Pure Storage’s (PSTG) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Pure Storage (NYSE:PSTG) in a report released on Thursday morning,Benzinga reports. Needham & Company LLC currently has a $75.00 price objective on the technology company’s stock.

PSTG has been the topic of a number of other research reports. Citigroup increased their price objective on Pure Storage from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Friday, February 21st. Lake Street Capital increased their target price on Pure Storage from $68.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Bank of America reduced their target price on Pure Storage from $77.00 to $73.00 and set a “neutral” rating on the stock in a research report on Thursday. JPMorgan Chase & Co. increased their target price on Pure Storage from $60.00 to $75.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. Finally, Northland Securities reiterated a “market perform” rating and set a $63.00 target price (up from $59.00) on shares of Pure Storage in a research report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $73.20.

Pure Storage Stock Down 1.5 %

PSTG opened at $52.42 on Thursday. The firm has a market cap of $17.10 billion, a P/E ratio of 137.95, a PEG ratio of 5.12 and a beta of 1.09. Pure Storage has a 52 week low of $44.76 and a 52 week high of $73.67. The business’s fifty day simple moving average is $65.66 and its 200 day simple moving average is $58.20.

Insider Activity at Pure Storage

In related news, insider John Colgrove sold 100,000 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $65.55, for a total transaction of $6,555,000.00. Following the sale, the insider now directly owns 7,316,722 shares in the company, valued at approximately $479,611,127.10. This trade represents a 1.35 % decrease in their position. The sale was disclosed in a 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 dated Thursday, December 12th. The shares were sold at an average price of $62.16, for a total value of $516,611.76. Following the sale, the chief accounting officer now owns 67,681 shares in the company, valued at approximately $4,207,050.96. The trade was a 10.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 137,178 shares of company stock worth $8,871,746. 6.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Pure Storage

Hedge funds have recently bought and sold shares of the business. Citigroup Inc. grew its stake in Pure Storage by 11.3% during the 3rd quarter. Citigroup Inc. now owns 144,005 shares of the technology company’s stock valued at $7,235,000 after purchasing an additional 14,659 shares in the last quarter. TT International Asset Management LTD grew its stake in Pure Storage by 1,160.1% during the 3rd quarter. TT International Asset Management LTD now owns 73,085 shares of the technology company’s stock valued at $3,671,000 after purchasing an additional 67,285 shares in the last quarter. FMR LLC grew its stake in Pure Storage by 0.8% during the 3rd quarter. FMR LLC now owns 49,153,797 shares of the technology company’s stock valued at $2,469,487,000 after purchasing an additional 368,643 shares in the last quarter. Sycomore Asset Management grew its stake in Pure Storage by 57.8% during the 4th quarter. Sycomore Asset Management now owns 187,874 shares of the technology company’s stock valued at $11,541,000 after purchasing an additional 68,840 shares in the last quarter. Finally, Asio Capital LLC acquired a new stake in Pure Storage during the 4th quarter valued at approximately $264,000. 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.