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 500 index slumped by 0.8%. Investors were cheered by the company's inclusion on an important brother index to the S 500, plus an analyst's price target increase.

After market hours on Tuesday, S Global Indices -- the company behind the iconic S 500 index and many other equity trading benchmarks -- announced that Pure Storage is to be a component stock of the S 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 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 Global Indices, Patterson's market cap these days "is more representative of the small-cap market space."

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Source Fool.com