Bayesian Capital Management LP Invests $2.50 Million in Pure Storage, Inc. (NYSE:PSTG)

Bayesian Capital Management LP acquired a new stake in Pure Storage, Inc. (NYSE:PSTG - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 40,700 shares of the technology company's stock, valued at approximately $2,500,000.

Other hedge funds also recently made changes to their positions in the company. Barclays PLC grew its stake in Pure Storage by 9.4% during the 3rd quarter. Barclays PLC now owns 316,911 shares of the technology company's stock worth $15,921,000 after buying an additional 27,345 shares during the last quarter. World Investment Advisors LLC purchased a new position in shares of Pure Storage during the third quarter worth approximately $477,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Pure Storage in the 3rd quarter valued at $119,000. Tidal Investments LLC raised its position in Pure Storage by 2.0% in the 3rd quarter. Tidal Investments LLC now owns 69,711 shares of the technology company's stock valued at $3,502,000 after purchasing an additional 1,343 shares during the last quarter. Finally, Franklin Resources Inc. boosted its stake in Pure Storage by 210.2% during the 3rd quarter. Franklin Resources Inc. now owns 2,553,402 shares of the technology company's stock worth $137,628,000 after purchasing an additional 1,730,123 shares during the period. Hedge funds and other institutional investors own 83.42% of the company's stock.

Analyst Ratings Changes

PSTG has been the subject of several recent research reports. Piper Sandler decreased their target price on shares of Pure Storage from $76.00 to $53.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Bank of America dropped their price objective on shares of Pure Storage from $77.00 to $73.00 and set a "neutral" rating on the stock in a research note on Thursday, February 27th. Evercore ISI cut their price target on shares of Pure Storage from $75.00 to $60.00 and set an "outperform" rating for the company in a report on Monday, April 28th. StockNews.com lowered Pure Storage from a "buy" rating to a "hold" rating in a report on Thursday, February 27th. Finally, Needham & Company LLC reissued a "buy" rating and set a $75.00 target price on shares of Pure Storage in a research note on Thursday, February 27th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $70.20.

Insider Buying and Selling

In related news, CRO Dan Fitzsimons sold 6,977 shares of the firm's stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $40.91, for a total value of $285,429.07. Following the sale, the executive now directly owns 90,223 shares of the company's stock, valued at approximately $3,691,022.93. This trade represents a 7.18 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 6.00% of the stock is currently owned by company insiders.

Pure Storage Price Performance

PSTG stock traded up $0.11 during midday trading on Tuesday, hitting $47.69. The stock had a trading volume of 2,877,421 shares, compared to its average volume of 3,098,078. The firm has a market cap of $15.55 billion, a PE ratio of 125.51, a price-to-earnings-growth ratio of 5.12 and a beta of 1.05. Pure Storage, Inc. has a 12-month low of $34.51 and a 12-month high of $73.67. The company's 50-day moving average price is $46.03 and its 200 day moving average price is $55.77.

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.