Granahan Investment Management LLC Acquires 7,723 Shares of Pure Storage, Inc. (NYSE:PSTG)

Granahan Investment Management LLC lifted its stake in Pure Storage, Inc. (NYSE:PSTG) by 4.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 167,898 shares of the technology company’s stock after buying an additional 7,723 shares during the period. Granahan Investment Management LLC’s holdings in Pure Storage were worth $10,314,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Sugar Maple Asset Management LLC bought a new position in Pure Storage in the 4th quarter valued at about $29,000. Compass Financial Services Inc bought a new position in Pure Storage in the fourth quarter valued at approximately $29,000. Crowley Wealth Management Inc. acquired a new position in Pure Storage during the fourth quarter valued at approximately $31,000. Berbice Capital Management LLC acquired a new position in Pure Storage during the fourth quarter valued at approximately $37,000. Finally, Financial Life Planners bought a new stake in Pure Storage during the fourth quarter worth $44,000. 83.42% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on PSTG. StockNews.com cut Pure Storage from a “buy” rating to a “hold” rating in a report on Thursday, February 27th. Evercore ISI dropped their target price on shares of Pure Storage from $75.00 to $60.00 and set an “outperform” rating for the company in a report on Monday, April 28th. UBS Group lifted their price target 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. Piper Sandler lowered their price objective on shares of Pure Storage from $76.00 to $53.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Finally, Needham & Company LLC restated a “buy” rating and issued a $75.00 target price on shares of Pure Storage in a research report on Thursday, February 27th. One equities 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’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $70.20.

Pure Storage Stock Down 0.5 %

PSTG opened at $48.72 on Friday. The stock has a market cap of $15.88 billion, a PE ratio of 128.21, a price-to-earnings-growth ratio of 5.12 and a beta of 1.05. Pure Storage, Inc. has a twelve month low of $34.51 and a twelve month high of $73.67. The company has a fifty day moving average of $45.89 and a 200-day moving average of $55.63.

Insiders Place Their Bets

In other news, CRO Dan Fitzsimons sold 6,977 shares of the business’s stock in a transaction dated Monday, April 21st. The stock was sold at an average price of $40.91, for a total value of $285,429.07. Following the transaction, the executive now directly owns 90,223 shares of the company’s stock, valued at $3,691,022.93. The trade was a 7.18 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 6.00% of the company’s stock.

About Pure Storage

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.