Sei Investments Co. Raises Stake in Pure Storage, Inc. (NYSE:PSTG)

Sei Investments Co. increased its stake in shares of Pure Storage, Inc. (NYSE:PSTG) by 90.5% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 493,597 shares of the technology company’s stock after buying an additional 234,478 shares during the period. Sei Investments Co. owned about 0.15% of Pure Storage worth $30,322,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. Sugar Maple Asset Management LLC purchased a new stake in shares of Pure Storage during the 4th quarter worth approximately $29,000. Compass Financial Services Inc purchased a new position in Pure Storage in the fourth quarter valued at approximately $29,000. Larson Financial Group LLC grew its holdings in Pure Storage by 49.1% during the third quarter. Larson Financial Group LLC now owns 644 shares of the technology company’s stock valued at $32,000 after purchasing an additional 212 shares during the period. Berbice Capital Management LLC purchased a new stake in Pure Storage in the fourth quarter worth $37,000. Finally, Financial Life Planners bought a new stake in shares of Pure Storage in the fourth quarter valued at $44,000. Institutional investors own 83.42% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on PSTG shares. StockNews.com downgraded Pure Storage from a “buy” rating to a “hold” rating in a research note on Thursday, February 27th. UBS Group increased their target price on shares of Pure Storage from $47.00 to $50.00 and gave the stock a “sell” rating in a research report on Thursday, February 27th. Stifel Nicolaus boosted their price target on shares of Pure Storage from $60.00 to $65.00 and gave the company a “hold” rating in a research report on Wednesday, December 4th. Wells Fargo & Company raised their price objective on shares of Pure Storage from $75.00 to $80.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Finally, Morgan Stanley increased their target price on Pure Storage from $62.00 to $72.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $73.20.

Pure Storage Price Performance

PSTG stock opened at $52.96 on Wednesday. The firm has a 50 day simple moving average of $61.12 and a two-hundred day simple moving average of $57.47. The stock has a market cap of $17.28 billion, a PE ratio of 139.37, a P/E/G ratio of 5.12 and a beta of 1.09. Pure Storage, Inc. has a one year low of $44.76 and a one year high of $73.67.

Insider Buying and Selling

In other news, insider Ajay Singh sold 19,972 shares of the company’s stock in a transaction dated Tuesday, December 31st. The stock was 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 6.00% of the stock is owned by company insiders.

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.