Pure Storage Inc. (NYSE: PSTG) Price Target Increased at Barclays PLC

Analysts at Barclays PLC boosted the price target of Pure Storage Inc. (NYSE: PSTG) stockfrom $15.00 to $16.00 in a research note to investors today and reiterated a rating of Equal Weight on the stock.

The much anticipated comments from Federal Reserve Chairwoman Janet Yellen came on Friday.

Yellen said the case for another interest-rate hike is strengthening, sending a strong signal the U.S. central bank is preparing to increase rates as soon as next month.

The market responded first positively and then pivoted back to losses across all three major indices.

The Dow Jones Industrial Average fell 53 points, or 0.29 percent, to 18,395.

The S&P 500 fell around 3 points, or 0.16 percent, to 2,169.

The Nasdaq climbed 7 points, or 0.13 percent, to end the week at 5,219.

NYMEX crude oil futures fell 0.02 percent to $47.32 while Brent contracts added 0.06 percent to $49.70.

Natural gas futures climbed 0.35 percent on the session and finished the week at $2.86.Precious metals were mixed on Friday.

COMEX gold futures were basically unchanged at $1,324.50.

Stock prices often move to the upside on recommendations and new price targets of professional analysts.

Shares of Pure Storage Inc. (NYSE: PSTG) opened at $13.51 and traded in a range between, $11.00 and $13.57 yesterday, and last traded at $11.40, which represents a change of $ -0.43 over the previous closing price.

Pure Storage Inc. (NYSE: PSTG) currently has a market cap of 2.20B

The stock’s average daily volume is 1,566,650 shares out of a total float 41,654,000 of and some 10,292,789 shares crossed the trading desk yesterday.

Investors will now, obviously, continue to look for increases in trading volume.

This is an excellent indicator of heavy volume accumulation from institutional investors.

However, a single day of heavy buy side trading is not enough to assert a trend. As such, market traders will continue to watch for institutional sponsorship as a signal that financial institutions are moving forward.

Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.

Professional investors such as these retain substantial teams of analysts that research thousands of stocks. Thus, watching their interests is a good way to ensure you are buying the right stocks.

By spotting trends, moving averages allow investors to make those trends work in their favor and increase the number of successful trades.

With that in mind Pure Storage Inc. (NYSE: PSTG) now has a 50-day MA is $12.34 and 200-day MA is $12.82, and it has traded in a 52-week range between $9.62 – 20.60

Earnings growth is an important factor to look at when investing in stocks and investors look for companies that have grown their earnings at least 25% or more for the past 3 years.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of BNB Daily News. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please see our terms and conditions page.

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