Why Pure Storage Stock Is Popping Wednesday

Pure Storage Inc PSTG shares are trading higher Wednesday after it was announced that the company will join the S&P MidCap 400.

What To Know: Pure Storage is set to replace Patterson Companies Inc in the S&P MidCap 400, and Patterson will replace Chico's FAS Inc in the S&P SmallCap 600.

Sycamore Partners is acquiring Chico's FAS in a transaction expected to be completed near the end of the week. Patterson Companies is being moved due to its market cap. The changes are set to become effective prior to the market open on Friday. 

Pure Storage offers customers a cloud experience that empowers organizations to get the most from their data while reducing the complexity and expense of managing the infrastructure behind it.

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PSTG Price Action: Pure Storage shares were up 4.98% at $36.56 at the time of publication, according to Benzinga Pro.

Photo: StockSnap from Pixabay.