Pure Storage (NYSE:PSTG) Reaches New 12-Month Low – Time to Sell?

Pure Storage, Inc. (NYSE:PSTG) shares reached a new 52-week low 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.

Analysts Set New Price Targets

Several equities analysts recently commented on PSTG shares. UBS Group upped their price target on shares of Pure Storage from $47.00 to $50.00 and gave the company a “sell” rating in a research note on Thursday, February 27th. Evercore ISI boosted their price objective on shares of Pure Storage from $70.00 to $75.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Lake Street Capital upped their target price on Pure Storage from $68.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. StockNews.com lowered Pure Storage from a “buy” rating to a “hold” rating in a research note on Thursday, February 27th. Finally, JPMorgan Chase & Co. upped their price objective on Pure Storage from $60.00 to $75.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat, Pure Storage currently has an average rating of “Moderate Buy” and a consensus price target of $73.20.

Pure Storage Trading Down 4.2 %

The firm has a market cap of $14.37 billion, a price-to-earnings ratio of 115.99, a P/E/G ratio of 5.12 and a beta of 1.09. The firm’s 50-day moving average is $60.09 and its 200-day moving average is $57.50.

Insider Activity

In other Pure Storage news, insider Ajay Singh sold 19,972 shares of the stock in a transaction dated 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 sale, the insider now owns 262,144 shares in the company, valued at approximately $16,142,827.52. This trade represents a 7.08 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Pure Storage

Several institutional investors have recently added to or reduced their stakes in PSTG. World Investment Advisors raised its stake in Pure Storage by 1.6% in the 4th quarter. World Investment Advisors now owns 9,635 shares of the technology company’s stock valued at $592,000 after acquiring an additional 150 shares during the period. Peapack Gladstone Financial Corp raised its position in shares of 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 lifted its stake in shares of Pure Storage by 2.7% during the 4th 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 boosted its holdings in Pure Storage by 1.4% in 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 buying an additional 189 shares in the last quarter. 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.