Citigroup Lowers Pure Storage (NYSE:PSTG) Price Target to $63.00

Pure Storage (NYSE:PSTG) had its price objective cut by Citigroup from $67.00 to $63.00 in a report published on Tuesday morning,Benzinga reports. They currently have a buy rating on the technology company’s stock.

Other analysts have also issued research reports about the company. Needham & Company LLC cut their target price on Pure Storage from $80.00 to $62.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. UBS Group reduced their target price on shares of Pure Storage from $47.00 to $45.00 and set a “sell” rating on the stock in a report on Thursday, August 29th. Lake Street Capital lowered their price target on shares of Pure Storage from $70.00 to $68.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Wedbush restated an “outperform” rating and set a $80.00 price target on shares of Pure Storage in a research report on Monday, August 26th. Finally, Oppenheimer initiated coverage on Pure Storage in a report on Wednesday, November 13th. They issued an “outperform” rating and a $70.00 price objective on the stock. One analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $67.95.

Pure Storage Stock Performance

Pure Storage stock opened at $51.64 on Tuesday. Pure Storage has a fifty-two week low of $31.00 and a fifty-two week high of $70.41. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.96 and a current ratio of 1.99. The stock has a market cap of $16.92 billion, a P/E ratio of 129.10, a price-to-earnings-growth ratio of 6.77 and a beta of 1.10. The firm’s fifty day moving average price is $51.65 and its 200-day moving average price is $56.85.

Pure Storage (NYSE:PSTG) last issued its quarterly earnings results on Wednesday, August 28th. The technology company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.10. Pure Storage had a return on equity of 17.41% and a net margin of 4.53%. The firm had revenue of $763.77 million during the quarter, compared to analyst estimates of $756.59 million. On average, equities research analysts expect that Pure Storage will post 0.42 earnings per share for the current fiscal year.

Insider Buying and Selling at Pure Storage

In other news, CRO Dan Fitzsimons sold 8,895 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were 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 represents a 8.61 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider John Colgrove sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $57.32, for a total transaction of $5,732,000.00. Following the completion of the transaction, the insider now directly owns 300,000 shares in the company, valued at approximately $17,196,000. The trade was a 25.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 354,542 shares of company stock worth $18,599,030. Company insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Massmutual Trust Co. FSB ADV raised its stake in Pure Storage by 61.2% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 424 shares of the technology company’s stock worth $27,000 after acquiring an additional 161 shares during the period. Larson Financial Group LLC raised its position in shares of Pure Storage by 242.9% during the 2nd quarter. Larson Financial Group LLC now owns 432 shares of the technology company’s stock valued at $28,000 after purchasing an additional 306 shares during the period. FSC Wealth Advisors LLC purchased a new position in shares of Pure Storage during the 2nd quarter valued at $33,000. ORG Partners LLC purchased a new stake in Pure Storage in the 2nd quarter worth $35,000. Finally, City State Bank boosted its stake in shares of Pure Storage by 175.0% in the second quarter. City State Bank now owns 550 shares of the technology company’s stock worth $35,000 after acquiring an additional 350 shares during the period. Institutional investors 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.