Pure Storage Inc (PSTG) Receives $16.40 Consensus Target Price from Analysts
Shares of Pure Storage Inc (NYSE:PSTG) have earned a consensus rating of “Buy” from the twenty-five analysts that are covering the firm. Ten equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $16.40.
Several analysts have commented on the company. Wells Fargo & Co. restated a “market perform” rating and issued a $13.00 price target on shares of Pure Storage in a report on Friday, October 21st. JMP Securities restated a “positive” rating and issued a $19.00 price target on shares of Pure Storage in a report on Friday, August 26th. Vetr upgraded Pure Storage from a “buy” rating to a “strong-buy” rating and set a $14.00 price target for the company in a report on Thursday, October 27th. Barclays PLC lifted their price target on Pure Storage from $15.00 to $16.00 and gave the company an “equal weight” rating in a report on Friday, August 26th. Finally, Jefferies Group boosted their target price on Pure Storage from $11.00 to $13.00 and gave the stock a “hold” rating in a report on Friday, August 26th.
Pure Storage (NYSE:PSTG) opened at 14.25 on Wednesday. The firm has a 50-day moving average of $13.22 and a 200 day moving average of $12.61. The stock’s market capitalization is $2.80 billion. Pure Storage has a 52 week low of $9.62 and a 52 week high of $18.39.
In other news, CFO Timothy Riitters sold 3,231 shares of the business’s stock in a transaction that occurred on Wednesday, September 21st. The stock was sold at an average price of $13.50, for a total value of $43,618.50. Following the completion of the sale, the chief financial officer now directly owns 31,769 shares in the company, valued at approximately $428,881.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 46.58% of the stock is owned by insiders.
Several large investors have recently modified their holdings of the stock. FMR LLC increased its stake in shares of Pure Storage by 65.5% in the second quarter. FMR LLC now owns 7,701,276 shares of the company’s stock worth $83,944,000 after buying an additional 3,049,278 shares during the period. BlackRock Advisors LLC increased its stake in shares of Pure Storage by 53.8% in the second quarter. BlackRock Advisors LLC now owns 4,364,173 shares of the company’s stock worth $47,569,000 after buying an additional 1,527,300 shares during the period. Vanguard Group Inc. increased its stake in shares of Pure Storage by 258.0% in the second quarter. Vanguard Group Inc. now owns 3,539,596 shares of the company’s stock worth $38,581,000 after buying an additional 2,550,935 shares during the period. Franklin Resources Inc. increased its stake in shares of Pure Storage by 21.5% in the second quarter. Franklin Resources Inc. now owns 2,792,696 shares of the company’s stock worth $30,440,000 after buying an additional 493,691 shares during the period. Finally, BlackRock Institutional Trust Company N.A. increased its stake in shares of Pure Storage by 21.6% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 1,739,893 shares of the company’s stock worth $23,576,000 after buying an additional 308,873 shares during the period. Institutional investors and hedge funds own 49.97% of the company’s stock.
About Pure Storage
Pure Storage, Inc provides an enterprise data storage platform. The Company’s storage platform consists of approximately three integrated components, including the Purity Operating Environment, which is its flash-optimized software; FlashArray, which is its modular and scalable all-flash array hardware, and Pure1, which is its cloud-based management and support.
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