Pure Storage (NYSE:PSTG) Sets New 12-Month Low – Should You Sell?

Pure Storage, Inc. (NYSE:PSTG)’s stock price hit a new 52-week low on Monday . The stock 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.

Analyst Ratings Changes

Several brokerages have weighed in on PSTG. Needham & Company LLC reaffirmed a “buy” rating and set a $75.00 price target on shares of Pure Storage in a report on Thursday, February 27th. Morgan Stanley upped their target price on shares of Pure Storage from $62.00 to $72.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. UBS Group raised their price target on Pure Storage from $47.00 to $50.00 and gave the company a “sell” rating in a report on Thursday, February 27th. Bank of America dropped their price objective on Pure Storage from $77.00 to $73.00 and set a “neutral” rating for the company in a research note on Thursday, February 27th. Finally, Citigroup decreased their target price on Pure Storage from $80.00 to $77.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $73.20.

Pure Storage Trading Up 3.5 %

The firm has a market cap of $12.54 billion, a PE ratio of 101.25, a price-to-earnings-growth ratio of 5.12 and a beta of 1.08. The company has a 50-day simple moving average of $56.76 and a 200 day simple moving average of $57.19.

Institutional Investors Weigh In On Pure Storage

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its stake 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 buying an additional 615,931 shares during the period. State Street Corp lifted its holdings 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 valued at $515,596,000 after purchasing an additional 626,427 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its position in shares of Pure Storage by 5.9% in the fourth 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 period. Geode Capital Management LLC increased its stake in shares of 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 in the last quarter. Finally, Champlain Investment Partners LLC raised its position 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 purchasing an additional 174,449 shares during 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.