Citigroup Lowers Pure Storage (NYSE:PSTG) Price Target to $90.00

Pure Storage (NYSE:PSTG) had its price target cut by equities research analysts at Citigroup from $105.00 to $90.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the technology company’s stock. Citigroup’s price target indicates a potential upside of 23.81% from the stock’s current price.

Several other equities research analysts also recently issued reports on PSTG. JPMorgan Chase & Co. lowered their price target on Pure Storage from $110.00 to $105.00 and set an “overweight” rating for the company in a report on Wednesday, December 3rd. Barclays boosted their price objective on Pure Storage from $70.00 to $77.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 3rd. Tigress Financial set a $105.00 target price on shares of Pure Storage in a report on Wednesday, December 3rd. Morgan Stanley set a $83.00 price target on shares of Pure Storage in a research note on Wednesday, December 3rd. Finally, Wedbush increased their price objective on shares of Pure Storage from $90.00 to $100.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 3rd. Twelve investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $94.47.

Pure Storage Price Performance

PSTG stock opened at $72.69 on Tuesday. Pure Storage has a twelve month low of $34.51 and a twelve month high of $100.59. The company has a market cap of $24.00 billion, a P/E ratio of 191.29, a price-to-earnings-growth ratio of 5.67 and a beta of 1.27. The business’s fifty day moving average is $70.38 and its 200-day moving average is $77.02.

Pure Storage (NYSE:PSTG) last issued its quarterly earnings data on Tuesday, December 2nd. The technology company reported $0.58 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.58. The firm had revenue of $964.45 million during the quarter, compared to analysts’ expectations of $955.60 million. Pure Storage had a net margin of 3.74% and a return on equity of 10.60%. The business’s revenue for the quarter was up 16.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.50 earnings per share. Research analysts anticipate that Pure Storage will post 0.44 earnings per share for the current fiscal year.

Insider Buying and Selling at Pure Storage

In other news, insider Ajay Singh sold 7,178 shares of the firm’s stock in a transaction dated Tuesday, December 23rd. The stock was sold at an average price of $67.14, for a total value of $481,930.92. Following the completion of the transaction, the insider owned 215,091 shares in the company, valued at $14,441,209.74. This trade represents a 3.23% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John Colgrove sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, December 8th. The shares were sold at an average price of $71.31, for a total value of $7,131,000.00. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 5.60% of the company’s stock.

Hedge Funds Weigh In On Pure Storage

Several hedge funds and other institutional investors have recently made changes to their positions in PSTG. Strive Financial Group LLC bought a new stake in Pure Storage during the fourth quarter worth $36,000. Vident Advisory LLC increased its stake in shares of Pure Storage by 2.3% during the 4th quarter. Vident Advisory LLC now owns 21,388 shares of the technology company’s stock worth $1,433,000 after purchasing an additional 482 shares during the last quarter. FAS Wealth Partners Inc. acquired a new position in shares of Pure Storage during the 4th quarter worth about $246,000. NewEdge Advisors LLC raised its holdings in shares of Pure Storage by 10.4% in the 4th quarter. NewEdge Advisors LLC now owns 27,359 shares of the technology company’s stock valued at $1,833,000 after purchasing an additional 2,567 shares during the period. Finally, Empowered Funds LLC lifted its stake in Pure Storage by 30.6% in the 4th quarter. Empowered Funds LLC now owns 9,089 shares of the technology company’s stock valued at $609,000 after purchasing an additional 2,130 shares during the last quarter. 83.42% of the stock is owned by institutional investors.

Pure Storage Company Profile

Pure Storage, Inc (NYSE: PSTG) is a technology company that designs and sells data storage hardware and software for enterprise and cloud environments. The company is best known for its all-flash storage arrays that are engineered to deliver high performance, low latency and simplified management compared with traditional disk-based systems. Its product portfolio includes purpose-built arrays and software aimed at transactional databases, virtualized infrastructures, analytics and large-scale file/object workloads.

Key product and software offerings include the FlashArray family for block storage and FlashBlade for file and object workloads, together with Purity, the company’s storage operating environment.