Allstate Corp Invests $546,000 in Pure Storage, Inc. (NYSE:PSTG)

Allstate Corp acquired a new stake in shares of Pure Storage, Inc. (NYSE:PSTG) during the 4th quarter, Holdings Channel reports. The fund acquired 8,892 shares of the technology company’s stock, valued at approximately $546,000.

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

Pure Storage Stock Up 2.5 %

PSTG stock opened at $45.40 on Wednesday. The business’s 50-day moving average price is $59.15 and its 200-day moving average price is $57.45. The stock has a market cap of $14.81 billion, a P/E ratio of 119.46, a PEG ratio of 5.12 and a beta of 1.09. Pure Storage, Inc. has a twelve month low of $43.70 and a twelve month high of $73.67.

Wall Street Analysts Forecast Growth

Several research firms recently commented on PSTG. Needham & Company LLC reiterated a “buy” rating and issued a $75.00 price objective on shares of Pure Storage in a report on Thursday, February 27th. JPMorgan Chase & Co. lifted their price target on shares of Pure Storage from $60.00 to $75.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. 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 report 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 report on Thursday, February 27th. Finally, Stifel Nicolaus increased their price target on Pure Storage from $60.00 to $65.00 and gave the company a “hold” rating in a report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $73.20.

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.