Huntington National Bank Grows Position in Pure Storage, Inc. (NYSE:PSTG)

Huntington National Bank boosted its stake in shares of Pure Storage, Inc. (NYSE:PSTG) by 76.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,309 shares of the technology company’s stock after purchasing an additional 566 shares during the period. Huntington National Bank’s holdings in Pure Storage were worth $80,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in PSTG. Norges Bank purchased a new position in shares of Pure Storage in the 4th quarter worth $216,690,000. Artisan Partners Limited Partnership acquired a new stake in Pure Storage during the fourth quarter worth about $210,906,000. William Blair Investment Management LLC increased its stake in Pure Storage by 1,725.3% during the fourth quarter. William Blair Investment Management LLC now owns 2,525,208 shares of the technology company’s stock worth $155,124,000 after acquiring an additional 2,386,864 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of Pure Storage by 210.2% in the 3rd quarter. Franklin Resources Inc. now owns 2,553,402 shares of the technology company’s stock worth $137,628,000 after purchasing an additional 1,730,123 shares during the period. Finally, Geode Capital Management LLC lifted its stake in shares of Pure Storage by 25.4% in the 4th quarter. Geode Capital Management LLC now owns 6,748,553 shares of the technology company’s stock valued at $413,982,000 after purchasing an additional 1,366,458 shares in the last quarter. Institutional investors and hedge funds own 83.42% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on PSTG shares. Citigroup cut their price target on shares of Pure Storage from $80.00 to $77.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. UBS Group lifted their target price on shares of Pure Storage from $47.00 to $50.00 and gave the company a “sell” rating in a report on Thursday, February 27th. StockNews.com downgraded Pure Storage from a “buy” rating to a “hold” rating in a report on Thursday, February 27th. Morgan Stanley boosted their price objective on Pure Storage from $62.00 to $72.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $75.00 target price on shares of Pure Storage in a research note on Thursday, February 27th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Pure Storage currently has a consensus rating of “Moderate Buy” and an average price target of $73.20.

Pure Storage Stock Performance

PSTG opened at $37.03 on Monday. Pure Storage, Inc. has a 1-year low of $34.55 and a 1-year high of $73.67. The company has a 50-day moving average of $57.29 and a 200-day moving average of $57.27. The company has a market capitalization of $12.08 billion, a P/E ratio of 97.45, a PEG ratio of 5.12 and a beta of 1.08.

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.