Pure Storage (NYSE:PSTG) Price Target Raised to $62.00 at Morgan Stanley

Pure Storage (NYSE:PSTG) had its price target increased by stock analysts at Morgan Stanley from $40.00 to $62.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the technology company’s stock. Morgan Stanley’s price target suggests a potential upside of 9.42% from the company’s previous close.

Several other analysts have also recently issued reports on PSTG. Evercore ISI cut their target price on Pure Storage from $75.00 to $60.00 and set an “outperform” rating for the company in a research report on Monday, April 28th. Needham & Company LLC reissued a “buy” rating and set a $75.00 price target on shares of Pure Storage in a research note on Thursday, February 27th. StockNews.com lowered Pure Storage from a “buy” rating to a “hold” rating in a research note on Thursday, February 27th. Piper Sandler dropped their price target on Pure Storage from $76.00 to $53.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. Finally, Citigroup increased their price target on Pure Storage from $55.00 to $65.00 and gave the company a “buy” rating in a research note on Friday. 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 stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $70.20.

Pure Storage Stock Performance

Pure Storage stock opened at $56.66 on Tuesday. The stock has a market cap of $18.47 billion, a PE ratio of 148.94, a price-to-earnings-growth ratio of 5.12 and a beta of 1.05. Pure Storage has a one year low of $34.51 and a one year high of $73.67. The stock has a fifty day moving average of $46.65 and a 200 day moving average of $55.77.

Insider Transactions at Pure Storage

In other Pure Storage news, insider John Colgrove sold 100,000 shares of Pure Storage stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $52.01, for a total transaction of $5,201,000.00. Following the completion of the sale, the insider now owns 801,959 shares of the company’s stock, valued at approximately $41,709,887.59. The trade was a 11.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CRO Dan Fitzsimons sold 6,977 shares of Pure Storage stock in a transaction dated Monday, April 21st. The stock was sold at an average price of $40.91, for a total value of $285,429.07. Following the sale, the executive now directly owns 90,223 shares of the company’s stock, valued at approximately $3,691,022.93. This represents a 7.18% decrease in their position. The disclosure for this sale can be found here. Insiders sold 107,849 shares of company stock valued at $5,531,346 in the last quarter. 5.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Pure Storage

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PSTG. McIlrath & Eck LLC acquired a new position in shares of Pure Storage in the 4th quarter valued at about $25,000. Sugar Maple Asset Management LLC acquired a new position in shares of Pure Storage in the 4th quarter valued at about $29,000. Compass Financial Services Inc acquired a new position in shares of Pure Storage in the 4th quarter valued at about $29,000. MassMutual Private Wealth & Trust FSB lifted its holdings in shares of Pure Storage by 55.9% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 650 shares of the technology company’s stock valued at $29,000 after buying an additional 233 shares during the period. Finally, Crowley Wealth Management Inc. acquired a new position in shares of Pure Storage in the 4th quarter valued at about $31,000. Institutional investors and hedge funds own 83.42% of the company’s stock.

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.