Pure Storage (NYSE:PSTG) Sets New 52-Week Low - Should You Sell?

Shares of Pure Storage, Inc. (NYSE:PSTG - Get Free Report) reached a new 52-week low during trading on Monday . The stock traded as low as $34.51 and last traded at $38.04, with a volume of 2157720 shares changing hands. The stock had previously closed at $37.18.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. 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. Piper Sandler reduced their price objective on Pure Storage from $76.00 to $53.00 and set an "overweight" rating on the stock in a research report on Tuesday. Morgan Stanley lifted their price objective on Pure Storage from $62.00 to $72.00 and gave the stock an "equal weight" rating in a research report on Tuesday, December 17th. UBS Group upped their target price on shares of Pure Storage from $47.00 to $50.00 and gave the company a "sell" rating in a report on Thursday, February 27th. Finally, StockNews.com downgraded shares of Pure Storage from a "buy" rating to a "hold" rating in a research note on Thursday, February 27th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and fifteen have issued a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $72.05.

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Pure Storage Price Performance

The firm has a 50-day simple moving average of $53.63 and a 200 day simple moving average of $56.73. The company has a market capitalization of $13.38 billion, a PE ratio of 107.98, a price-to-earnings-growth ratio of 5.12 and a beta of 1.08.

Hedge Funds Weigh In On Pure Storage

Hedge funds and other institutional investors have recently bought and sold shares of the stock. McIlrath & Eck LLC purchased a new stake in shares of Pure Storage during the fourth quarter valued at approximately $25,000. Sugar Maple Asset Management LLC acquired a new stake in Pure Storage during the 4th quarter valued at $29,000. Compass Financial Services Inc purchased a new stake in Pure Storage during the 4th quarter worth $29,000. MassMutual Private Wealth & Trust FSB lifted its holdings in Pure Storage by 55.9% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 650 shares of the technology company's stock worth $29,000 after buying an additional 233 shares in the last quarter. Finally, Crowley Wealth Management Inc. purchased a new position in Pure Storage in the 4th quarter valued at about $31,000. 83.42% of the stock is owned by institutional investors and hedge funds.

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.