Piper Sandler Lowers Pure Storage (NYSE:PSTG) Price Target to $53.00

Pure Storage (NYSE:PSTG) had its price target cut by equities researchers at Piper Sandler from $76.00 to $53.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the technology company’s stock. Piper Sandler’s price target points to a potential upside of 18.69% from the stock’s current price.

A number of other brokerages also recently commented on PSTG. Bank of America lowered their price objective on Pure Storage from $77.00 to $73.00 and set a “neutral” rating for the company in a research report on Thursday, February 27th. StockNews.com lowered Pure Storage from a “buy” rating to a “hold” rating in a research report on Thursday, February 27th. UBS Group boosted their price target on Pure Storage from $47.00 to $50.00 and gave the company a “sell” rating in a report on Thursday, February 27th. Needham & Company LLC reaffirmed a “buy” rating and set a $75.00 target price on shares of Pure Storage in a report on Thursday, February 27th. Finally, Morgan Stanley increased their price objective on Pure Storage from $62.00 to $72.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $72.05.

Pure Storage Trading Up 15.4 %

PSTG opened at $44.66 on Tuesday. The firm has a market capitalization of $14.56 billion, a PE ratio of 117.52, a P/E/G ratio of 5.12 and a beta of 1.08. Pure Storage has a 12-month low of $34.51 and a 12-month high of $73.67. The firm has a 50 day moving average of $54.67 and a two-hundred day moving average of $56.86.

Institutional Investors Weigh In On Pure Storage

Institutional investors have recently made changes to their positions in the company. McIlrath & Eck LLC purchased a new stake in Pure Storage in the fourth quarter worth approximately $25,000. Sugar Maple Asset Management LLC purchased a new position in shares of Pure Storage during the 4th quarter worth $29,000. Compass Financial Services Inc purchased a new position in shares of Pure Storage during the 4th quarter worth $29,000. MassMutual Private Wealth & Trust FSB boosted its stake in shares of Pure Storage by 55.9% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 650 shares of the technology company’s stock worth $29,000 after acquiring an additional 233 shares during the last quarter. Finally, Crowley Wealth Management Inc. purchased a new position in shares of Pure Storage during the 4th quarter worth $31,000. Hedge funds and other institutional investors 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.