Pure Storage (NYSE:PSTG) Price Target Lowered to $105.00 at Citigroup

Pure Storage (NYSE:PSTG) had its target price trimmed by Citigroup from $110.00 to $105.00 in a research note released on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the technology company’s stock.

A number of other analysts have also recently commented on the company. Oppenheimer started coverage on Pure Storage in a research report on Monday, November 17th. They set an “outperform” rating and a $120.00 target price on the stock. TD Cowen lifted their price target on Pure Storage from $85.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday. Piper Sandler set a $92.00 price objective on Pure Storage and gave the company an “overweight” rating in a research note on Thursday, September 25th. JPMorgan Chase & Co. decreased their price objective on Pure Storage from $110.00 to $105.00 and set an “overweight” rating for the company in a report on Wednesday. Finally, Wedbush lifted their target price on shares of Pure Storage from $90.00 to $100.00 and gave the company an “outperform” rating in a report on Wednesday. Thirteen analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Pure Storage presently has a consensus rating of “Moderate Buy” and an average price target of $95.26.

Pure Storage Trading Down 27.2%

PSTG stock opened at $68.94 on Wednesday. The stock has a market cap of $22.66 billion, a P/E ratio of 168.15, a PEG ratio of 8.30 and a beta of 1.27. Pure Storage has a twelve month low of $34.51 and a twelve month high of $100.59. The company’s 50 day moving average is $88.90 and its two-hundred day moving average is $71.29.

Pure Storage (NYSE:PSTG) last posted its earnings results on Tuesday, September 9th. The technology company reported $0.44 EPS for the quarter. Pure Storage had a net margin of 4.15% and a return on equity of 11.34%. The firm had revenue of $763.77 million for the quarter. On average, equities research analysts predict that Pure Storage will post 0.44 earnings per share for the current year.

Insider Activity

In other news, CAO Mona Chu sold 9,091 shares of the business’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $84.91, for a total transaction of $771,916.81. Following the transaction, the chief accounting officer directly owned 107,353 shares in the company, valued at $9,115,343.23. The trade was a 7.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CRO Dan Fitzsimons sold 6,051 shares of the stock in a transaction dated Tuesday, September 23rd. The stock was sold at an average price of $87.42, for a total transaction of $528,978.42. Following the transaction, the executive directly owned 62,759 shares of the company’s stock, valued at $5,486,391.78. This represents a 8.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 327,311 shares of company stock valued at $29,498,100. 5.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Pure Storage

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Avantax Advisory Services Inc. lifted its holdings in shares of Pure Storage by 8.4% in the 1st quarter. Avantax Advisory Services Inc. now owns 9,187 shares of the technology company’s stock worth $407,000 after purchasing an additional 712 shares in the last quarter. LPL Financial LLC increased its stake in Pure Storage by 22.6% during the 1st quarter. LPL Financial LLC now owns 118,368 shares of the technology company’s stock valued at $5,240,000 after purchasing an additional 21,812 shares in the last quarter. Intrust Bank NA acquired a new position in Pure Storage during the first quarter worth $284,000. Corbyn Investment Management Inc. MD raised its holdings in Pure Storage by 99.6% during the first quarter. Corbyn Investment Management Inc. MD now owns 12,364 shares of the technology company’s stock worth $547,000 after buying an additional 6,169 shares during the last quarter. Finally, Citizens Financial Group Inc. RI lifted its stake in shares of Pure Storage by 0.9% in the first quarter. Citizens Financial Group Inc. RI now owns 29,481 shares of the technology company’s stock valued at $1,305,000 after buying an additional 261 shares in the last quarter. Institutional investors and hedge funds 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.