American Century Companies Inc. Buys 646,875 Shares of Pure Storage, Inc. (NYSE:PSTG)

American Century Companies Inc. increased its stake in shares of Pure Storage, Inc. (NYSE:PSTG) by 262.4% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 893,410 shares of the technology company’s stock after acquiring an additional 646,875 shares during the quarter. American Century Companies Inc.’s holdings in Pure Storage were worth $54,882,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of PSTG. Sugar Maple Asset Management LLC bought a new position in Pure Storage during the 4th quarter worth $29,000. Compass Financial Services Inc bought a new position in Pure Storage during the fourth quarter worth about $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 worth $32,000 after purchasing an additional 212 shares in the last quarter. Berbice Capital Management LLC bought a new stake in Pure Storage in the 4th quarter valued at about $37,000. Finally, Financial Life Planners acquired a new position in shares of Pure Storage during the 4th quarter worth approximately $44,000. Institutional investors and hedge funds own 83.42% of the company’s stock.

Wall Street Analysts Forecast Growth

PSTG has been the subject of several recent research reports. Northland Securities reiterated a “market perform” rating and issued a $63.00 price target (up from $59.00) on shares of Pure Storage in a research note on Wednesday, December 4th. JPMorgan Chase & Co. upped their target price on Pure Storage from $60.00 to $75.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. UBS Group raised their price target on Pure Storage from $47.00 to $50.00 and gave the stock a “sell” rating in a research report on Thursday, February 27th. Bank of America cut their price objective on shares of Pure Storage from $77.00 to $73.00 and set a “neutral” rating for the company in a research report on Thursday, February 27th. Finally, Stifel Nicolaus raised their target price on shares of Pure Storage from $60.00 to $65.00 and gave the company a “hold” rating in a report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat, Pure Storage currently has a consensus rating of “Moderate Buy” and a consensus target price of $73.20.

Insider Activity at Pure Storage

In related news, insider Ajay Singh sold 19,972 shares of the business’s 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 owns 262,144 shares of the company’s stock, valued at $16,142,827.52. The trade was a 7.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 6.00% of the stock is owned by company insiders.

Pure Storage Trading Down 4.3 %

Shares of PSTG stock opened at $50.69 on Thursday. The firm has a market capitalization of $16.54 billion, a price-to-earnings ratio of 133.40, a PEG ratio of 5.12 and a beta of 1.09. The business’s 50-day moving average price is $60.84 and its 200-day moving average price is $57.42. Pure Storage, Inc. has a 12 month low of $44.76 and a 12 month 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.