Granahan Investment Management LLC Acquires 7,723 Shares of Pure Storage, Inc. (NYSE:PSTG)

Granahan Investment Management LLC raised its stake in Pure Storage, Inc. (NYSE:PSTG) by 4.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 167,898 shares of the technology company’s stock after buying an additional 7,723 shares during the quarter. Granahan Investment Management LLC owned about 0.05% of Pure Storage worth $10,314,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Sugar Maple Asset Management LLC bought a new stake in Pure Storage in the 4th quarter valued at $29,000. Compass Financial Services Inc acquired a new stake in shares of Pure Storage in the 4th quarter valued at about $29,000. Crowley Wealth Management Inc. bought a new stake in shares of Pure Storage in the fourth quarter valued at about $31,000. Berbice Capital Management LLC acquired a new position in shares of Pure Storage during the fourth quarter worth about $37,000. Finally, Financial Life Planners bought a new position in shares of Pure Storage during the fourth quarter worth about $44,000. Institutional investors and hedge funds own 83.42% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on PSTG shares. StockNews.com cut Pure Storage from a “buy” rating to a “hold” rating in a research note on Thursday, February 27th. Bank of America cut 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 report on Thursday, February 27th. Evercore ISI decreased their target price on shares of Pure Storage from $75.00 to $60.00 and set an “outperform” rating for the company in a research report on Monday, April 28th. Needham & Company LLC reissued a “buy” rating and set a $75.00 price target on shares of Pure Storage in a research report on Thursday, February 27th. Finally, UBS Group raised their price objective on Pure Storage from $47.00 to $50.00 and gave the company a “sell” rating in a report on Thursday, February 27th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $70.20.

Insider Transactions at Pure Storage

In related news, CRO Dan Fitzsimons sold 6,977 shares of the business’s stock in a transaction on Monday, April 21st. The stock was 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 in the company, valued at $3,691,022.93. The trade was a 7.18 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 6.00% of the stock is owned by corporate insiders.

Pure Storage Stock Down 0.5 %

Pure Storage stock opened at $48.72 on Friday. The company’s 50-day moving average price is $45.89 and its two-hundred day moving average price is $55.63. The stock has a market cap of $15.88 billion, a P/E ratio of 128.21, a P/E/G ratio of 5.12 and a beta of 1.05. Pure Storage, Inc. has a twelve month low of $34.51 and a twelve month high of $73.67.

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.