Harvest Fund Management Co. Ltd Raises Stake in Pure Storage, Inc. (NYSE:PSTG)

Harvest Fund Management Co. Ltd boosted its position in Pure Storage, Inc. (NYSE:PSTG) by 811.3% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 27,037 shares of the technology company’s stock after purchasing an additional 24,070 shares during the period. Harvest Fund Management Co. Ltd’s holdings in Pure Storage were worth $1,661,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also bought and sold shares of PSTG. Sugar Maple Asset Management LLC purchased a new stake in Pure Storage in the 4th quarter worth approximately $29,000. Compass Financial Services Inc acquired a new position in Pure Storage in the 4th quarter valued at $29,000. Larson Financial Group LLC raised its stake in Pure Storage by 49.1% in the 3rd quarter. Larson Financial Group LLC now owns 644 shares of the technology company’s stock valued at $32,000 after purchasing an additional 212 shares during the last quarter. Berbice Capital Management LLC acquired a new position in Pure Storage in the 4th quarter valued at $37,000. Finally, Financial Life Planners purchased a new stake in Pure Storage in the 4th quarter valued at $44,000. Hedge funds and other institutional investors own 83.42% of the company’s stock.

Pure Storage Trading Up 3.4 %

Shares of NYSE PSTG opened at $51.56 on Thursday. The company has a market cap of $16.82 billion, a price-to-earnings ratio of 135.69, a price-to-earnings-growth ratio of 5.12 and a beta of 1.09. Pure Storage, Inc. has a 12-month low of $44.76 and a 12-month high of $73.67. The stock’s 50 day simple moving average is $62.07 and its 200 day simple moving average is $57.29.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. UBS Group boosted their price objective on Pure Storage from $47.00 to $50.00 and gave the company a “sell” rating in a research note on Thursday, February 27th. Bank of America dropped their price objective on Pure Storage from $77.00 to $73.00 and set a “neutral” rating on the stock in a report on Thursday, February 27th. TD Cowen upped their target price on Pure Storage from $70.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Northland Securities reissued a “market perform” rating and issued a $63.00 target price (up previously from $59.00) on shares of Pure Storage in a report on Wednesday, December 4th. Finally, Morgan Stanley upped their price objective on 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 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 data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $73.20.

Insider Buying and Selling

In other Pure Storage news, CRO Dan Fitzsimons sold 8,895 shares of Pure Storage stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $64.11, for a total transaction of $570,258.45. Following the sale, the executive now owns 72,927 shares of the company’s stock, valued at $4,675,349.97. The trade was a 10.87 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ajay Singh sold 19,972 shares of Pure Storage stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $61.58, for a total value of $1,229,875.76. Following the sale, the insider now directly owns 262,144 shares in the company, valued at $16,142,827.52. The trade was a 7.08 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 6.00% of the company’s stock.

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.