Arete Wealth Advisors LLC Invests $235,000 in Pure Storage, Inc. (NYSE:PSTG)

Arete Wealth Advisors LLC acquired a new position in Pure Storage, Inc. (NYSE:PSTG) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 3,815 shares of the technology company’s stock, valued at approximately $235,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. World Investment Advisors raised its stake in Pure Storage by 1.6% in the fourth quarter. World Investment Advisors now owns 9,635 shares of the technology company’s stock valued at $592,000 after buying an additional 150 shares during the last quarter. HighPoint Advisor Group LLC raised its position in shares of Pure Storage by 2.7% in the 4th quarter. HighPoint Advisor Group LLC now owns 5,885 shares of the technology company’s stock valued at $396,000 after purchasing an additional 157 shares during the last quarter. Parallel Advisors LLC boosted its stake in Pure Storage by 1.4% in the 4th quarter. Parallel Advisors LLC now owns 13,271 shares of the technology company’s stock worth $815,000 after purchasing an additional 186 shares in the last quarter. Cherry Creek Investment Advisors Inc. grew its position in Pure Storage by 0.3% during the 4th quarter. Cherry Creek Investment Advisors Inc. now owns 67,232 shares of the technology company’s stock worth $4,130,000 after purchasing an additional 189 shares during the last quarter. Finally, Brookstone Capital Management increased its stake in Pure Storage by 3.1% during the 4th quarter. Brookstone Capital Management now owns 7,917 shares of the technology company’s stock valued at $486,000 after purchasing an additional 240 shares in the last quarter. 83.42% of the stock is currently owned by hedge funds and other institutional investors.

Pure Storage Stock Down 9.4 %

PSTG opened at $37.03 on Monday. The company has a market cap of $12.08 billion, a price-to-earnings ratio of 97.45, a PEG ratio of 5.12 and a beta of 1.08. The firm’s fifty day simple moving average is $57.29 and its two-hundred day simple moving average is $57.27. Pure Storage, Inc. has a 52-week low of $34.55 and a 52-week high of $73.67.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on PSTG shares. Needham & Company LLC reiterated a “buy” rating and set a $75.00 price objective on shares of Pure Storage in a research note on Thursday, February 27th. Bank of America dropped their price target on Pure Storage from $77.00 to $73.00 and set a “neutral” rating on the stock in a research note on Thursday, February 27th. Citigroup dropped their target price on Pure Storage from $80.00 to $77.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. StockNews.com lowered shares of Pure Storage from a “buy” rating to a “hold” rating in a research report on Thursday, February 27th. Finally, UBS Group upped their price objective on shares of Pure Storage from $47.00 to $50.00 and gave the company a “sell” rating in a report on Thursday, February 27th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Pure Storage has a consensus rating of “Moderate Buy” and a consensus price target of $73.20.

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.