Bessemer Group Inc. Boosts Stake in Pure Storage, Inc. (NYSE:PSTG)

Bessemer Group Inc. raised its position in Pure Storage, Inc. (NYSE:PSTG) by 13.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 87,856 shares of the technology company’s stock after purchasing an additional 10,326 shares during the quarter. Bessemer Group Inc.’s holdings in Pure Storage were worth $5,397,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Sugar Maple Asset Management LLC acquired a new stake in shares of Pure Storage during the fourth quarter worth about $29,000. Compass Financial Services Inc purchased a new stake in Pure Storage during the 4th quarter worth approximately $29,000. Crowley Wealth Management Inc. acquired a new stake in Pure Storage during the 4th quarter worth approximately $31,000. Berbice Capital Management LLC acquired a new stake in Pure Storage during the 4th quarter worth approximately $37,000. Finally, Financial Life Planners purchased a new position in Pure Storage in the 4th quarter valued at approximately $44,000. 83.42% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Citigroup cut their price objective on Pure Storage from $80.00 to $77.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. UBS Group increased their price target on Pure Storage from $47.00 to $50.00 and gave the company a “sell” rating in a research report on Thursday, February 27th. Morgan Stanley lifted their price objective on Pure Storage from $62.00 to $72.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. StockNews.com lowered shares of Pure Storage from a “buy” rating to a “hold” rating in a research note on Thursday, February 27th. Finally, Bank of America decreased their price target on shares of Pure Storage from $77.00 to $73.00 and set a “neutral” rating for the company in a research note on Thursday, February 27th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat.com, Pure Storage currently has a consensus rating of “Moderate Buy” and an average target price of $72.05.

Pure Storage Trading Down 2.1 %

PSTG stock opened at $41.03 on Friday. The company has a market capitalization of $13.38 billion, a P/E ratio of 107.98, a PEG ratio of 5.12 and a beta of 1.08. The business has a 50 day simple moving average of $53.63 and a 200-day simple moving average of $56.73. Pure Storage, Inc. has a twelve month low of $34.51 and a twelve month high of $73.67.

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.