Allstate Corp Invests $546,000 in Pure Storage, Inc. (NYSE:PSTG)

Allstate Corp acquired a new stake in shares of Pure Storage, Inc. (NYSE:PSTG) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 8,892 shares of the technology company’s stock, valued at approximately $546,000.

A number of other hedge funds also recently bought and sold shares of PSTG. Parallel Advisors LLC grew its stake in shares of Pure Storage by 1.4% during the fourth quarter. Parallel Advisors LLC now owns 13,271 shares of the technology company’s stock valued at $815,000 after buying an additional 186 shares during the last quarter. Cherry Creek Investment Advisors Inc. grew its position in Pure Storage by 0.3% during the 4th quarter. Cherry Creek Investment Advisors Inc. now owns 67,232 shares of the technology company’s stock worth $4,130,000 after acquiring an additional 189 shares during the last quarter. Brookstone Capital Management increased its stake in Pure Storage by 3.1% in the 4th quarter. Brookstone Capital Management now owns 7,917 shares of the technology company’s stock worth $486,000 after purchasing an additional 240 shares during the period. KBC Group NV lifted its position in Pure Storage by 0.6% in the fourth quarter. KBC Group NV now owns 39,523 shares of the technology company’s stock valued at $2,428,000 after purchasing an additional 246 shares during the last quarter. Finally, Truvestments Capital LLC boosted its stake in shares of Pure Storage by 3.0% during the fourth quarter. Truvestments Capital LLC now owns 8,436 shares of the technology company’s stock valued at $518,000 after purchasing an additional 249 shares during the period. Institutional investors own 83.42% of the company’s stock.

Pure Storage Price Performance

NYSE:PSTG opened at $45.40 on Wednesday. Pure Storage, Inc. has a one year low of $43.70 and a one year high of $73.67. The company’s 50-day simple moving average is $59.15 and its 200 day simple moving average is $57.45. The firm has a market capitalization of $14.81 billion, a P/E ratio of 119.46, a PEG ratio of 5.12 and a beta of 1.09.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. JPMorgan Chase & Co. lifted their target price on shares of Pure Storage from $60.00 to $75.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. StockNews.com downgraded shares of Pure Storage from a “buy” rating to a “hold” rating in a research note on Thursday, February 27th. Northland Securities reissued a “market perform” rating and issued a $63.00 target price (up from $59.00) on shares of Pure Storage in a research note on Wednesday, December 4th. Bank of America reduced their price target on Pure Storage from $77.00 to $73.00 and set a “neutral” rating on the stock in a report on Thursday, February 27th. Finally, Lake Street Capital increased their price objective on Pure Storage from $68.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price 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.