Evercore ISI Increases Pure Storage (NYSE:PSTG) Price Target to $75.00

Pure Storage (NYSE:PSTGGet Free Report) had its target price raised by equities research analysts at Evercore ISI from $65.00 to $75.00 in a report released on Thursday, Benzinga reports. The firm currently has an “outperform” rating on the technology company’s stock. Evercore ISI’s price objective points to a potential upside of 19.20% from the stock’s current price.

Several other brokerages also recently commented on PSTG. Northland Securities downgraded shares of Pure Storage from an “outperform” rating to a “market perform” rating and lifted their target price for the stock from $58.00 to $68.00 in a research note on Thursday. Morgan Stanley increased their target price on shares of Pure Storage from $48.00 to $60.00 and gave the stock an “overweight” rating in a report on Thursday, May 23rd. Wedbush restated an “outperform” rating and set a $70.00 price target (up previously from $50.00) on shares of Pure Storage in a report on Tuesday. Bank of America lifted their price objective on Pure Storage from $57.00 to $68.00 and gave the stock a “neutral” rating in a research report on Thursday. Finally, Raymond James lifted their price target on shares of Pure Storage from $63.00 to $73.00 and gave the company an “outperform” rating in a report on Thursday. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Pure Storage presently has an average rating of “Moderate Buy” and an average target price of $61.15.

Check Out Our Latest Stock Analysis on Pure Storage

Pure Storage Price Performance

Shares of PSTG stock traded down $0.08 during trading hours on Thursday, hitting $62.92. 3,757,662 shares of the company’s stock were exchanged, compared to its average volume of 4,201,755. The company has a market capitalization of $20.44 billion, a PE ratio of 369.20, a PEG ratio of 6.97 and a beta of 1.15. The company has a current ratio of 1.83, a quick ratio of 1.80 and a debt-to-equity ratio of 0.08. Pure Storage has a 12-month low of $27.98 and a 12-month high of $68.75. The business’s 50 day simple moving average is $54.35 and its 200-day simple moving average is $45.35.

Pure Storage (NYSE:PSTGGet Free Report) last issued its earnings results on Wednesday, February 28th. The technology company reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.10. Pure Storage had a net margin of 2.17% and a return on equity of 12.60%. The company had revenue of $789.81 million for the quarter, compared to analysts’ expectations of $784.31 million. During the same quarter last year, the company earned $0.27 EPS. The firm’s revenue was down 2.5% compared to the same quarter last year. On average, equities research analysts anticipate that Pure Storage will post 0.46 earnings per share for the current year.

Insider Activity at Pure Storage

In related news, insider Ajay Singh sold 37,588 shares of the stock in a transaction on Friday, April 5th. The stock was sold at an average price of $53.54, for a total transaction of $2,012,461.52. Following the sale, the insider now directly owns 380,834 shares of the company’s stock, valued at $20,389,852.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Pure Storage news, Director Roxanne Taylor sold 36,860 shares of the business’s stock in a transaction on Thursday, April 4th. The shares were sold at an average price of $53.76, for a total transaction of $1,981,593.60. Following the completion of the sale, the director now directly owns 18,883 shares in the company, valued at approximately $1,015,150.08. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Ajay Singh sold 37,588 shares of the stock in a transaction on Friday, April 5th. The shares were sold at an average price of $53.54, for a total value of $2,012,461.52. Following the transaction, the insider now directly owns 380,834 shares in the company, valued at $20,389,852.36. The disclosure for this sale can be found here. In the last three months, insiders have sold 286,581 shares of company stock valued at $15,266,704. 6.00% of the stock is owned by corporate insiders.

Institutional Trading of Pure Storage

Hedge funds have recently bought and sold shares of the company. Sei Investments Co. grew its position in Pure Storage by 19.7% during the third quarter. Sei Investments Co. now owns 464,256 shares of the technology company’s stock valued at $16,537,000 after buying an additional 76,421 shares during the period. William Blair Investment Management LLC grew its position in shares of Pure Storage by 11.4% during the 3rd quarter. William Blair Investment Management LLC now owns 687,600 shares of the technology company’s stock valued at $24,492,000 after acquiring an additional 70,620 shares during the period. Weil Company Inc. bought a new stake in shares of Pure Storage during the 3rd quarter valued at $433,000. Sequoia Financial Advisors LLC bought a new position in Pure Storage in the 4th quarter worth $514,000. Finally, Private Advisor Group LLC lifted its position in Pure Storage by 44.1% during the fourth quarter. Private Advisor Group LLC now owns 11,235 shares of the technology company’s stock valued at $401,000 after purchasing an additional 3,437 shares in the last quarter. Hedge funds and other institutional investors own 83.42% of the company’s stock.

About Pure Storage

(Get Free Report)

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.

Recommended Stories

Analyst Recommendations for Pure Storage (NYSE:PSTG)

Receive News & Ratings for Pure Storage Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pure Storage and related companies with MarketBeat.com's FREE daily email newsletter.