Freedom Investment Management Inc. Has $507,000 Holdings in Pure Storage, Inc. (NYSE:PSTG)

Freedom Investment Management Inc. trimmed its stake in shares of Pure Storage, Inc. (NYSE:PSTG) by 40.6% during the fourth quarter, Holdings Channel.com reports. The firm owned 8,261 shares of the technology company’s stock after selling 5,648 shares during the period. Freedom Investment Management Inc.’s holdings in Pure Storage were worth $507,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Sycomore Asset Management increased its stake in shares of Pure Storage by 57.8% in the 4th quarter. Sycomore Asset Management now owns 187,874 shares of the technology company’s stock valued at $11,541,000 after buying an additional 68,840 shares during the period. Asio Capital LLC acquired a new stake in Pure Storage in the fourth quarter worth about $264,000. Oak Thistle LLC bought a new stake in Pure Storage during the 4th quarter worth about $1,196,000. Franklin Resources Inc. lifted its position in Pure Storage by 210.2% during the 3rd quarter. Franklin Resources Inc. now owns 2,553,402 shares of the technology company’s stock valued at $137,628,000 after purchasing an additional 1,730,123 shares during the period. Finally, Victory Capital Management Inc. grew its position in shares of Pure Storage by 23.5% during the 4th quarter. Victory Capital Management Inc. now owns 284,649 shares of the technology company’s stock worth $17,486,000 after buying an additional 54,256 shares during the period. Institutional investors and hedge funds own 83.42% of the company’s stock.

Pure Storage Stock Up 1.3 %

NYSE PSTG opened at $41.79 on Monday. The firm’s 50 day moving average is $50.84 and its 200-day moving average is $56.50. The company has a market capitalization of $13.62 billion, a PE ratio of 109.97, a price-to-earnings-growth ratio of 5.12 and a beta of 1.08. Pure Storage, Inc. has a 12-month low of $34.51 and a 12-month high of $73.67.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on PSTG. Bank of America reduced their price objective 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. StockNews.com cut Pure Storage from a “buy” rating to a “hold” rating in a research note on Thursday, February 27th. Needham & Company LLC reissued a “buy” rating and issued a $75.00 target price on shares of Pure Storage in a research note on Thursday, February 27th. UBS Group boosted their target price on Pure Storage from $47.00 to $50.00 and gave the stock a “sell” rating in a research report on Thursday, February 27th. Finally, 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 research report on Monday, April 14th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat.com, Pure Storage has a consensus rating of “Moderate Buy” and an average price target of $70.95.

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.