Pure Storage (NYSE:PSTG) Given New $90.00 Price Target at Citigroup

Pure Storage (NYSE:PSTG) had its price target cut by stock analysts at Citigroup from $105.00 to $90.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the technology company’s stock. Citigroup’s price target would indicate a potential upside of 22.98% from the company’s current price.

Other equities research analysts have also recently issued reports about the company. Lake Street Capital increased their target price on Pure Storage from $80.00 to $92.00 and gave the stock a “buy” rating in a research note on Wednesday, December 3rd. Oppenheimer began coverage on shares of Pure Storage in a research note on Monday, November 17th. They issued an “outperform” rating and a $120.00 price target on the stock. Susquehanna set a $105.00 price objective on shares of Pure Storage in a research note on Wednesday, December 3rd. Barclays upped their target price on shares of Pure Storage from $70.00 to $77.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 3rd. Finally, Needham & Company LLC reiterated a “buy” rating and set a $100.00 price target on shares of Pure Storage in a report on Wednesday, December 3rd. Twelve equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $94.47.

Pure Storage Price Performance

PSTG stock traded down $0.67 during midday trading on Tuesday, hitting $73.18. The stock had a trading volume of 1,058,439 shares, compared to its average volume of 3,594,796. The business has a 50-day moving average of $70.35 and a two-hundred day moving average of $76.92. The firm has a market cap of $24.16 billion, a price-to-earnings ratio of 192.12, a price-to-earnings-growth ratio of 5.76 and a beta of 1.27. Pure Storage has a 52-week low of $34.51 and a 52-week high of $100.59.

Pure Storage (NYSE:PSTG) last announced its earnings results on Tuesday, December 2nd. The technology company reported $0.58 EPS for the quarter, meeting analysts’ consensus estimates 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 net margin of 3.74% and a return on equity of 10.60%. The company’s quarterly revenue was up 16.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.50 EPS. Research analysts predict that Pure Storage will post 0.44 earnings per share for the current year.

Insider Transactions at Pure Storage

In other Pure Storage news, insider John Colgrove sold 100,000 shares of the 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 transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Ajay Singh sold 7,178 shares of Pure Storage stock in a transaction on Tuesday, December 23rd. The stock was sold at an average price of $67.14, for a total transaction of $481,930.92. Following the transaction, the insider owned 215,091 shares in the company, valued at $14,441,209.74. This represents a 3.23% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 5.60% of the company’s stock.

Hedge Funds Weigh In On Pure Storage

Institutional investors have recently bought and sold shares of the stock. Winnow Wealth LLC bought a new stake in Pure Storage during the third quarter valued at about $26,000. Provenance Wealth Advisors LLC purchased a new position in shares of Pure Storage during the 3rd quarter valued at about $27,000. Salomon & Ludwin LLC grew its stake in shares of Pure Storage by 108.2% during the 4th quarter. Salomon & Ludwin LLC now owns 383 shares of the technology company’s stock valued at $27,000 after acquiring an additional 199 shares during the period. Foster Dykema Cabot & Partners LLC bought a new position in shares of Pure Storage during the 3rd quarter valued at approximately $28,000. Finally, Sunbelt Securities Inc. increased its holdings in Pure Storage by 287.1% in the 3rd quarter. Sunbelt Securities Inc. now owns 329 shares of the technology company’s stock worth $28,000 after acquiring an additional 244 shares in the last quarter. 83.42% of the stock is owned by institutional investors.

About Pure Storage

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.