Oppenheimer Reiterates $26.00 Price Target for Pure Storage (PSTG)
Pure Storage (NYSE:PSTG) has been assigned a $26.00 target price by research analysts at Oppenheimer in a note issued to investors on Monday. The firm presently has a “buy” rating on the technology company’s stock. Oppenheimer’s price target points to a potential upside of 48.32% from the stock’s current price.
A number of other research firms have also commented on PSTG. ValuEngine raised Pure Storage from a “hold” rating to a “buy” rating in a report on Wednesday, November 7th. JPMorgan Chase & Co. started coverage on Pure Storage in a report on Friday, July 27th. They issued an “overweight” rating and a $30.00 target price for the company. William Blair reissued an “outperform” rating on shares of Pure Storage in a report on Wednesday, October 10th. Lake Street Capital reissued a “buy” rating and issued a $29.00 target price (up previously from $24.00) on shares of Pure Storage in a report on Wednesday, August 22nd. Finally, Citigroup lifted their target price on Pure Storage to $34.00 and gave the stock a “buy” rating in a report on Thursday, September 6th. Eight analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $26.42.
PSTG stock opened at $17.53 on Monday. Pure Storage has a twelve month low of $15.81 and a twelve month high of $29.14. The company has a debt-to-equity ratio of 0.68, a current ratio of 4.03 and a quick ratio of 3.91. The company has a market cap of $4.41 billion, a P/E ratio of -20.87 and a beta of 1.76.
In related news, CFO Timothy Riitters sold 4,500 shares of Pure Storage stock in a transaction on Wednesday, September 12th. The stock was sold at an average price of $28.22, for a total transaction of $126,990.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider John Colgrove sold 4,779 shares of Pure Storage stock in a transaction on Friday, October 5th. The shares were sold at an average price of $25.37, for a total value of $121,243.23. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 214,417 shares of company stock worth $5,780,580. Company insiders own 15.30% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Jennison Associates LLC purchased a new position in Pure Storage during the second quarter valued at $23,904,000. Aspiriant LLC purchased a new position in Pure Storage during the second quarter valued at $755,000. Granahan Investment Management Inc. MA lifted its position in Pure Storage by 11.9% during the second quarter. Granahan Investment Management Inc. MA now owns 228,520 shares of the technology company’s stock valued at $5,457,000 after purchasing an additional 24,248 shares in the last quarter. LLBH Private Wealth Management LLC lifted its position in Pure Storage by 65.2% during the second quarter. LLBH Private Wealth Management LLC now owns 42,514 shares of the technology company’s stock valued at $1,015,000 after purchasing an additional 16,783 shares in the last quarter. Finally, Ivory Investment Management LLC purchased a new position in Pure Storage during the second quarter valued at $9,346,000. Institutional investors own 72.54% of the company’s stock.
Pure Storage Company Profile
Pure Storage, Inc engages in building a data platform that enables businesses to enhance performance and reduce complexity and costs worldwide. The company delivers its data platform through Purity Operating Environment, an optimized software for solid-state memory that offers enterprise-class storage and protocol services; FlashArray and FlashBlade optimized hardware products for solid-state memory to enhance the performance and density of flash, optimize its advanced software services, and reduce solution cost for customers; Pure1, a cloud-based management and support software; and FlashStack, a converged infrastructure solution.
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