KLP Kapitalforvaltning AS Acquires Shares of 100,000 Pure Storage, Inc. (NYSE:PSTG)

KLP Kapitalforvaltning AS bought a new position in shares of Pure Storage, Inc. (NYSE:PSTG) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 100,000 shares of the technology company’s stock, valued at approximately $6,143,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. William Blair Investment Management LLC increased its stake in Pure Storage by 1,725.3% during the 4th quarter. William Blair Investment Management LLC now owns 2,525,208 shares of the technology company’s stock worth $155,124,000 after buying an additional 2,386,864 shares during the period. Franklin Resources Inc. grew its stake in shares of Pure Storage by 210.2% during the third quarter. Franklin Resources Inc. now owns 2,553,402 shares of the technology company’s stock valued at $137,628,000 after acquiring an additional 1,730,123 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Pure Storage during the fourth quarter worth about $70,971,000. American Century Companies Inc. lifted its stake in shares of Pure Storage by 262.4% in the fourth quarter. American Century Companies Inc. now owns 893,410 shares of the technology company’s stock worth $54,882,000 after acquiring an additional 646,875 shares in the last quarter. Finally, State Street Corp boosted its holdings in Pure Storage by 6.5% in the third quarter. State Street Corp now owns 10,262,666 shares of the technology company’s stock valued at $515,596,000 after purchasing an additional 626,427 shares during the last quarter. 83.42% of the stock is currently owned by hedge funds and other institutional investors.

Pure Storage Price Performance

Shares of NYSE PSTG opened at $52.96 on Wednesday. The firm has a market capitalization of $17.28 billion, a PE ratio of 139.37, a P/E/G ratio of 5.12 and a beta of 1.09. Pure Storage, Inc. has a 1-year low of $44.76 and a 1-year high of $73.67. The business’s fifty day moving average price is $61.12 and its two-hundred day moving average price is $57.47.

Wall Street Analysts Forecast Growth

PSTG has been the topic of several analyst reports. Evercore ISI lifted their price objective on Pure Storage from $70.00 to $75.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. TD Cowen raised their price target on shares of Pure Storage from $70.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Barclays upped their price target on shares of Pure Storage from $56.00 to $61.00 and gave the company an “equal weight” rating in a report on Wednesday, December 4th. Lake Street Capital raised their price objective on shares of Pure Storage from $68.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Finally, Bank of America cut their target price on shares of Pure Storage from $77.00 to $73.00 and set a “neutral” rating on the stock in a research note on Thursday, February 27th. One analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $73.20.

Insider Buying and Selling

In other news, insider Ajay Singh sold 19,972 shares of the business’s stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $61.58, for a total transaction of $1,229,875.76. Following the completion of the transaction, the insider now directly owns 262,144 shares in the company, valued at approximately $16,142,827.52. The trade was a 7.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 6.00% of the company’s stock.

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.