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

Pure Storage (NYSE:PSTG) had its target price trimmed by Citigroup from $105.00 to $90.00 in a research note published on Tuesday,Benzinga reports. The firm currently has a buy rating on the technology company’s stock.

A number of other brokerages also recently weighed in on PSTG. Northland Securities set a $77.00 price objective on shares of Pure Storage in a research report on Wednesday, December 3rd. JPMorgan Chase & Co. lowered their target price on Pure Storage from $110.00 to $105.00 and set an “overweight” rating for the company in a report on Wednesday, December 3rd. Susquehanna set a $105.00 price target on Pure Storage in a report on Wednesday, December 3rd. Weiss Ratings restated a “hold (c)” rating on shares of Pure Storage in a research report on Thursday, January 22nd. Finally, Tigress Financial set a $105.00 target price on Pure Storage in a research report on Wednesday, December 3rd. Twelve analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Pure Storage currently has an average rating of “Moderate Buy” and an average target price of $94.47.

Pure Storage Trading Up 1.3%

Shares of NYSE PSTG opened at $73.51 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 capitalization of $24.27 billion, a price-to-earnings ratio of 193.45, a price-to-earnings-growth ratio of 5.67 and a beta of 1.27. The business has a 50 day simple moving average of $70.34 and a 200-day simple moving average of $77.00.

Pure Storage (NYSE:PSTG) last announced its quarterly earnings data on Tuesday, December 2nd. The technology company reported $0.58 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.58. The firm had revenue of $964.45 million for the quarter, compared to analysts’ expectations of $955.60 million. Pure Storage had a return on equity of 10.60% and a net margin of 3.74%.The firm’s revenue for the quarter was up 16.1% on a year-over-year basis. During the same period last year, the business posted $0.50 earnings per share. As a group, equities analysts predict that Pure Storage will post 0.44 earnings per share for the current year.

Insider Transactions at Pure Storage

In other news, insider John Colgrove sold 100,000 shares of the company’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. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Ajay Singh sold 7,178 shares of the stock in a transaction that occurred on Tuesday, December 23rd. The shares were sold at an average price of $67.14, for a total transaction of $481,930.92. Following the completion of the transaction, the insider owned 215,091 shares of the company’s stock, valued at $14,441,209.74. This trade represents a 3.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 5.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Pure Storage

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BI Asset Management Fondsmaeglerselskab A S grew its holdings in shares of Pure Storage by 96.3% during the 3rd quarter. BI Asset Management Fondsmaeglerselskab A S now owns 31,166 shares of the technology company’s stock worth $2,612,000 after purchasing an additional 15,286 shares in the last quarter. AlTi Global Inc. bought a new stake in Pure Storage in the 3rd quarter valued at $2,517,000. Merit Financial Group LLC boosted its position in shares of Pure Storage by 145.6% during the 3rd quarter. Merit Financial Group LLC now owns 25,943 shares of the technology company’s stock valued at $2,174,000 after acquiring an additional 15,382 shares in the last quarter. Oak Thistle LLC acquired a new stake in shares of Pure Storage during the 3rd quarter valued at about $1,653,000. Finally, RBA Wealth Management LLC bought a new stake in Pure Storage in the third quarter valued at about $5,964,000. 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.