Norges Bank Takes $216.69 Million Position in Pure Storage, Inc. (NYSE:PSTG)

Norges Bank bought a new stake in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 3,527,428 shares of the technology company's stock, valued at approximately $216,690,000. Norges Bank owned about 1.08% of Pure Storage at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of PSTG. Citigroup Inc. lifted its holdings in Pure Storage by 11.3% in the third quarter. Citigroup Inc. now owns 144,005 shares of the technology company's stock valued at $7,235,000 after acquiring an additional 14,659 shares during the period. Larson Financial Group LLC grew its position 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 buying an additional 212 shares during the period. Bank of Montreal Can increased its holdings in Pure Storage by 92.0% during the third quarter. Bank of Montreal Can now owns 193,563 shares of the technology company's stock valued at $9,570,000 after buying an additional 92,762 shares during the last quarter. BNP Paribas Financial Markets raised its position in Pure Storage by 14.9% in the third quarter. BNP Paribas Financial Markets now owns 180,957 shares of the technology company's stock worth $9,091,000 after acquiring an additional 23,398 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of Pure Storage by 377.8% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 8,381 shares of the technology company's stock worth $421,000 after acquiring an additional 6,627 shares during the last quarter. 83.42% of the stock is owned by institutional investors.

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Pure Storage Stock Performance

Shares of NYSE:PSTG traded down $4.52 on Thursday, reaching $41.49. The company's stock had a trading volume of 1,520,552 shares, compared to its average volume of 2,792,933. The company has a 50-day simple moving average of $58.63 and a 200 day simple moving average of $57.37. Pure Storage, Inc. has a 52-week low of $40.82 and a 52-week high of $73.67. The company has a market cap of $13.54 billion, a P/E ratio of 109.19, a PEG ratio of 5.12 and a beta of 1.08.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on PSTG. Barclays raised their target price on Pure Storage from $56.00 to $61.00 and gave the stock an "equal weight" rating in a report on Wednesday, December 4th. Piper Sandler raised Pure Storage from a "neutral" rating to an "overweight" rating and lifted their price objective for the company from $56.00 to $76.00 in a research report on Wednesday, December 4th. Northland Securities restated a "market perform" rating and set a $63.00 target price (up previously from $59.00) on shares of Pure Storage in a research note on Wednesday, December 4th. Lake Street Capital upped their price target on shares of Pure Storage from $68.00 to $70.00 and gave the stock a "buy" rating in a research report on Wednesday, December 4th. Finally, Bank of America decreased 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. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $73.20.

Pure Storage Company 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.