Tower Research Capital LLC TRC Buys 13,137 Shares of Pure Storage, Inc. (NYSE:PSTG)

Tower Research Capital LLC TRC grew its position in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) by 330.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 17,109 shares of the technology company's stock after buying an additional 13,137 shares during the period. Tower Research Capital LLC TRC's holdings in Pure Storage were worth $1,051,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Norges Bank bought a new position in shares of Pure Storage during the fourth quarter worth $216,690,000. Artisan Partners Limited Partnership bought a new position in Pure Storage during the fourth quarter worth about $210,906,000. William Blair Investment Management LLC grew its stake in Pure Storage by 1,725.3% in the fourth quarter. William Blair Investment Management LLC now owns 2,525,208 shares of the technology company's stock valued at $155,124,000 after acquiring an additional 2,386,864 shares during the period. Franklin Resources Inc. raised its position in shares of Pure Storage by 210.2% during the third 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. Finally, Geode Capital Management LLC raised its position in shares of Pure Storage by 25.4% during the fourth 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. Institutional investors and hedge funds own 83.42% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have commented on PSTG. StockNews.com downgraded shares of Pure Storage from a "buy" rating to a "hold" rating in a report on Thursday, February 27th. UBS Group raised their price objective 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. Needham & Company LLC reiterated a "buy" rating and set a $75.00 target price on shares of Pure Storage in a report on Thursday, February 27th. Citigroup cut their price target on Pure Storage from $77.00 to $55.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Finally, Piper Sandler reduced their price objective on Pure Storage from $76.00 to $53.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $70.20.

Insider Buying and Selling

In related news, CRO Dan Fitzsimons sold 6,977 shares of the 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 completion of the sale, the executive now directly owns 90,223 shares of the company's stock, valued at approximately $3,691,022.93. This represents a 7.18 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 6.00% of the stock is currently owned by corporate insiders.

Pure Storage Price Performance

PSTG stock traded down $0.77 during trading on Wednesday, hitting $44.81. 511,555 shares of the stock traded hands, compared to its average volume of 3,097,173. The stock has a market cap of $14.61 billion, a price-to-earnings ratio of 117.67, a price-to-earnings-growth ratio of 5.12 and a beta of 1.08. Pure Storage, Inc. has a 1 year low of $34.51 and a 1 year high of $73.67. The firm's 50 day moving average is $47.45 and its two-hundred day moving average is $56.04.

About Pure Storage

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.