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

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

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Royal London Asset Management Ltd. bought a new stake in Pure Storage during the third quarter worth $3,516,000. Quantinno Capital Management LP grew its stake in shares of Pure Storage by 18.8% in the 3rd quarter. Quantinno Capital Management LP now owns 42,737 shares of the technology company’s stock worth $2,147,000 after acquiring an additional 6,769 shares in the last quarter. State Street Corp raised its holdings in shares of Pure Storage by 6.5% in the third quarter. State Street Corp now owns 10,262,666 shares of the technology company’s stock valued at $515,596,000 after purchasing an additional 626,427 shares during the last quarter. Weiss Asset Management LP bought a new position in shares of Pure Storage during the third quarter valued at about $6,648,000. Finally, Zacks Investment Management lifted its position in shares of Pure Storage by 13.2% during the third quarter. Zacks Investment Management now owns 437,691 shares of the technology company’s stock valued at $21,990,000 after purchasing an additional 51,023 shares in the last quarter. 83.42% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on PSTG. Needham & Company LLC reiterated a “buy” rating and issued a $75.00 price objective on shares of Pure Storage in a research note on Thursday, February 27th. Morgan Stanley increased their price target on Pure Storage from $62.00 to $72.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 17th. UBS Group boosted their price objective on Pure Storage from $47.00 to $50.00 and gave the stock a “sell” rating in a research 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. Finally, Bank of America cut their price target on shares of Pure Storage from $77.00 to $73.00 and set a “neutral” rating on the stock in a report on Thursday, February 27th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $73.20.

Pure Storage Stock Down 9.4 %

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

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.