Pure Storage (NYSE:PSTG) Hits New 1-Year Low – Here’s What Happened

Pure Storage, Inc. (NYSE:PSTG) shares reached a new 52-week low on Monday . The stock traded as low as $43.70 and last traded at $44.36, with a volume of 230902 shares trading hands. The stock had previously closed at $46.00.

Analyst Ratings Changes

A number of brokerages have weighed in on PSTG. Barclays increased their price target on shares of Pure Storage from $56.00 to $61.00 and gave the company an “equal weight” rating in a report on Wednesday, December 4th. Citigroup lowered their target price on shares of Pure Storage from $80.00 to $77.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Morgan Stanley raised their price target on Pure Storage from $62.00 to $72.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. UBS Group lifted their price objective 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, Stifel Nicolaus increased their target price on Pure Storage from $60.00 to $65.00 and gave the stock a “hold” rating in a report on Wednesday, December 4th. 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 company’s stock. Based on data from MarketBeat.com, Pure Storage has a consensus rating of “Moderate Buy” and an average target price of $73.20.

Pure Storage Stock Down 4.2 %

The company has a fifty day simple moving average of $60.09 and a two-hundred day simple moving average of $57.50. The stock has a market capitalization of $14.37 billion, a P/E ratio of 115.99, a price-to-earnings-growth ratio of 5.12 and a beta of 1.09.

Insider Buying and Selling at Pure Storage

In related news, insider Ajay Singh sold 19,972 shares of the company’s stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $61.58, for a total value of $1,229,875.76. Following the completion of the transaction, the insider now directly owns 262,144 shares of the company’s stock, valued at approximately $16,142,827.52. This represents a 7.08 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 6.00% of the company’s stock.

Institutional Trading of Pure Storage

Institutional investors have recently modified their holdings of the company. Citigroup Inc. grew its stake in shares of Pure Storage by 11.3% during the 3rd quarter. Citigroup Inc. now owns 144,005 shares of the technology company’s stock worth $7,235,000 after acquiring an additional 14,659 shares in the last quarter. TT International Asset Management LTD grew its stake in shares of Pure Storage by 1,160.1% in the third quarter. TT International Asset Management LTD now owns 73,085 shares of the technology company’s stock valued at $3,671,000 after buying an additional 67,285 shares in the last quarter. Sycomore Asset Management increased its holdings in Pure Storage by 57.8% during the fourth quarter. Sycomore Asset Management now owns 187,874 shares of the technology company’s stock worth $11,541,000 after buying an additional 68,840 shares during the last quarter. Asio Capital LLC bought a new stake in Pure Storage during the fourth quarter worth $264,000. Finally, Oak Thistle LLC acquired a new position in shares of Pure Storage during the 4th quarter worth about $1,196,000. 83.42% of the stock is currently owned by institutional investors.

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.