Krane Funds Advisors LLC Buys Shares of 5,277 Pure Storage, Inc. (NYSE:PSTG)

Krane Funds Advisors LLC purchased a new stake in Pure Storage, Inc. (NYSE:PSTG) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 5,277 shares of the technology company’s stock, valued at approximately $324,000.

Several other institutional investors and hedge funds also recently made changes to their positions in PSTG. World Investment Advisors increased its position in shares of Pure Storage by 1.6% during the 4th quarter. World Investment Advisors now owns 9,635 shares of the technology company’s stock worth $592,000 after purchasing an additional 150 shares in the last quarter. Peapack Gladstone Financial Corp boosted its holdings in shares of Pure Storage by 2.7% in the 4th quarter. Peapack Gladstone Financial Corp now owns 5,775 shares of the technology company’s stock worth $355,000 after acquiring an additional 150 shares in the last quarter. HighPoint Advisor Group LLC grew its position in Pure Storage by 2.7% during the 4th quarter. HighPoint Advisor Group LLC now owns 5,885 shares of the technology company’s stock worth $396,000 after acquiring an additional 157 shares during the last quarter. Parallel Advisors LLC increased its holdings in Pure Storage by 1.4% during the 4th quarter. Parallel Advisors LLC now owns 13,271 shares of the technology company’s stock valued at $815,000 after purchasing an additional 186 shares in the last quarter. Finally, Cherry Creek Investment Advisors Inc. raised its position in Pure Storage by 0.3% in the 4th quarter. Cherry Creek Investment Advisors Inc. now owns 67,232 shares of the technology company’s stock valued at $4,130,000 after purchasing an additional 189 shares during the last quarter. Institutional investors own 83.42% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on PSTG. Morgan Stanley raised their target price on Pure Storage from $62.00 to $72.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Citigroup dropped their target price on shares of Pure Storage from $80.00 to $77.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. StockNews.com cut shares of Pure Storage from a “buy” rating to a “hold” rating in a research note on Thursday, February 27th. Needham & Company LLC reaffirmed a “buy” rating and set a $75.00 price objective on shares of Pure Storage in a report on Thursday, February 27th. Finally, Bank of America lowered their target price on Pure Storage from $77.00 to $73.00 and set a “neutral” rating for the company in a research note on Thursday, February 27th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat, Pure Storage currently has an average rating of “Moderate Buy” and a consensus target price of $73.20.

Pure Storage Stock Performance

Shares of PSTG opened at $37.03 on Monday. The firm has a market capitalization of $12.08 billion, a PE ratio of 97.45, a P/E/G ratio of 5.12 and a beta of 1.08. The stock has a 50 day simple moving average of $57.29 and a 200 day simple moving average of $57.27. Pure Storage, Inc. has a 52-week low of $34.55 and a 52-week high of $73.67.

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.