Sierra Summit Advisors LLC Reduces Position in Pure Storage, Inc. (NYSE:PSTG)

Sierra Summit Advisors LLC trimmed its holdings in Pure Storage, Inc. (NYSE:PSTG) by 7.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 8,467 shares of the technology company’s stock after selling 693 shares during the quarter. Sierra Summit Advisors LLC’s holdings in Pure Storage were worth $520,000 at the end of the most recent quarter.

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

Analyst Ratings Changes

Several equities research analysts have weighed in on PSTG shares. UBS Group upped their target price on Pure Storage from $47.00 to $50.00 and gave the stock a “sell” rating in a report on Thursday, February 27th. Citigroup lowered their price objective on shares of Pure Storage from $80.00 to $77.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. StockNews.com downgraded shares of Pure Storage from a “buy” rating to a “hold” rating in a research report on Thursday, February 27th. Needham & Company LLC reaffirmed a “buy” rating and issued a $75.00 price target on shares of Pure Storage in a research report on Thursday, February 27th. Finally, Morgan Stanley increased their price objective on shares of Pure Storage from $62.00 to $72.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $73.20.

Pure Storage Price Performance

Shares of PSTG opened at $38.47 on Tuesday. The firm has a market capitalization of $12.54 billion, a PE ratio of 101.25, a price-to-earnings-growth ratio of 5.12 and a beta of 1.08. The company’s fifty day moving average price is $56.76 and its 200-day moving average price is $57.19. Pure Storage, Inc. has a 1-year low of $34.51 and a 1-year high of $73.67.

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.