Clearbridge Investments LLC Grows Stock Holdings in Pure Storage, Inc. (NYSE:PSTG)

Clearbridge Investments LLC increased its position in shares of Pure Storage, Inc. (NYSE:PSTG) by 27.8% in the fourth quarter, HoldingsChannel.com reports. The firm owned 434,479 shares of the technology company’s stock after acquiring an additional 94,417 shares during the quarter. Clearbridge Investments LLC’s holdings in Pure Storage were worth $26,690,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. BNP Paribas Financial Markets boosted its position in shares of Pure Storage by 14.9% during the 3rd quarter. BNP Paribas Financial Markets now owns 180,957 shares of the technology company’s stock worth $9,091,000 after acquiring an additional 23,398 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Pure Storage by 377.8% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 8,381 shares of the technology company’s stock worth $421,000 after purchasing an additional 6,627 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Pure Storage by 5.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 72,021 shares of the technology company’s stock valued at $3,618,000 after purchasing an additional 3,753 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec increased its stake in Pure Storage by 27.7% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 182,327 shares of the technology company’s stock valued at $9,160,000 after purchasing an additional 39,566 shares during the last quarter. Finally, Kestra Investment Management LLC acquired a new stake in Pure Storage during the third quarter worth approximately $227,000. Hedge funds and other institutional investors own 83.42% of the company’s stock.

Pure Storage Trading Up 2.5 %

Shares of PSTG stock opened at $45.40 on Wednesday. The stock has a 50 day simple moving average of $59.15 and a 200-day simple moving average of $57.45. The company has a market cap of $14.81 billion, a price-to-earnings ratio of 119.46, a price-to-earnings-growth ratio of 5.12 and a beta of 1.09. Pure Storage, Inc. has a 12-month low of $43.70 and a 12-month high of $73.67.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Needham & Company LLC restated a “buy” rating and issued a $75.00 target price on shares of Pure Storage in a report on Thursday, February 27th. Stifel Nicolaus upped their price objective on shares of Pure Storage from $60.00 to $65.00 and gave the company a “hold” rating in a research note on Wednesday, December 4th. TD Cowen lifted their target price on Pure Storage from $70.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Piper Sandler raised Pure Storage from a “neutral” rating to an “overweight” rating and upped their target price for the company from $56.00 to $76.00 in a research report on Wednesday, December 4th. Finally, Northland Securities reaffirmed a “market perform” rating and set a $63.00 price target (up previously from $59.00) on shares of Pure Storage in a research report on Wednesday, December 4th. One investment 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’s stock. According to MarketBeat.com, Pure Storage currently has an average rating of “Moderate Buy” and a consensus target price of $73.20.

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.