Franklin Resources Inc. Purchases 12,972 Shares of Pure Storage, Inc. (NYSE:PSTG)

Franklin Resources Inc. raised its stake in Pure Storage, Inc. (NYSE:PSTG - Free Report) by 0.5% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,566,374 shares of the technology company's stock after buying an additional 12,972 shares during the quarter. Franklin Resources Inc. owned 0.79% of Pure Storage worth $157,652,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PSTG. TT International Asset Management LTD raised its holdings in shares of Pure Storage by 1,160.1% during the 3rd quarter. TT International Asset Management LTD now owns 73,085 shares of the technology company's stock valued at $3,671,000 after purchasing an additional 67,285 shares in the last quarter. Sycomore Asset Management increased its holdings in shares of Pure Storage by 57.8% during the 4th quarter. Sycomore Asset Management now owns 187,874 shares of the technology company's stock valued at $11,541,000 after acquiring an additional 68,840 shares during the last quarter. Asio Capital LLC bought a new stake in Pure Storage during the fourth quarter worth approximately $264,000. Oak Thistle LLC acquired a new position in Pure Storage during the fourth quarter valued at approximately $1,196,000. Finally, State Street Corp raised its position 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 period. Hedge funds and other institutional investors own 83.42% of the company's stock.

Pure Storage Stock Up 1.7 %

NYSE PSTG traded up $0.62 during trading on Monday, reaching $37.80. 2,623,020 shares of the stock traded hands, compared to its average volume of 3,099,256. The stock's 50-day moving average price is $57.29 and its 200 day moving average price is $57.27. The firm has a market cap of $12.33 billion, a price-to-earnings ratio of 99.72, a price-to-earnings-growth ratio of 5.12 and a beta of 1.08. Pure Storage, Inc. has a fifty-two week low of $34.25 and a fifty-two week high of $73.67.

Remove Ads

Wall Street Analyst Weigh In

Several brokerages have commented on PSTG. UBS Group lifted their price target 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 downgraded shares of Pure Storage from a "buy" rating to a "hold" rating in a report on Thursday, February 27th. Needham & Company LLC restated a "buy" rating and set a $75.00 price target on shares of Pure Storage in a research note on Thursday, February 27th. Bank of America decreased their price target on shares of Pure Storage from $77.00 to $73.00 and set a "neutral" rating on the stock in a research note on Thursday, February 27th. Finally, Morgan Stanley lifted their target price on shares of Pure Storage from $62.00 to $72.00 and gave the company an "equal weight" rating in a research report on Tuesday, December 17th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat, Pure Storage currently has a consensus rating of "Moderate Buy" and an average price target of $73.20.

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.