Pure Storage, Inc. (NYSE:PSTG) Receives Consensus Rating of "Moderate Buy" from Analysts

Shares of Pure Storage, Inc. (NYSE:PSTG - Get Free Report) have received an average recommendation of "Moderate Buy" from the twenty-two brokerages that are covering the firm, Marketbeat reports. One analyst has rated the stock with a sell recommendation, six have assigned a hold recommendation and fifteen have given a buy recommendation to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $73.20.

PSTG has been the topic of several recent analyst reports. Bank of America reduced their price target on shares of Pure Storage from $77.00 to $73.00 and set a "neutral" rating on the stock in a research note on Thursday, February 27th. StockNews.com downgraded Pure Storage from a "buy" rating to a "hold" rating in a report on Thursday, February 27th. UBS Group upped their target price on Pure Storage from $47.00 to $50.00 and gave the stock a "sell" rating in a report on Thursday, February 27th. Needham & Company LLC restated a "buy" rating and set a $75.00 price target on shares of Pure Storage in a research note on Thursday, February 27th. Finally, Citigroup lowered their price objective on shares of Pure Storage from $80.00 to $77.00 and set a "buy" rating for the company in a research note on Thursday, February 27th.

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Pure Storage Trading Up 3.5 %

Shares of NYSE PSTG traded up $1.29 during midday trading on Friday, hitting $38.47. The company's stock had a trading volume of 6,427,612 shares, compared to its average volume of 2,914,022. The business's 50 day moving average is $57.29 and its two-hundred day moving average is $57.27. Pure Storage has a 12-month low of $34.51 and a 12-month high of $73.67. The firm has a market cap of $12.54 billion, a P/E ratio of 101.25, a price-to-earnings-growth ratio of 5.12 and a beta of 1.08.

Institutional Investors Weigh In On Pure Storage

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. World Investment Advisors grew its position in Pure Storage by 1.6% during the fourth quarter. World Investment Advisors now owns 9,635 shares of the technology company's stock valued at $592,000 after buying an additional 150 shares during the period. Peapack Gladstone Financial Corp grew its holdings in Pure Storage by 2.7% in the fourth quarter. Peapack Gladstone Financial Corp now owns 5,775 shares of the technology company's stock valued at $355,000 after purchasing an additional 150 shares during the period. HighPoint Advisor Group LLC increased its position in shares of Pure Storage by 2.7% in the fourth quarter. HighPoint Advisor Group LLC now owns 5,885 shares of the technology company's stock valued at $396,000 after buying an additional 157 shares in the last quarter. Parallel Advisors LLC raised its stake in shares of Pure Storage by 1.4% during the 4th quarter. Parallel Advisors LLC now owns 13,271 shares of the technology company's stock worth $815,000 after buying an additional 186 shares during the period. Finally, Cherry Creek Investment Advisors Inc. grew its stake in Pure Storage by 0.3% in the 4th quarter. Cherry Creek Investment Advisors Inc. now owns 67,232 shares of the technology company's stock valued at $4,130,000 after acquiring an additional 189 shares during the period. Institutional investors and hedge funds own 83.42% of the company's stock.

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.