, October 16th. Cowen restated a “buy” rating on shares of Pure Storage in a research report on Thursday, August 28th. Raymond James Financial raised their price objective on shares of Pure Storage from $88.00 to $99.00 and gave the stock an “outperform” rating in a research note on Friday, October 17th. Wedbush lifted their price objective on shares of Pure Storage from $70.00 to $80.00 and gave the stock an “outperform” rating in a research report on Thursday, August 28th. Finally, Piper Sandler set a $92.00 target price on Pure Storage and gave the company an “overweight” rating in a report on Thursday, September 25th. Thirteen investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $92.61.

Pure Storage Stock Down 0.3%

Shares of NYSE PSTG opened at $81.95 on Monday. The stock’s fifty day simple moving average is $89.42 and its 200 day simple moving average is $69.07. The stock has a market capitalization of $26.93 billion, a price-to-earnings ratio of 199.88, a PEG ratio of 8.99 and a beta of 1.24. Pure Storage has a 52-week low of $34.51 and a 52-week high of $100.59.

Pure Storage (NYSE:PSTG) last announced its earnings results on Tuesday, September 9th. The technology company reported $0.44 EPS for the quarter. The business had revenue of $763.77 million during the quarter. Pure Storage had a return on equity of 11.34% and a net margin of 4.15%. As a group, analysts anticipate that Pure Storage will post 0.44 earnings per share for the current year.

Insider Activity at Pure Storage

In related news, Director Roxanne Taylor sold 3,000 shares of Pure Storage stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $76.93, for a total transaction of $230,790.00. Following the completion of the sale, the director owned 16,343 shares of the company’s stock, valued at approximately $1,257,266.99. This trade represents a 15.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Ajay Singh sold 7,014 shares of the business’s stock in a transaction dated Wednesday, September 24th. The shares were sold at an average price of $85.85, for a total value of $602,151.90. Following the completion of the transaction, the insider owned 229,307 shares in the company, valued at $19,686,005.95. This trade represents a 2.97% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 443,111 shares of company stock worth $36,793,439. 5.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Pure Storage

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. LPL Financial LLC lifted its holdings in Pure Storage by 22.6% during the 1st quarter. LPL Financial LLC now owns 118,368 shares of the technology company’s stock worth $5,240,000 after buying an additional 21,812 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of Pure Storage by 13.4% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 275,796 shares of the technology company’s stock valued at $12,209,000 after buying an additional 32,611 shares during the period. Crumly & Associates Inc. bought a new stake in shares of Pure Storage during the second quarter worth $242,000. Michael S. Ryan Inc. acquired a new position in shares of Pure Storage during the second quarter valued at $254,000. Finally, Brighton Jones LLC bought a new position in Pure Storage in the second quarter valued at about $359,000. 83.42% of the stock is owned by hedge funds and other institutional investors.

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.