Wellington Management Group LLP Buys 111,655 Shares of Pure Storage, Inc. (NYSE:PSTG)

Wellington Management Group LLP raised its stake in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) by 285.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 150,809 shares of the technology company's stock after buying an additional 111,655 shares during the period. Wellington Management Group LLP's holdings in Pure Storage were worth $9,264,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Sugar Maple Asset Management LLC bought a new position in Pure Storage in the fourth quarter valued at about $29,000. Compass Financial Services Inc purchased a new position in shares of Pure Storage in the fourth quarter worth approximately $29,000. Crowley Wealth Management Inc. bought a new stake in Pure Storage during the fourth quarter valued at approximately $31,000. Berbice Capital Management LLC purchased a new stake in Pure Storage during the fourth quarter valued at approximately $37,000. Finally, Financial Life Planners bought a new position in Pure Storage in the fourth quarter worth approximately $44,000. 83.42% of the stock is owned by institutional investors.

Pure Storage Stock Up 2.2 %

Pure Storage stock traded up $0.92 during mid-day trading on Tuesday, reaching $42.17. 425,948 shares of the company's stock traded hands, compared to its average volume of 3,127,430. Pure Storage, Inc. has a 12-month low of $34.51 and a 12-month high of $73.67. The stock has a 50 day moving average of $53.05 and a two-hundred day moving average of $56.72. The company has a market cap of $13.75 billion, a price-to-earnings ratio of 111.14, a PEG ratio of 5.12 and a beta of 1.08.

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Analysts Set New Price Targets

A number of brokerages have recently issued reports on PSTG. Needham & Company LLC reissued a "buy" rating and set a $75.00 price objective on shares of Pure Storage in a research report on Thursday, February 27th. Citigroup reduced their price target on Pure Storage from $77.00 to $55.00 and set a "buy" rating for the company in a research report on Monday. UBS Group raised their price objective on Pure Storage from $47.00 to $50.00 and gave the stock a "sell" rating in a research note on Thursday, February 27th. Piper Sandler cut their price objective on Pure Storage from $76.00 to $53.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Finally, Morgan Stanley raised their target price on shares of Pure Storage from $62.00 to $72.00 and gave the stock an "equal weight" rating in a research note on Tuesday, December 17th. One research 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 stock presently has an average rating of "Moderate Buy" and an average target price of $70.95.

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.