Pure Storage (NYSE:PSTG) was downgraded by investment analysts at Vetr from a “strong-buy” rating to a “buy” rating in a report released on Wednesday. They currently have a $23.17 target price on the technology company’s stock. Vetr‘s target price suggests a potential upside of 6.73% from the stock’s current price.
PSTG has been the topic of a number of other reports. BidaskClub raised shares of Pure Storage from a “sell” rating to a “hold” rating in a research report on Tuesday, October 17th. KeyCorp reissued a “buy” rating on shares of Pure Storage in a research report on Wednesday, November 1st. Wells Fargo & Co initiated coverage on shares of Pure Storage in a research report on Tuesday, November 14th. They set an “outperform” rating and a $22.00 price objective on the stock. Maxim Group reissued a “hold” rating and set a $20.00 price objective (up from $15.00) on shares of Pure Storage in a research report on Wednesday, November 29th. Finally, UBS Group reissued a “buy” rating and set a $22.00 price objective (up from $18.00) on shares of Pure Storage in a research report on Wednesday, November 29th. 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. Pure Storage presently has a consensus rating of “Buy” and a consensus target price of $19.18.
Pure Storage (NYSE:PSTG) traded up $1.31 during midday trading on Wednesday, hitting $21.71. 3,204,500 shares of the company were exchanged, compared to its average volume of 2,340,000. The stock has a market cap of $4,710.00 and a P/E ratio of -21.08. Pure Storage has a 1 year low of $9.12 and a 1 year high of $21.91.
In other news, insider John Colgrove sold 2,167 shares of Pure Storage stock in a transaction dated Monday, January 8th. The shares were sold at an average price of $16.50, for a total value of $35,755.50. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, President David Hatfield sold 130,000 shares of Pure Storage stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $18.05, for a total transaction of $2,346,500.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 877,362 shares of company stock worth $15,556,864. Insiders own 41.47% of the company’s stock.
Several large investors have recently modified their holdings of the company. Cornerstone Capital Management Holdings LLC. purchased a new stake in shares of Pure Storage in the fourth quarter valued at about $879,000. TIAA CREF Investment Management LLC boosted its holdings in shares of Pure Storage by 33.4% in the fourth quarter. TIAA CREF Investment Management LLC now owns 1,238,895 shares of the technology company’s stock valued at $19,649,000 after acquiring an additional 310,294 shares in the last quarter. Teachers Advisors LLC boosted its holdings in shares of Pure Storage by 14.8% in the fourth quarter. Teachers Advisors LLC now owns 1,402,845 shares of the technology company’s stock valued at $22,249,000 after acquiring an additional 180,488 shares in the last quarter. Maple Rock Capital Partners Inc. boosted its holdings in shares of Pure Storage by 37.5% in the fourth quarter. Maple Rock Capital Partners Inc. now owns 1,100,000 shares of the technology company’s stock valued at $17,446,000 after acquiring an additional 300,000 shares in the last quarter. Finally, Ardsley Advisory Partners purchased a new stake in shares of Pure Storage in the fourth quarter valued at about $159,000. 39.56% of the stock is currently owned by institutional investors and hedge funds.
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Pure Storage Company Profile
Pure Storage, Inc provides a data platform. The Company is focused on delivering software-defined all-flash solutions that are fast and cloud-capable for customers, enabling customers to put data to work for their businesses. Its data platform replaces storage systems designed for mechanical disk with all-flash systems optimized end-to-end for solid-state memory.
To view Vetr’s full report, visit Vetr’s official website.
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