Pure Storage (NYSE:PSTG) Given New $77.00 Price Target at Citigroup

Pure Storage (NYSE:PSTG) had its target price reduced by Citigroup from $80.00 to $77.00 in a report issued on Thursday morning,Benzinga reports. They currently have a buy rating on the technology company’s stock.

PSTG has been the subject of a number of other reports. TD Cowen lifted their price objective on Pure Storage from $70.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Needham & Company LLC reissued a “buy” rating and set a $75.00 price target on shares of Pure Storage in a report on Thursday. Northland Securities restated a “market perform” rating and issued a $63.00 price target (up from $59.00) on shares of Pure Storage in a research report on Wednesday, December 4th. Wells Fargo & Company raised their price objective on shares of Pure Storage from $75.00 to $80.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Finally, Lake Street Capital boosted their target price on Pure Storage from $68.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, Pure Storage has an average rating of “Moderate Buy” and an average price target of $73.20.

Pure Storage Stock Performance

NYSE:PSTG opened at $53.04 on Thursday. The company has a market capitalization of $17.30 billion, a price-to-earnings ratio of 139.58, a PEG ratio of 5.12 and a beta of 1.09. The company has a 50-day moving average of $65.90 and a 200-day moving average of $58.24. Pure Storage has a 52 week low of $40.95 and a 52 week high of $73.67.

Insider Buying and Selling

In other Pure Storage news, CRO Dan Fitzsimons sold 8,895 shares of the business’s stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $64.11, for a total transaction of $570,258.45. Following the sale, the executive now directly owns 72,927 shares of the company’s stock, valued at $4,675,349.97. The trade was a 10.87 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Mona Chu sold 8,311 shares of the firm’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $62.16, for a total transaction of $516,611.76. Following the transaction, the chief accounting officer now directly owns 67,681 shares of the company’s stock, 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. Insiders sold a total of 137,178 shares of company stock worth $8,871,746 in the last ninety days. 6.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. McIlrath & Eck LLC acquired a new position in shares of Pure Storage in the fourth quarter worth approximately $25,000. Sugar Maple Asset Management LLC acquired a new position in shares of Pure Storage in the 4th quarter worth approximately $29,000. Compass Financial Services Inc bought a new stake in shares of Pure Storage in the 4th quarter valued at $29,000. Crowley Wealth Management Inc. acquired a new stake in shares of Pure Storage during the fourth quarter worth $31,000. Finally, Larson Financial Group LLC raised its stake in Pure Storage by 49.1% during the third quarter. Larson Financial Group LLC now owns 644 shares of the technology company’s stock worth $32,000 after buying an additional 212 shares during the last quarter. 83.42% of the stock is owned by institutional investors and hedge funds.

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.