Pure Storage (NYSE:PSTG) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Pure Storage (NYSE:PSTG) had its price target hoisted by investment analysts at Wells Fargo & Company from $75.00 to $80.00 in a report released on Wednesday, Marketbeat reports. The brokerage currently has an “overweight” rating on the technology company’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 27.84% from the stock’s previous close.

Several other equities analysts have also issued reports on the company. Stifel Nicolaus boosted their price objective on Pure Storage from $60.00 to $65.00 and gave the company a “hold” rating in a research report on Wednesday. Guggenheim upped their price target on shares of Pure Storage from $72.00 to $93.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Piper Sandler upgraded shares of Pure Storage from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $56.00 to $76.00 in a report on Wednesday. Northland Securities reaffirmed a “market perform” rating and issued a $63.00 target price (up from $59.00) on shares of Pure Storage in a research note on Wednesday. Finally, Wedbush restated an “outperform” rating and issued a $80.00 price target on shares of Pure Storage in a report on Monday, August 26th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, Pure Storage currently has an average rating of “Moderate Buy” and an average price target of $72.10.

Pure Storage Stock Down 4.2 %

NYSE:PSTG opened at $62.58 on Wednesday. Pure Storage has a 1 year low of $31.79 and a 1 year high of $70.41. The stock has a 50-day moving average price of $52.73 and a two-hundred day moving average price of $56.82. The stock has a market cap of $20.51 billion, a price-to-earnings ratio of 164.69, a PEG ratio of 7.27 and a beta of 1.13. The company has a current ratio of 1.99, a quick ratio of 1.96 and a debt-to-equity ratio of 0.07.

Insider Activity at Pure Storage

In other Pure Storage news, CRO Dan Fitzsimons sold 8,895 shares of the firm’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $50.67, for a total transaction of $450,709.65. Following the completion of the sale, the executive now owns 94,446 shares of the company’s stock, valued at $4,785,578.82. This trade represents a 8.61 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider John Colgrove sold 100,000 shares of Pure Storage stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $49.94, for a total transaction of $4,994,000.00. Following the transaction, the insider now directly owns 500,000 shares of the company’s stock, valued at approximately $24,970,000. This trade represents a 16.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 354,542 shares of company stock worth $18,599,030. Insiders own 6.00% of the company’s stock.

Institutional Trading of Pure Storage

A number of hedge funds have recently modified their holdings of PSTG. Franklin Resources Inc. grew its stake in Pure Storage by 210.2% in the 3rd quarter. Franklin Resources Inc. now owns 2,553,402 shares of the technology company’s stock valued at $137,628,000 after buying an additional 1,730,123 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Pure Storage by 56.1% during the second quarter. Bank of New York Mellon Corp now owns 3,696,390 shares of the technology company’s stock worth $237,345,000 after acquiring an additional 1,327,873 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in shares of Pure Storage by 22.5% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 4,063,776 shares of the technology company’s stock valued at $204,163,000 after purchasing an additional 747,034 shares during the last quarter. State Street Corp increased its stake in shares of Pure Storage by 6.5% during the third quarter. State Street Corp now owns 10,262,666 shares of the technology company’s stock worth $515,596,000 after purchasing an additional 626,427 shares during the period. Finally, World Investment Advisors LLC acquired a new stake in Pure Storage during the 3rd quarter worth approximately $20,470,000. 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.