Pure Storage (NYSE:PSTG - Free Report) had its price target trimmed by Piper Sandler from $76.00 to $53.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an overweight rating on the technology company's stock.
A number of other brokerages also recently weighed in on PSTG. Bank of America cut their price target on shares of Pure Storage from $77.00 to $73.00 and set a "neutral" rating on the stock in a report on Thursday, February 27th. Morgan Stanley boosted their target price on shares of Pure Storage from $62.00 to $72.00 and gave the company an "equal weight" rating in a research note on Tuesday, December 17th. Needham & Company LLC reissued a "buy" rating and set a $75.00 target price on shares of Pure Storage in a research report on Thursday, February 27th. StockNews.com cut shares of Pure Storage from a "buy" rating to a "hold" rating in a report on Thursday, February 27th. Finally, UBS Group upped their price objective on Pure Storage from $47.00 to $50.00 and gave the company a "sell" rating in a research note on Thursday, February 27th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $72.05.
Read Our Latest Research Report on Pure Storage
Pure Storage Trading Down 2.1 %
Shares of NYSE:PSTG traded down $0.89 during mid-day trading on Tuesday, hitting $41.03. 3,781,097 shares of the company traded hands, compared to its average volume of 3,137,384. The stock has a 50-day moving average price of $53.63 and a two-hundred day moving average price of $56.73. Pure Storage has a 12-month low of $34.51 and a 12-month high of $73.67. The stock has a market cap of $13.38 billion, a P/E ratio of 107.98, a P/E/G ratio of 5.12 and a beta of 1.08.
Institutional Trading of Pure Storage
A number of hedge funds have recently added to or reduced their stakes in the business. Quantinno Capital Management LP boosted its stake in Pure Storage by 18.8% in the third quarter. Quantinno Capital Management LP now owns 42,737 shares of the technology company's stock valued at $2,147,000 after acquiring an additional 6,769 shares in the last quarter. XTX Topco Ltd lifted its holdings in shares of Pure Storage by 98.3% during the 3rd quarter. XTX Topco Ltd now owns 24,281 shares of the technology company's stock valued at $1,220,000 after purchasing an additional 12,036 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in shares of Pure Storage in the 3rd quarter worth $203,000. Nomura Asset Management Co. Ltd. grew its stake in Pure Storage by 6.3% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 84,610 shares of the technology company's stock worth $4,251,000 after buying an additional 5,000 shares during the last quarter. Finally, Barclays PLC increased its position in Pure Storage by 9.4% during the 3rd quarter. Barclays PLC now owns 316,911 shares of the technology company's stock valued at $15,921,000 after buying an additional 27,345 shares in the last quarter. 83.42% of the stock is owned by hedge funds and other institutional investors.
About Pure Storage
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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.
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