Pure Storage, Inc. (NYSE:PSTG) Shares Purchased by Kayne Anderson Rudnick Investment Management LLC

Kayne Anderson Rudnick Investment Management LLC increased its holdings in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) by 54.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 32,882 shares of the technology company's stock after buying an additional 11,528 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC's holdings in Pure Storage were worth $2,020,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in shares of Pure Storage by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 33,443,732 shares of the technology company's stock worth $2,054,448,000 after buying an additional 615,931 shares during the period. Geode Capital Management LLC raised its holdings in shares of Pure Storage by 25.4% in the 4th quarter. Geode Capital Management LLC now owns 6,748,553 shares of the technology company's stock worth $413,982,000 after purchasing an additional 1,366,458 shares during the period. Champlain Investment Partners LLC lifted its stake in shares of Pure Storage by 3.0% in the 4th quarter. Champlain Investment Partners LLC now owns 5,921,392 shares of the technology company's stock valued at $363,751,000 after purchasing an additional 174,449 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Pure Storage by 18.8% during the 4th quarter. Invesco Ltd. now owns 4,162,081 shares of the technology company's stock worth $255,677,000 after purchasing an additional 657,175 shares during the period. Finally, Norges Bank acquired a new stake in Pure Storage during the 4th quarter worth approximately $216,690,000. 83.42% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports 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 lowered their price target on Pure Storage from $77.00 to $73.00 and set a "neutral" rating for the company in a report on Thursday, February 27th. StockNews.com lowered Pure Storage from a "buy" rating to a "hold" rating in a research report on Thursday, February 27th. Evercore ISI lowered their target price on Pure Storage from $75.00 to $60.00 and set an "outperform" rating for the company in a research note on Monday. Finally, UBS Group boosted their price target on Pure Storage from $47.00 to $50.00 and gave the stock a "sell" rating in a research report on Thursday, February 27th. 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. Based on data from MarketBeat.com, Pure Storage has an average rating of "Moderate Buy" and an average target price of $70.20.

Insiders Place Their Bets

In other news, CRO Dan Fitzsimons sold 6,977 shares of the firm's stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $40.91, for a total value of $285,429.07. Following the transaction, the executive now directly owns 90,223 shares in the company, valued at approximately $3,691,022.93. This trade represents a 7.18 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 6.00% of the stock is currently owned by corporate insiders.

Pure Storage Stock Performance

Shares of NYSE PSTG traded down $0.71 during trading on Monday, reaching $44.99. The stock had a trading volume of 337,740 shares, compared to its average volume of 2,886,296. The stock has a market cap of $14.67 billion, a PE ratio of 118.40, a P/E/G ratio of 5.12 and a beta of 1.08. Pure Storage, Inc. has a one year low of $34.51 and a one year high of $73.67. The firm's 50 day moving average price is $48.34 and its two-hundred day moving average price is $56.17.

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.