Pure Storage (NYSE:PSTG) Reaches New 1-Year Low - Time to Sell?

Pure Storage, Inc. (NYSE:PSTG - Get Free Report) hit a new 52-week low during mid-day trading on Monday . The company traded as low as $43.70 and last traded at $44.36, with a volume of 230902 shares traded. The stock had previously closed at $46.00.

Wall Street Analyst Weigh In

PSTG has been the subject of several recent analyst reports. Evercore ISI increased their price objective on shares of Pure Storage from $70.00 to $75.00 and gave the stock an "outperform" rating in a research report on Wednesday, December 4th. Citigroup decreased their price target on Pure Storage from $80.00 to $77.00 and set a "buy" rating for the company in a report on Thursday, February 27th. Barclays lifted their price objective on Pure Storage from $56.00 to $61.00 and gave the stock an "equal weight" rating in a research report on Wednesday, December 4th. UBS Group upped their target price on Pure Storage from $47.00 to $50.00 and gave the company a "sell" rating in a research report on Thursday, February 27th. Finally, Northland Securities reiterated a "market perform" rating and issued a $63.00 target price (up from $59.00) on shares of Pure Storage in a report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $73.20.

Pure Storage Price Performance

The company's fifty day moving average price is $58.63 and its 200 day moving average price is $57.37. The company has a market cap of $15.03 billion, a PE ratio of 121.21, a P/E/G ratio of 5.12 and a beta of 1.08.

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Hedge Funds Weigh In On Pure Storage

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