KLP Kapitalforvaltning AS Invests $6.14 Million in Pure Storage, Inc. (NYSE:PSTG)

KLP Kapitalforvaltning AS purchased a new position in Pure Storage, Inc. (NYSE:PSTG - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 100,000 shares of the technology company's stock, valued at approximately $6,143,000.

A number of other large investors have also modified their holdings of the business. Sugar Maple Asset Management LLC purchased a new position in Pure Storage in the 4th quarter worth $29,000. Compass Financial Services Inc acquired a new stake in Pure Storage during the 4th quarter valued at approximately $29,000. Larson Financial Group LLC lifted its holdings in Pure Storage by 49.1% during the third quarter. Larson Financial Group LLC now owns 644 shares of the technology company's stock valued at $32,000 after purchasing an additional 212 shares in the last quarter. Berbice Capital Management LLC acquired a new stake in shares of Pure Storage in the fourth quarter valued at about $37,000. Finally, Financial Life Planners purchased a new stake in shares of Pure Storage during the fourth quarter worth about $44,000. Hedge funds and other institutional investors own 83.42% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Needham & Company LLC reiterated a "buy" rating and issued a $75.00 price objective on shares of Pure Storage in a report on Thursday, February 27th. Wells Fargo & Company boosted their price target on Pure Storage from $75.00 to $80.00 and gave the stock an "overweight" rating in a research report on Wednesday, December 4th. Bank of America decreased their price objective on Pure Storage from $77.00 to $73.00 and set a "neutral" rating on the stock in a report on Thursday, February 27th. Barclays upped their target price on shares of Pure Storage from $56.00 to $61.00 and gave the stock an "equal weight" rating in a report on Wednesday, December 4th. Finally, Piper Sandler raised shares of Pure Storage from a "neutral" rating to an "overweight" rating and raised their price target for the stock from $56.00 to $76.00 in a research note on Wednesday, December 4th. One analyst has rated the stock with a sell rating, seven have assigned 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 $73.20.

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Pure Storage Stock Performance

Shares of PSTG traded down $2.45 during midday trading on Friday, hitting $46.00. 3,002,676 shares of the stock were exchanged, compared to its average volume of 3,088,047. The firm has a market cap of $15.01 billion, a P/E ratio of 121.04, a P/E/G ratio of 5.12 and a beta of 1.09. Pure Storage, Inc. has a 52-week low of $44.76 and a 52-week high of $73.67. The stock has a fifty day simple moving average of $60.09 and a 200 day simple moving average of $57.43.

Insider Activity at Pure Storage

In other Pure Storage news, insider Ajay Singh sold 19,972 shares of the company's stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $61.58, for a total value of $1,229,875.76. Following the completion of the transaction, the insider now owns 262,144 shares in the company, valued at $16,142,827.52. This represents a 7.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 6.00% of the stock is currently owned by company insiders.

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.