MIG Capital LLC Purchases New Position in Pure Storage, Inc. (NYSE:PSTG)

MIG Capital LLC bought a new stake in Pure Storage, Inc. (NYSE:PSTG) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 5,402 shares of the technology company’s stock, valued at approximately $332,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Sugar Maple Asset Management LLC acquired a new stake in shares of Pure Storage during the 4th quarter valued at $29,000. Compass Financial Services Inc bought a new position in Pure Storage in the fourth quarter valued at about $29,000. Crowley Wealth Management Inc. acquired a new stake in shares of Pure Storage during the fourth quarter valued at about $31,000. Berbice Capital Management LLC bought a new stake in shares of Pure Storage during the fourth quarter worth about $37,000. Finally, Financial Life Planners acquired a new position in shares of Pure Storage in the fourth quarter valued at approximately $44,000. Institutional investors own 83.42% of the company’s stock.

Pure Storage Stock Performance

Shares of NYSE:PSTG opened at $37.03 on Friday. Pure Storage, Inc. has a 52-week low of $35.93 and a 52-week high of $73.67. The business’s 50 day simple moving average is $57.29 and its two-hundred day simple moving average is $57.22. The firm has a market cap of $12.08 billion, a P/E ratio of 97.45, a PEG ratio of 5.12 and a beta of 1.08.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on PSTG shares. Needham & Company LLC reiterated a “buy” rating and set a $75.00 target price on shares of Pure Storage in a research report on Thursday, February 27th. UBS Group lifted their price target on shares of Pure Storage from $47.00 to $50.00 and gave the stock a “sell” rating in a report on Thursday, February 27th. Morgan Stanley increased their price objective on Pure Storage from $62.00 to $72.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. Bank of America cut their target price on Pure Storage from $77.00 to $73.00 and set a “neutral” rating on the stock in a report on Thursday, February 27th. Finally, StockNews.com cut Pure Storage from a “buy” rating to a “hold” rating in a research note on Thursday, February 27th. One analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average 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.