Alliancebernstein L.P. Reduces Stock Position in Pure Storage, Inc. (NYSE:PSTG)

Alliancebernstein L.P. reduced its stake in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) by 72.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 528,064 shares of the technology company's stock after selling 1,413,405 shares during the quarter. Alliancebernstein L.P. owned approximately 0.16% of Pure Storage worth $32,439,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Pure Storage by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 33,443,732 shares of the technology company's stock worth $2,054,448,000 after purchasing an additional 615,931 shares in the last quarter. State Street Corp increased its position in Pure Storage by 6.5% during the 3rd quarter. State Street Corp now owns 10,262,666 shares of the technology company's stock valued at $515,596,000 after buying an additional 626,427 shares in the last quarter. Disciplined Growth Investors Inc. MN increased its position in Pure Storage by 3.2% during the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 5,684,218 shares of the technology company's stock valued at $285,575,000 after buying an additional 177,559 shares in the last quarter. Geode Capital Management LLC raised its stake in Pure Storage by 4.3% in the third quarter. Geode Capital Management LLC now owns 5,382,095 shares of the technology company's stock valued at $269,798,000 after buying an additional 219,971 shares during the last quarter. Finally, Norges Bank acquired a new stake in Pure Storage in the fourth quarter worth about $216,690,000. Institutional investors own 83.42% of the company's stock.

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Wall Street Analyst Weigh In

PSTG has been the subject of several research analyst reports. StockNews.com lowered shares of Pure Storage from a "buy" rating to a "hold" rating in a research report on Thursday, February 27th. UBS Group lifted their price objective on shares of Pure Storage from $47.00 to $50.00 and gave the stock a "sell" rating in a research note on Thursday, February 27th. Needham & Company LLC reissued a "buy" rating and issued a $75.00 target price on shares of Pure Storage in a research report on Thursday, February 27th. Bank of America reduced their target price 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, Morgan Stanley boosted their price target on 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 issued a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Pure Storage currently has a consensus rating of "Moderate Buy" and an average price target of $72.05.

Pure Storage Stock Performance

Shares of Pure Storage stock traded down $0.89 on Friday, hitting $41.03. The company's stock had a trading volume of 3,781,097 shares, compared to its average volume of 3,137,384. Pure Storage, Inc. has a 1 year low of $34.51 and a 1 year high of $73.67. The firm has a fifty day moving average price of $53.63 and a 200-day moving average price of $56.73. The company has a market capitalization of $13.38 billion, a price-to-earnings ratio of 107.98, a price-to-earnings-growth ratio of 5.12 and a beta of 1.08.

Pure Storage Company 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.