Piper Sandler Cuts Pure Storage (NYSE:PSTG) Price Target to $53.00

Pure Storage (NYSE:PSTG) had its price objective lowered by Piper Sandler from $76.00 to $53.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the technology company’s stock. Piper Sandler’s price target suggests a potential upside of 31.28% from the stock’s current price.

PSTG has been the topic of several other reports. UBS Group lifted their target price on shares of Pure Storage from $47.00 to $50.00 and gave the company a “sell” rating in a research report on Thursday, February 27th. StockNews.com cut Pure Storage from a “buy” rating to a “hold” rating in a research report on Thursday, February 27th. Needham & Company LLC restated a “buy” rating and issued a $75.00 target price on shares of Pure Storage in a research note on Thursday, February 27th. Bank of America cut their price target on shares of Pure Storage from $77.00 to $73.00 and set a “neutral” rating for the company in a report on Thursday, February 27th. Finally, Morgan Stanley lifted their target price on shares of Pure Storage from $62.00 to $72.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $72.05.

Pure Storage Stock Up 4.9 %

Shares of PSTG stock traded up $1.87 during mid-day trading on Tuesday, reaching $40.37. The stock had a trading volume of 711,513 shares, compared to its average volume of 2,877,905. The firm’s 50 day simple moving average is $56.76 and its 200 day simple moving average is $57.19. The firm has a market cap of $13.16 billion, a PE ratio of 106.24, a P/E/G ratio of 5.12 and a beta of 1.08. Pure Storage has a one year low of $34.51 and a one year high of $73.67.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PSTG. McIlrath & Eck LLC acquired a new position in shares of Pure Storage during the fourth quarter worth $25,000. Sugar Maple Asset Management LLC acquired a new stake in shares of Pure Storage in the fourth quarter valued at about $29,000. Compass Financial Services Inc bought a new stake in Pure Storage during the fourth quarter valued at $29,000. Crowley Wealth Management Inc. acquired a new position in Pure Storage during the 4th quarter worth approximately $31,000. Finally, Berbice Capital Management LLC bought a new stake in shares of Pure Storage during the fourth quarter valued at approximately $37,000. Institutional investors own 83.42% of the company’s stock.

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.