Pure Storage (NYSE:PSTG) Price Target Lowered to $73.00 at Bank of America

Pure Storage (NYSE:PSTG) had its price target trimmed by Bank of America from $77.00 to $73.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a neutral rating on the technology company’s stock.

A number of other analysts have also recently commented on PSTG. William Blair reissued an “outperform” rating on shares of Pure Storage in a research report on Thursday, November 14th. JPMorgan Chase & Co. lifted their price target on Pure Storage from $60.00 to $75.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. Wells Fargo & Company increased their price objective on shares of Pure Storage from $75.00 to $80.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. UBS Group lifted their target price on shares of Pure Storage from $45.00 to $47.00 and gave the stock a “sell” rating in a report on Wednesday, December 4th. Finally, Piper Sandler upgraded shares of Pure Storage from a “neutral” rating to an “overweight” rating and increased their price target for the company from $56.00 to $76.00 in a report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $73.20.

Pure Storage Trading Down 15.1 %

Shares of PSTG stock opened at $53.04 on Thursday. The company’s fifty day moving average price is $65.90 and its 200-day moving average price is $58.24. The stock has a market cap of $17.30 billion, a PE ratio of 139.58, a price-to-earnings-growth ratio of 5.12 and a beta of 1.09. Pure Storage has a 12 month low of $40.95 and a 12 month high of $73.67.

Insider Buying and Selling at Pure Storage

In other Pure Storage news, insider John Colgrove sold 100,000 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $65.55, for a total transaction of $6,555,000.00. Following the sale, the insider now directly owns 7,316,722 shares of the company’s stock, valued at $479,611,127.10. This trade represents a 1.35 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mona Chu sold 8,311 shares of the company’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $62.16, for a total value of $516,611.76. Following the completion of the transaction, the chief accounting officer now directly owns 67,681 shares of the company’s stock, valued at approximately $4,207,050.96. This trade represents a 10.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 137,178 shares of company stock valued at $8,871,746 over the last 90 days. 6.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Pure Storage

A number of institutional investors have recently added to or reduced their stakes in PSTG. McIlrath & Eck LLC bought a new position in shares of Pure Storage during the fourth quarter worth $25,000. Sugar Maple Asset Management LLC purchased a new stake in Pure Storage in the 4th quarter worth $29,000. Compass Financial Services Inc bought a new position in shares of Pure Storage during the 4th quarter valued at about $29,000. Crowley Wealth Management Inc. purchased a new position in shares of Pure Storage during the fourth quarter valued at about $31,000. Finally, Berbice Capital Management LLC bought a new stake in shares of Pure Storage in the fourth quarter worth about $37,000. 83.42% of the stock is owned by hedge funds and other institutional investors.

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.