Pure Storage (NYSE:PSTG) Given New $70.00 Price Target at Lake Street Capital

Pure Storage (NYSE:PSTG) had its price objective hoisted by Lake Street Capital from $68.00 to $70.00 in a report published on Wednesday,Benzinga reports. They currently have a buy rating on the technology company’s stock.

A number of other equities analysts have also weighed in on the company. JPMorgan Chase & Co. upped their price objective on Pure Storage from $60.00 to $75.00 and gave the stock an “overweight” rating in a research note on Wednesday. William Blair reaffirmed an “outperform” rating on shares of Pure Storage in a research note on Thursday, November 14th. Evercore ISI upped their price objective on Pure Storage from $70.00 to $75.00 and gave the stock an “outperform” rating in a research note on Wednesday. Guggenheim upped their price objective on Pure Storage from $72.00 to $93.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. Finally, TD Cowen upped their price objective on Pure Storage from $70.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, six have given a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat.com, Pure Storage has an average rating of “Moderate Buy” and a consensus price target of $72.10.

Pure Storage Stock Performance

NYSE PSTG opened at $65.27 on Wednesday. The firm has a market cap of $21.39 billion, a price-to-earnings ratio of 171.77, a price-to-earnings-growth ratio of 7.27 and a beta of 1.13. 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 business has a 50-day moving average price of $52.49 and a 200-day moving average price of $56.78. Pure Storage has a twelve month low of $31.79 and a twelve month high of $70.41.

Insider Transactions at Pure Storage

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Larson Financial Group LLC increased its holdings in shares of Pure Storage by 242.9% in the 2nd quarter. Larson Financial Group LLC now owns 432 shares of the technology company’s stock valued at $28,000 after acquiring an additional 306 shares during the period. FSC Wealth Advisors LLC purchased a new position in shares of Pure Storage in the 2nd quarter valued at $33,000. ORG Partners LLC purchased a new position in shares of Pure Storage in the 2nd quarter valued at $35,000. ORG Wealth Partners LLC purchased a new position in shares of Pure Storage in the 3rd quarter valued at $31,000. Finally, Blue Trust Inc. increased its holdings in shares of Pure Storage by 174.4% in the 2nd quarter. Blue Trust Inc. now owns 741 shares of the technology company’s stock valued at $48,000 after acquiring an additional 471 shares during the period. 83.42% of the stock is currently owned by hedge funds and other institutional investors.

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.