Wells Fargo Keeps a Buy Rating on Pure Storage (PSTG)

By Ryan Adsit

Wells Fargo analyst Aaron Rakers maintained a Buy rating on Pure Storage (PSTGResearch Report) on December 6. The company’s shares closed last Monday at $16.23.

According to TipRanks.com, Rakers is a 5-star analyst with an average return of 14.8% and a 63.0% success rate. Rakers covers the Consumer Goods sector, focusing on stocks such as Applied Materials, Dell Technologies, and Western Digital.

Currently, the analyst consensus on Pure Storage is a Strong Buy with an average price target of $20.06, a 25.7% upside from current levels. In a report issued on November 22, Susquehanna also reiterated a Buy rating on the stock with a $25.00 price target.

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The company has a one-year high of $23.53 and a one-year low of $12.68. Currently, Pure Storage has an average volume of 3.55M.

Based on the recent corporate insider activity of 63 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of PSTG in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Pure Storage, Inc. engages in the provision of flash-based storage solutions. Its technology replaces storage systems designed for mechanical disk with all-flash systems optimized end-to-end for solid-state memory. The company was founded by John Hayes and John Colgrove in October 2009 and is headquartered in Mountain View, CA.