Frontier Capital Management Co. LLC Boosts Stock Holdings in Pure Storage, Inc. (NYSE:PSTG)

Frontier Capital Management Co. LLC increased its position in shares of Pure Storage, Inc. (NYSE:PSTG) by 32.3% in the 4th quarter, Holdings Channel reports. The firm owned 660,080 shares of the technology company’s stock after purchasing an additional 161,213 shares during the period. Frontier Capital Management Co. LLC’s holdings in Pure Storage were worth $40,549,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PSTG. Sugar Maple Asset Management LLC purchased a new position in shares of Pure Storage in the fourth quarter worth about $29,000. Compass Financial Services Inc acquired a new stake in Pure Storage in the 4th quarter valued at about $29,000. Crowley Wealth Management Inc. purchased a new position in Pure Storage in the 4th quarter worth approximately $31,000. Berbice Capital Management LLC acquired a new position in shares of Pure Storage during the 4th quarter worth approximately $37,000. Finally, Financial Life Planners purchased a new stake in shares of Pure Storage in the fourth quarter valued at approximately $44,000. Hedge funds and other institutional investors own 83.42% of the company’s stock.

Insider Activity

In related news, CRO Dan Fitzsimons sold 6,977 shares of Pure Storage stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $40.91, for a total value of $285,429.07. Following the completion of the transaction, the executive now owns 90,223 shares in the company, valued at $3,691,022.93. The trade was a 7.18 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 6.00% of the company’s stock.

Analyst Ratings Changes

PSTG has been the topic of a number of analyst reports. Needham & Company LLC reiterated a “buy” rating and set a $75.00 price objective on shares of Pure Storage in a research report on Thursday, February 27th. Citigroup reduced their price target on Pure Storage from $77.00 to $55.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Piper Sandler dropped their price objective on shares of Pure Storage from $76.00 to $53.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. Bank of America reduced 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. Finally, StockNews.com cut shares of Pure Storage from a “buy” rating to a “hold” rating in a research note on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, Pure Storage currently has an average rating of “Moderate Buy” and an average target price of $70.20.

Pure Storage Price Performance

Shares of PSTG stock opened at $47.58 on Thursday. The firm has a 50 day moving average of $45.93 and a two-hundred day moving average of $55.72. The stock has a market capitalization of $15.51 billion, a PE ratio of 125.21, a P/E/G ratio of 5.12 and a beta of 1.05. Pure Storage, Inc. has a 52 week low of $34.51 and a 52 week high of $73.67.

Pure Storage 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.