Evercore ISI Issues Pessimistic Forecast for Pure Storage (NYSE:PSTG) Stock Price

Pure Storage (NYSE:PSTG) had its target price dropped by Evercore ISI from $75.00 to $60.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the technology company’s stock. Evercore ISI’s price objective suggests a potential upside of 31.65% from the stock’s current price.

Other equities research analysts have also recently issued reports about the company. Bank of America reduced their price objective on Pure Storage from $77.00 to $73.00 and set a “neutral” rating on the stock in a research note on Thursday, February 27th. Piper Sandler cut their price objective on shares of Pure Storage from $76.00 to $53.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. UBS Group boosted their price objective on shares of Pure Storage from $47.00 to $50.00 and gave the stock a “sell” rating in a research note on Thursday, February 27th. StockNews.com lowered shares of Pure Storage from a “buy” rating to a “hold” rating in a research report on Thursday, February 27th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $75.00 price objective on shares of Pure Storage in a report on Thursday, February 27th. One analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, Pure Storage currently has an average rating of “Moderate Buy” and an average target price of $70.20.

Pure Storage Stock Performance

PSTG stock opened at $45.58 on Monday. The company has a market capitalization of $14.86 billion, a PE ratio of 119.94, a price-to-earnings-growth ratio of 5.12 and a beta of 1.08. The company’s fifty day moving average price is $47.45 and its 200-day moving average price is $56.04. Pure Storage has a one year low of $34.51 and a one year high of $73.67.

Insider Activity at Pure Storage

In related news, CRO Dan Fitzsimons sold 6,977 shares of the business’s stock in a transaction that occurred on Monday, April 21st. The stock was sold at an average price of $40.91, for a total transaction of $285,429.07. Following the completion of the transaction, the executive now owns 90,223 shares in the company, valued at $3,691,022.93. The trade was a 7.18 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PSTG. Vanguard Group Inc. raised its position in Pure Storage by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 33,443,732 shares of the technology company’s stock worth $2,054,448,000 after acquiring an additional 615,931 shares in the last quarter. T. Rowe Price Investment Management Inc. increased its stake in shares of Pure Storage by 5.9% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 7,207,162 shares of the technology company’s stock worth $442,736,000 after acquiring an additional 401,035 shares during the last quarter. Geode Capital Management LLC grew its stake in Pure Storage by 25.4% in the fourth quarter. Geode Capital Management LLC now owns 6,748,553 shares of the technology company’s stock valued at $413,982,000 after purchasing an additional 1,366,458 shares in the last quarter. Champlain Investment Partners LLC increased its holdings in Pure Storage by 3.0% in the fourth quarter. Champlain Investment Partners LLC now owns 5,921,392 shares of the technology company’s stock worth $363,751,000 after buying an additional 174,449 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in shares of Pure Storage by 18.8% in the 4th quarter. Invesco Ltd. now owns 4,162,081 shares of the technology company’s stock valued at $255,677,000 after purchasing an additional 657,175 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.