Is Pure Storage Inc (PSTG) A Good Stock To Buy Right Now?

Consequently, some big names have been driving this bullishness. Viking Global, led by Andreas Halvorsen, initiated the largest position in Pure Storage Inc (NYSE:PSTG). Viking Global had $3 million invested in the company at the end of the quarter. Sheetal Duggal’s Thrax Management also made a $2 million investment in the stock during the quarter. The other funds with brand new PSTG positions are Wojciech Uzdelewicz’s Espalier Global Management, D E Shaw, one of the biggest hedge funds in the world, and Paul Marshall and Ian Wace’s Marshall Wace LLP.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Pure Storage Inc (NYSE:PSTG) but similarly valued. We will take a look at MKS Instruments, Inc. (NASDAQ:MKSI), LPL Financial Holdings Inc (NASDAQ:LPLA), Regal Beloit Corporation (NYSE:RBC), and Avista Corp (NYSE:AVA). All of these stocks’ market caps are closest to PSTG’s market cap.

As you can see these stocks had an average of 14.5 hedge funds with bullish positions and the average amount invested in these stocks was $354 million. That figure was $127 million in PSTG’s case. REGAL-BELOIT CORPORATION (NYSE:RBC) is the most popular stock in this table. On the other hand Avista Corp (NYSE:AVA) is the least popular one with only 9 bullish hedge fund positions. Pure Storage Inc(NYSE:PSTG) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard RBC might be a better candidate to consider taking a long position in.