Pure Storage (NYSE:PSTG) Reaches New 12-Month Low – Here’s What Happened

Shares of Pure Storage, Inc. (NYSE:PSTG) reached a new 52-week low during mid-day trading on Monday . The stock traded as low as $43.70 and last traded at $44.36, with a volume of 230902 shares traded. The stock had previously closed at $46.00.

Analysts Set New Price Targets

Several brokerages have recently commented on PSTG. StockNews.com lowered Pure Storage from a “buy” rating to a “hold” rating in a research note on Thursday, February 27th. UBS Group upped 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. Needham & Company LLC reiterated a “buy” rating and set a $75.00 price target on shares of Pure Storage in a research report on Thursday, February 27th. Citigroup reduced their price target on shares of Pure Storage from $80.00 to $77.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. Finally, Piper Sandler raised shares of Pure Storage from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $56.00 to $76.00 in a research report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $73.20.

Pure Storage Stock Up 2.5 %

The company’s fifty day moving average is $59.15 and its two-hundred day moving average is $57.45. The stock has a market cap of $14.81 billion, a price-to-earnings ratio of 119.46, a PEG ratio of 5.12 and a beta of 1.09.

Institutional Investors Weigh In On Pure Storage

Several institutional investors have recently modified their holdings of PSTG. Vanguard Group Inc. raised its stake in Pure Storage by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 33,443,732 shares of the technology company’s stock valued at $2,054,448,000 after buying an additional 615,931 shares in the last quarter. State Street Corp increased its holdings in shares of Pure Storage by 6.5% in the 3rd 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. T. Rowe Price Investment Management Inc. raised its position in shares of Pure Storage by 5.9% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 7,207,162 shares of the technology company’s stock worth $442,736,000 after acquiring an additional 401,035 shares in the last quarter. Geode Capital Management LLC lifted its stake in Pure Storage by 25.4% during the fourth quarter. Geode Capital Management LLC now owns 6,748,553 shares of the technology company’s stock worth $413,982,000 after purchasing an additional 1,366,458 shares during the last quarter. Finally, Champlain Investment Partners LLC boosted its holdings in Pure Storage by 3.0% in the fourth quarter. Champlain Investment Partners LLC now owns 5,921,392 shares of the technology company’s stock valued at $363,751,000 after purchasing an additional 174,449 shares in the last quarter. 83.42% of the stock is owned by hedge funds and other institutional investors.

About Pure Storage

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.