Pure Storage (NYSE:PSTG) Hits New 1-Year Low – Time to Sell?

Pure Storage, Inc. (NYSE:PSTG)’s share price reached a new 52-week low during mid-day trading on Monday . The company traded as low as $34.51 and last traded at $38.04, with a volume of 2157720 shares. The stock had previously closed at $37.18.

Wall Street Analyst Weigh In

Several analysts recently issued reports on PSTG shares. Needham & Company LLC reaffirmed a “buy” rating and set a $75.00 price objective on shares of Pure Storage in a research note on Thursday, February 27th. Morgan Stanley increased their price target on Pure Storage from $62.00 to $72.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. Bank of America dropped their target price on Pure Storage from $77.00 to $73.00 and set a “neutral” rating for the company in a report on Thursday, February 27th. StockNews.com cut shares of Pure Storage from a “buy” rating to a “hold” rating in a research report on Thursday, February 27th. Finally, UBS Group lifted their target price on shares of Pure Storage from $47.00 to $50.00 and gave the stock a “sell” rating in a research note on Thursday, February 27th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $73.20.

Pure Storage Stock Up 3.5 %

The firm has a market cap of $12.54 billion, a price-to-earnings ratio of 101.25, a PEG ratio of 5.12 and a beta of 1.08. The firm has a fifty day moving average price of $56.76 and a 200-day moving average price of $57.19.

Institutional Trading of Pure Storage

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of Pure Storage by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 33,443,732 shares of the technology company’s stock worth $2,054,448,000 after acquiring an additional 615,931 shares during the period. State Street Corp raised its stake in Pure Storage by 6.5% during the third quarter. State Street Corp now owns 10,262,666 shares of the technology company’s stock worth $515,596,000 after purchasing an additional 626,427 shares during the period. T. Rowe Price Investment Management Inc. boosted its holdings in shares of Pure Storage by 5.9% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 7,207,162 shares of the technology company’s stock valued at $442,736,000 after purchasing an additional 401,035 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Pure Storage by 25.4% during the 4th quarter. Geode Capital Management LLC now owns 6,748,553 shares of the technology company’s stock valued at $413,982,000 after buying an additional 1,366,458 shares during the period. Finally, Champlain Investment Partners LLC increased its holdings in shares of Pure Storage by 3.0% during the 4th quarter. Champlain Investment Partners LLC now owns 5,921,392 shares of the technology company’s stock worth $363,751,000 after buying an additional 174,449 shares during the last quarter. 83.42% of the stock is owned by institutional investors and hedge funds.

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.