Pure Storage (NYSE:PSTG) Price Target Lowered to $63.00 at Citigroup

Pure Storage (NYSE:PSTG) had its target price lowered by Citigroup from $67.00 to $63.00 in a research report sent to investors on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the technology company’s stock.

PSTG has been the topic of several other research reports. William Blair reissued an “outperform” rating on shares of Pure Storage in a research report on Thursday, November 14th. Susquehanna restated a “positive” rating and issued a $80.00 target price on shares of Pure Storage in a report on Monday, August 26th. Northland Securities reiterated a “market perform” rating and set a $59.00 price target (down from $68.00) on shares of Pure Storage in a report on Thursday, August 29th. Needham & Company LLC decreased their price objective on shares of Pure Storage from $80.00 to $62.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Finally, Lake Street Capital dropped their target price on Pure Storage from $70.00 to $68.00 and set a “buy” rating for the company in a research report on Thursday, August 29th. One analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, Pure Storage currently has an average rating of “Moderate Buy” and an average target price of $67.95.

Pure Storage Price Performance

Pure Storage stock opened at $51.66 on Tuesday. Pure Storage has a 52-week low of $31.00 and a 52-week high of $70.41. The company has a quick ratio of 1.96, a current ratio of 1.99 and a debt-to-equity ratio of 0.07. The firm’s fifty day moving average is $51.70 and its 200 day moving average is $56.84. The company has a market cap of $16.93 billion, a price-to-earnings ratio of 129.15, a PEG ratio of 6.77 and a beta of 1.10.

Pure Storage (NYSE:PSTG) last announced its quarterly earnings results on Wednesday, August 28th. The technology company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.10. Pure Storage had a net margin of 4.53% and a return on equity of 17.41%. The firm had revenue of $763.77 million during the quarter, compared to the consensus estimate of $756.59 million. Sell-side analysts forecast that Pure Storage will post 0.42 EPS for the current fiscal year.

Insider Transactions at Pure Storage

In other Pure Storage news, CAO Mona Chu sold 20,647 shares of the business’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $51.50, for a total value of $1,063,320.50. Following the completion of the transaction, the chief accounting officer now directly owns 75,992 shares in the company, valued at approximately $3,913,588. The trade was a 21.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CRO Dan Fitzsimons sold 8,895 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $50.67, for a total transaction of $450,709.65. Following the sale, the executive now directly owns 94,446 shares of the company’s stock, valued at approximately $4,785,578.82. The trade was a 8.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 354,542 shares of company stock valued at $18,599,030. Company insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of PSTG. Toronto Dominion Bank increased its position in shares of Pure Storage by 30.1% during the third quarter. Toronto Dominion Bank now owns 40,276 shares of the technology company’s stock worth $2,023,000 after purchasing an additional 9,315 shares in the last quarter. TT International Asset Management LTD grew its stake in Pure Storage by 1,160.1% during the 3rd quarter. TT International Asset Management LTD now owns 73,085 shares of the technology company’s stock worth $3,671,000 after buying an additional 67,285 shares during the last quarter. Coldstream Capital Management Inc. increased its position in Pure Storage by 16.9% during the 3rd quarter. Coldstream Capital Management Inc. now owns 4,727 shares of the technology company’s stock valued at $237,000 after buying an additional 684 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Pure Storage by 4.3% in the third quarter. Geode Capital Management LLC now owns 5,382,095 shares of the technology company’s stock worth $269,798,000 after acquiring an additional 219,971 shares in the last quarter. Finally, Disciplined Growth Investors Inc. MN boosted its holdings in Pure Storage by 3.2% in the third quarter. Disciplined Growth Investors Inc. MN now owns 5,684,218 shares of the technology company’s stock worth $285,575,000 after acquiring an additional 177,559 shares in the last quarter. Institutional investors own 83.42% of the company’s stock.

About Pure Storage

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.