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

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

Several other brokerages have also weighed in on PSTG. Needham & Company LLC restated a “buy” rating and issued a $75.00 price target on shares of Pure Storage in a research note on Thursday, February 27th. Piper Sandler cut 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. UBS Group lifted their price target on Pure Storage from $47.00 to $50.00 and gave the company a “sell” rating in a research note on Thursday, February 27th. Evercore ISI cut their price target on Pure Storage from $75.00 to $60.00 and set an “outperform” rating for the company in a research note on Monday, April 28th. Finally, Bank of America cut their price target on Pure Storage from $77.00 to $73.00 and set a “neutral” rating for the company in a research note on Thursday, February 27th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $70.20.

Pure Storage Stock Up 0.7%

Shares of PSTG stock opened at $56.66 on Tuesday. Pure Storage has a 52-week low of $34.51 and a 52-week high of $73.67. The business has a 50-day simple moving average of $46.65 and a 200-day simple moving average of $55.77. 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.

Insider Activity at Pure Storage

In other Pure Storage news, CRO Dan Fitzsimons sold 872 shares of the company’s stock in a transaction on Monday, May 12th. The stock was sold at an average price of $51.51, for a total transaction of $44,916.72. Following the transaction, the executive now directly owns 89,351 shares in the company, valued at $4,602,470.01. This represents a 0.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John Colgrove sold 100,000 shares of the company’s stock in a transaction on Monday, May 12th. The stock was sold at an average price of $52.01, for a total value of $5,201,000.00. Following the transaction, the insider now owns 801,959 shares in the company, valued at $41,709,887.59. This trade represents a 11.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 107,849 shares of company stock worth $5,531,346. Insiders own 5.60% of the company’s stock.

Institutional Trading of Pure Storage

Hedge funds have recently modified their holdings of the stock. McIlrath & Eck LLC acquired a new stake in shares of Pure Storage in the fourth quarter valued at $25,000. Sugar Maple Asset Management LLC purchased a new position in Pure Storage in the fourth quarter valued at $29,000. Compass Financial Services Inc purchased a new position in Pure Storage in the fourth quarter valued at $29,000. Crowley Wealth Management Inc. purchased a new position in Pure Storage in the fourth quarter valued at $31,000. Finally, Berbice Capital Management LLC purchased a new position in Pure Storage in the fourth quarter valued at $37,000. 83.42% of the stock is currently owned by institutional investors and hedge funds.

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.