Prudential Financial Inc. Raises Position in Pure Storage, Inc. (NYSE:PSTG)

Prudential Financial Inc. lifted its holdings in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) by 155.8% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 89,571 shares of the technology company's stock after acquiring an additional 54,557 shares during the period. Prudential Financial Inc.'s holdings in Pure Storage were worth $5,502,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in PSTG. Sugar Maple Asset Management LLC acquired a new position in Pure Storage in the fourth quarter valued at $29,000. Compass Financial Services Inc purchased a new position in shares of Pure Storage during the fourth quarter worth about $29,000. Crowley Wealth Management Inc. purchased a new position in shares of Pure Storage during the fourth quarter worth about $31,000. Berbice Capital Management LLC acquired a new position in Pure Storage in the 4th quarter valued at about $37,000. Finally, Financial Life Planners purchased a new stake in Pure Storage during the 4th quarter valued at approximately $44,000. Hedge funds and other institutional investors own 83.42% of the company's stock.

Pure Storage Stock Performance

Pure Storage stock traded down $3.82 during midday trading on Friday, reaching $37.03. 5,134,969 shares of the company were exchanged, compared to its average volume of 3,100,296. The firm's 50-day simple moving average is $57.29 and its 200-day simple moving average is $57.22. Pure Storage, Inc. has a 1 year low of $35.93 and a 1 year high of $73.67. The company has a market capitalization 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.

Analysts Set New Price Targets

Several research firms have recently commented on PSTG. Needham & Company LLC restated a "buy" rating and issued a $75.00 target price on shares of Pure Storage in a research note on Thursday, February 27th. Bank of America cut their price objective on Pure Storage from $77.00 to $73.00 and set a "neutral" rating for the company in a research report on Thursday, February 27th. Citigroup decreased their target price on shares of Pure Storage from $80.00 to $77.00 and set a "buy" rating on the stock in a research report on Thursday, February 27th. StockNews.com downgraded shares of Pure Storage from a "buy" rating to a "hold" rating in a report on Thursday, February 27th. Finally, Morgan Stanley raised their price objective 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. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $73.20.

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.