Pure Storage (NYSE:PSTG) Price Target Cut to $90.00 by Analysts at Citigroup

Pure Storage (NYSE:PSTG) had its target price lowered by Citigroup from $105.00 to $90.00 in a research note published on Tuesday morning,Benzinga reports. Citigroup currently has a buy rating on the technology company’s stock.

PSTG has been the topic of several other research reports. Susquehanna set a $105.00 target price on Pure Storage in a research note on Wednesday, December 3rd. Morgan Stanley set a $83.00 price target on Pure Storage in a research note on Wednesday, December 3rd. Tigress Financial set a $105.00 price objective on shares of Pure Storage in a research note on Wednesday, December 3rd. Northland Securities set a $77.00 price objective on shares of Pure Storage in a report on Wednesday, December 3rd. Finally, Wedbush upped their target price on shares of Pure Storage from $90.00 to $100.00 and gave the company an “outperform” rating in a research note on Wednesday, December 3rd. Twelve research 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’s stock. According to data from MarketBeat, Pure Storage currently has a consensus rating of “Moderate Buy” and a consensus target price of $94.47.

Pure Storage Trading Down 1.6%

Pure Storage stock opened at $72.67 on Tuesday. Pure Storage has a 1 year low of $34.51 and a 1 year high of $100.59. The company has a market cap of $23.99 billion, a PE ratio of 191.24, a PEG ratio of 5.76 and a beta of 1.27. The company’s 50-day moving average is $70.40 and its two-hundred day moving average is $77.05.

Pure Storage (NYSE:PSTG) last issued its quarterly earnings results on Tuesday, December 2nd. The technology company reported $0.58 EPS for the quarter, hitting the consensus estimate of $0.58. Pure Storage had a net margin of 3.74% and a return on equity of 10.60%. The company had revenue of $964.45 million during the quarter, compared to analysts’ expectations of $955.60 million. During the same quarter in the previous year, the company earned $0.50 EPS. Pure Storage’s revenue was up 16.1% on a year-over-year basis. Research analysts forecast that Pure Storage will post 0.44 EPS for the current year.

Insiders Place Their Bets

In related news, insider Ajay Singh sold 7,178 shares of the company’s stock in a transaction on Tuesday, December 23rd. The shares were sold at an average price of $67.14, for a total value of $481,930.92. Following the completion of the transaction, the insider directly owned 215,091 shares of the company’s stock, valued at approximately $14,441,209.74. This represents a 3.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider John Colgrove sold 100,000 shares of the stock in a transaction dated Monday, December 8th. The stock was sold at an average price of $71.31, for a total value of $7,131,000.00. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 5.60% of the company’s stock.

Hedge Funds Weigh In On Pure Storage

Hedge funds have recently made changes to their positions in the business. Winnow Wealth LLC bought a new position in Pure Storage in the third quarter valued at $26,000. Provenance Wealth Advisors LLC acquired a new position in shares of Pure Storage during the 3rd quarter worth about $27,000. Salomon & Ludwin LLC boosted its stake in shares of Pure Storage by 108.2% during the 4th quarter. Salomon & Ludwin LLC now owns 383 shares of the technology company’s stock worth $27,000 after buying an additional 199 shares during the last quarter. Foster Dykema Cabot & Partners LLC bought a new position in shares of Pure Storage in the 3rd quarter valued at about $28,000. Finally, Sunbelt Securities Inc. increased its position in shares of Pure Storage by 287.1% in the third quarter. Sunbelt Securities Inc. now owns 329 shares of the technology company’s stock valued at $28,000 after acquiring an additional 244 shares during the last quarter. 83.42% of the stock is owned by institutional investors.

About Pure Storage

Pure Storage, Inc (NYSE: PSTG) is a technology company that designs and sells data storage hardware and software for enterprise and cloud environments. The company is best known for its all-flash storage arrays that are engineered to deliver high performance, low latency and simplified management compared with traditional disk-based systems. Its product portfolio includes purpose-built arrays and software aimed at transactional databases, virtualized infrastructures, analytics and large-scale file/object workloads.

Key product and software offerings include the FlashArray family for block storage and FlashBlade for file and object workloads, together with Purity, the company’s storage operating environment.