Allstate Corp Invests $546,000 in Pure Storage, Inc. (NYSE:PSTG)

Allstate Corp acquired a new stake in Pure Storage, Inc. (NYSE:PSTG - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund acquired 8,892 shares of the technology company's stock, valued at approximately $546,000.

Several other hedge funds have also modified their holdings of PSTG. Sugar Maple Asset Management LLC bought a new stake in shares of Pure Storage in the fourth quarter valued at about $29,000. Compass Financial Services Inc bought a new stake in Pure Storage during the fourth quarter worth $29,000. Crowley Wealth Management Inc. purchased a new stake in Pure Storage during the fourth quarter valued at about $31,000. Berbice Capital Management LLC bought a new position in shares of Pure Storage in the fourth quarter worth $37,000. Finally, Financial Life Planners purchased a new position in shares of Pure Storage during the 4th quarter valued at about $44,000. 83.42% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently weighed in on PSTG shares. Morgan Stanley upped their price target on Pure Storage from $62.00 to $72.00 and gave the stock an "equal weight" rating in a research note on Tuesday, December 17th. StockNews.com downgraded shares of Pure Storage from a "buy" rating to a "hold" rating in a report on Thursday, February 27th. Needham & Company LLC reiterated a "buy" rating and issued a $75.00 price target on shares of Pure Storage in a report on Thursday, February 27th. UBS Group boosted their price target on Pure Storage from $47.00 to $50.00 and gave the company a "sell" rating in a research note on Thursday, February 27th. Finally, Bank of America dropped their price objective on Pure Storage from $77.00 to $73.00 and set a "neutral" rating on the stock in a report on Thursday, February 27th. One equities 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 company. Based on data from MarketBeat, Pure Storage has an average rating of "Moderate Buy" and an average price target of $73.20.

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Pure Storage Stock Down 9.4 %

Shares of PSTG traded down $3.82 during midday trading on Friday, reaching $37.03. 5,134,969 shares of the stock were exchanged, compared to its average volume of 3,100,889. The firm has a 50 day simple moving average of $57.99 and a 200-day simple moving average of $57.25. Pure Storage, Inc. has a 12-month low of $35.95 and a 12-month high of $73.67. The company has a market cap of $12.08 billion, a price-to-earnings ratio of 97.45, a P/E/G ratio of 5.12 and a beta of 1.08.

Pure Storage 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.