Pure Storage, Inc. (NYSE:PSTG) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Pure Storage, Inc. (NYSE:PSTG) have been assigned an average rating of “Moderate Buy” from the twenty-two analysts that are covering the company, MarketBeat reports. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and fifteen have given a buy rating to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $73.20.

Several equities analysts recently weighed in on the company. StockNews.com cut Pure Storage from a “buy” rating to a “hold” rating in a research report on Thursday, February 27th. Citigroup cut 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. Morgan Stanley raised their price objective on shares of Pure Storage from $62.00 to $72.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Bank of America cut their target price on shares of 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, UBS Group raised their price target on shares of Pure Storage from $47.00 to $50.00 and gave the stock a “sell” rating in a research report on Thursday, February 27th.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in PSTG. Investment Management Corp of Ontario increased its position in shares of Pure Storage by 288.3% during the 3rd quarter. Investment Management Corp of Ontario now owns 26,794 shares of the technology company’s stock worth $1,346,000 after purchasing an additional 19,894 shares in the last quarter. Royal London Asset Management Ltd. acquired a new stake in shares of Pure Storage during the third quarter worth approximately $3,516,000. Quantinno Capital Management LP raised its stake in shares of Pure Storage by 18.8% in the third quarter. Quantinno Capital Management LP now owns 42,737 shares of the technology company’s stock valued at $2,147,000 after acquiring an additional 6,769 shares during the last quarter. State Street Corp boosted its holdings in shares of Pure Storage by 6.5% in the 3rd quarter. State Street Corp now owns 10,262,666 shares of the technology company’s stock worth $515,596,000 after acquiring an additional 626,427 shares in the last quarter. Finally, Weiss Asset Management LP bought a new stake in Pure Storage during the 3rd quarter worth approximately $6,648,000. 83.42% of the stock is owned by institutional investors.

Pure Storage Trading Down 9.4 %

NYSE:PSTG opened at $37.03 on Friday. The firm has a market capitalization of $12.08 billion, a PE ratio of 97.45, a PEG ratio of 5.12 and a beta of 1.08. Pure Storage has a 1 year low of $35.93 and a 1 year high of $73.67. The firm’s fifty day simple moving average is $57.29 and its 200 day simple moving average is $57.17.

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.