New Age Alpha Advisors LLC Acquires New Position in Pure Storage, Inc. (NYSE:PSTG)

New Age Alpha Advisors LLC acquired a new stake in Pure Storage, Inc. (NYSE:PSTG) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 67,468 shares of the technology company’s stock, valued at approximately $4,145,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Pure Storage in the fourth quarter valued at approximately $216,690,000. Artisan Partners Limited Partnership purchased a new stake in shares of Pure Storage during the 4th quarter worth $210,906,000. William Blair Investment Management LLC grew its stake in shares of 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 purchasing an additional 2,386,864 shares during the period. Franklin Resources Inc. increased its holdings in shares of Pure Storage by 210.2% in 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 in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of Pure Storage in the fourth quarter valued at about $70,971,000. Institutional investors and hedge funds own 83.42% of the company’s stock.

Pure Storage Trading Down 5.0 %

Shares of NYSE PSTG opened at $46.00 on Friday. The stock has a fifty day moving average price of $60.09 and a 200 day moving average price of $57.36. Pure Storage, Inc. has a 12-month low of $44.76 and a 12-month high of $73.67. The company has a market cap of $15.01 billion, a P/E ratio of 121.04, a P/E/G ratio of 5.12 and a beta of 1.09.

Analyst Ratings Changes

PSTG has been the subject of a number of research analyst reports. StockNews.com cut shares of Pure Storage from a “buy” rating to a “hold” rating in a report on Thursday, February 27th. Lake Street Capital lifted their price objective on Pure Storage from $68.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Barclays upped their target price on Pure Storage from $56.00 to $61.00 and gave the company an “equal weight” rating in a report on Wednesday, December 4th. Needham & Company LLC reaffirmed a “buy” rating and set a $75.00 price target on shares of Pure Storage in a research note on Thursday, February 27th. Finally, Evercore ISI boosted their price objective on shares of Pure Storage from $70.00 to $75.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $73.20.

Insider Transactions at Pure Storage

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 completion of the transaction, the insider now directly owns 262,144 shares in the company, valued at approximately $16,142,827.52. This represents a 7.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company 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.