Pure Storage, Inc. (NYSE:PSTG) Shares Bought by State of Michigan Retirement System

State of Michigan Retirement System increased its position in Pure Storage, Inc. (NYSE:PSTG) by 0.4% during the fourth quarter, HoldingsChannel.com reports. The fund owned 73,700 shares of the technology company’s stock after acquiring an additional 300 shares during the quarter. State of Michigan Retirement System’s holdings in Pure Storage were worth $4,527,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Steward Partners Investment Advisory LLC grew its stake in Pure Storage by 20.8% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 5,414 shares of the technology company’s stock valued at $333,000 after acquiring an additional 932 shares during the last quarter. LGT Group Foundation lifted its holdings in shares of Pure Storage by 6.0% in the fourth quarter. LGT Group Foundation now owns 94,871 shares of the technology company’s stock valued at $5,828,000 after purchasing an additional 5,361 shares in the last quarter. Plato Investment Management Ltd acquired a new stake in shares of Pure Storage in the fourth quarter valued at approximately $574,000. SBI Securities Co. Ltd. purchased a new position in shares of Pure Storage during the 4th quarter worth approximately $184,000. Finally, Jones Financial Companies Lllp raised its position in shares of Pure Storage by 27.9% during the 4th quarter. Jones Financial Companies Lllp now owns 1,676 shares of the technology company’s stock worth $103,000 after purchasing an additional 366 shares during the last quarter. Institutional investors and hedge funds own 83.42% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PSTG. Wells Fargo & Company increased their target price on Pure Storage from $75.00 to $80.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. StockNews.com lowered Pure Storage from a “buy” rating to a “hold” rating in a research note on Thursday, February 27th. UBS Group boosted their target price on shares of Pure Storage from $47.00 to $50.00 and gave the company a “sell” rating in a research note on Thursday, February 27th. Stifel Nicolaus raised their price target on shares of Pure Storage from $60.00 to $65.00 and gave the stock a “hold” rating in a research note on Wednesday, December 4th. Finally, Bank of America cut their price objective on shares of Pure Storage from $77.00 to $73.00 and set a “neutral” rating for the company in a research report on Thursday, February 27th. One investment 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. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $73.20.

Pure Storage Stock Performance

PSTG opened at $48.88 on Friday. The company has a market cap of $15.95 billion, a PE ratio of 128.65, a price-to-earnings-growth 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 firm has a 50 day moving average price of $64.50 and a 200 day moving average price of $57.90.

Insider Transactions at Pure Storage

In other Pure Storage news, CRO Dan Fitzsimons sold 8,895 shares of the company’s stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $64.11, for a total value of $570,258.45. Following the completion of the transaction, the executive now owns 72,927 shares in the company, valued at $4,675,349.97. This represents a 10.87 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ajay Singh sold 19,972 shares of the stock in a transaction that occurred on Tuesday, December 31st. The shares were sold at an average price of $61.58, for a total transaction of $1,229,875.76. Following the completion of the sale, the insider now directly owns 262,144 shares of the company’s stock, valued at $16,142,827.52. This trade represents a 7.08 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 37,178 shares of company stock valued at $2,316,746 over the last 90 days. 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.