PSTG - Why Pure Storage Stock Was a Big Winner on Wednesday
2024-01-03 18:28:02 ET
Niche tech stock Pure Storage (NYSE: PSTG) had a fine Wednesday on the market, with its shares racing nearly 5% higher in value. By contrast, the S&P 500 index slumped by 0.8%. Investors were cheered by the company's inclusion on an important brother index to the S&P 500, plus an analyst's price target increase.
After market hours on Tuesday, S&P Global Indices -- the company behind the iconic S&P 500 index and many other equity trading benchmarks -- announced that Pure Storage is to be a component stock of the S&P MidCap 400 index. The company offers digital data storage products on both a consumption and subscription basis.
Pure Storage is replacing the healthcare sector's Patterson Companies . The latter is to become a component of the S&P SmallCap 600 index, where it will take the slot currently occupied by fashion stock Chico's Fas . Sycamore Partners is buying out Chico's Fas. Additionally, according to S&P Global Indices, Patterson's market cap these days "is more representative of the small-cap market space."
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Why Pure Storage Stock Was a Big Winner on Wednesday