KLP Kapitalforvaltning AS Buys New Position in Pure Storage, Inc. (NYSE:PSTG)

KLP Kapitalforvaltning AS purchased a new position in Pure Storage, Inc. (NYSE:PSTG) in the fourth quarter, HoldingsChannel reports. The firm purchased 100,000 shares of the technology company’s stock, valued at approximately $6,143,000.

Other institutional investors also recently made changes to their positions in the company. Parallel Advisors LLC raised its holdings in Pure Storage by 1.4% during the fourth quarter. Parallel Advisors LLC now owns 13,271 shares of the technology company’s stock worth $815,000 after purchasing an additional 186 shares in the last quarter. Cherry Creek Investment Advisors Inc. increased its position in shares of Pure Storage by 0.3% during 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 purchasing an additional 189 shares during the period. Larson Financial Group LLC raised its stake in shares of Pure Storage by 49.1% in the 3rd quarter. Larson Financial Group LLC now owns 644 shares of the technology company’s stock worth $32,000 after buying an additional 212 shares in the last quarter. Brookstone Capital Management lifted its holdings in shares of Pure Storage by 3.1% in the fourth quarter. Brookstone Capital Management now owns 7,917 shares of the technology company’s stock valued at $486,000 after buying an additional 240 shares during the period. Finally, KBC Group NV boosted its stake in Pure Storage by 0.6% during the fourth quarter. KBC Group NV now owns 39,523 shares of the technology company’s stock valued at $2,428,000 after buying an additional 246 shares in the last quarter. 83.42% of the stock is owned by institutional investors and hedge funds.

Pure Storage Stock Performance

PSTG stock opened at $52.96 on Wednesday. The firm has a 50 day simple moving average of $61.12 and a 200 day simple moving average of $57.47. Pure Storage, Inc. has a 52 week low of $44.76 and a 52 week high of $73.67. The stock has a market cap of $17.28 billion, a P/E ratio of 139.37, a P/E/G ratio of 5.12 and a beta of 1.09.

Insiders Place Their Bets

In other news, insider Ajay Singh sold 19,972 shares of the company’s stock in a transaction on 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 transaction, the insider now directly owns 262,144 shares of the company’s stock, valued at approximately $16,142,827.52. This represents a 7.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 6.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Morgan Stanley boosted their price target on shares of Pure Storage from $62.00 to $72.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. StockNews.com lowered shares of Pure Storage from a “buy” rating to a “hold” rating in a research note on Thursday, February 27th. Wells Fargo & Company lifted their price target on shares of Pure Storage from $75.00 to $80.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. Barclays increased their price objective on Pure Storage from $56.00 to $61.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 4th. Finally, Lake Street Capital lifted 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. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, Pure Storage currently has a consensus rating of “Moderate Buy” and a consensus target price of $73.20.

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.