Zacks Investment Management Sells 62,019 Shares of Pure Storage, Inc. (NYSE:PSTG)

Zacks Investment Management lessened its holdings in Pure Storage, Inc. (NYSE:PSTG) by 14.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 375,672 shares of the technology company’s stock after selling 62,019 shares during the quarter. Zacks Investment Management’s holdings in Pure Storage were worth $23,078,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Sugar Maple Asset Management LLC purchased a new stake in Pure Storage during the 4th quarter valued at $29,000. Compass Financial Services Inc bought a new position in shares of Pure Storage during the fourth quarter valued at about $29,000. Crowley Wealth Management Inc. purchased a new stake in shares of Pure Storage during the fourth quarter worth about $31,000. Berbice Capital Management LLC bought a new stake in shares of Pure Storage in the fourth quarter worth about $37,000. Finally, Financial Life Planners bought a new position in Pure Storage during the 4th quarter valued at approximately $44,000. 83.42% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently commented on PSTG. Needham & Company LLC restated a “buy” rating and set a $75.00 target price on shares of Pure Storage in a report on Thursday, February 27th. Bank of America cut their target price on Pure Storage from $77.00 to $73.00 and set a “neutral” rating on the stock in a research note on Thursday, February 27th. Citigroup cut their price target on shares of Pure Storage from $77.00 to $55.00 and set a “buy” rating on the stock in a report on Monday. UBS Group increased 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, Piper Sandler lowered their price objective on shares of Pure Storage from $76.00 to $53.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat.com, Pure Storage currently has a consensus rating of “Moderate Buy” and an average target price of $70.95.

Pure Storage Price Performance

Pure Storage stock opened at $41.29 on Thursday. The firm’s 50 day moving average price is $51.94 and its 200-day moving average price is $56.51. Pure Storage, Inc. has a 1 year low of $34.51 and a 1 year high of $73.67. The stock has a market cap of $13.46 billion, a P/E ratio of 108.66, a PEG ratio of 5.12 and a beta of 1.08.

Pure Storage 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.