Pure Storage (NYSE:PSTG) Reaches New 52-Week High – Time to Buy?

Shares of Pure Storage, Inc. (NYSE:PSTG) reached a new 52-week high during trading on Wednesday . The company traded as high as $71.55 and last traded at $72.52, with a volume of 13184 shares traded. The stock had previously closed at $70.08.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on PSTG shares. Piper Sandler raised shares of Pure Storage from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $56.00 to $76.00 in a report on Wednesday, December 4th. Lake Street Capital increased their price objective on Pure Storage from $68.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. JPMorgan Chase & Co. lifted their target price on Pure Storage from $60.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Barclays upped their target price on Pure Storage from $56.00 to $61.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 4th. Finally, Stifel Nicolaus lifted their price objective on shares of Pure Storage from $60.00 to $65.00 and gave the company a “hold” rating in a research note on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $72.70.

Pure Storage Stock Up 0.2 %

The company has a 50-day moving average of $60.75 and a 200 day moving average of $56.89. The stock has a market capitalization of $23.63 billion, a PE ratio of 190.63, a PEG ratio of 8.72 and a beta of 1.09.

Insider Activity

In related news, insider Ajay Singh sold 19,972 shares of the company’s stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $61.58, for a total value of $1,229,875.76. Following the completion of the sale, the insider now owns 262,144 shares of the company’s stock, valued at approximately $16,142,827.52. This represents a 7.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider John Colgrove sold 100,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $65.55, for a total transaction of $6,555,000.00. Following the sale, the insider now owns 7,316,722 shares of the company’s stock, valued at $479,611,127.10. This represents a 1.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 137,178 shares of company stock worth $8,871,746 over the last three months. Insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. FMR LLC lifted its stake in shares of Pure Storage by 0.8% in the 3rd quarter. FMR LLC now owns 49,153,797 shares of the technology company’s stock valued at $2,469,487,000 after purchasing an additional 368,643 shares during the last quarter. State Street Corp increased its position in shares of Pure Storage by 6.5% during the third quarter. State Street Corp now owns 10,262,666 shares of the technology company’s stock valued at $515,596,000 after acquiring an additional 626,427 shares during the last quarter. Disciplined Growth Investors Inc. MN lifted its holdings in shares of Pure Storage by 3.2% in the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 5,684,218 shares of the technology company’s stock worth $285,575,000 after acquiring an additional 177,559 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Pure Storage by 4.3% during the 3rd quarter. Geode Capital Management LLC now owns 5,382,095 shares of the technology company’s stock worth $269,798,000 after purchasing an additional 219,971 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its position in shares of Pure Storage by 22.5% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 4,063,776 shares of the technology company’s stock worth $204,163,000 after purchasing an additional 747,034 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.