Concentric Capital Strategies LP Lowers Holdings in Pure Storage, Inc. (NYSE:PSTG)

Concentric Capital Strategies LP lowered its holdings in Pure Storage, Inc. (NYSE:PSTG) by 33.2% during the third quarter, Holdings Channel.com reports. The firm owned 29,556 shares of the technology company’s stock after selling 14,716 shares during the period. Concentric Capital Strategies LP’s holdings in Pure Storage were worth $1,485,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Massmutual Trust Co. FSB ADV increased its position in shares of Pure Storage by 61.2% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 424 shares of the technology company’s stock worth $27,000 after purchasing an additional 161 shares during the last quarter. Larson Financial Group LLC raised its stake in shares of Pure Storage by 242.9% in the 2nd quarter. Larson Financial Group LLC now owns 432 shares of the technology company’s stock valued at $28,000 after acquiring an additional 306 shares during the period. ORG Wealth Partners LLC acquired a new position in shares of Pure Storage in the 3rd quarter worth approximately $31,000. FSC Wealth Advisors LLC purchased a new position in shares of Pure Storage during the 2nd quarter worth approximately $33,000. Finally, ORG Partners LLC acquired a new stake in Pure Storage in the 2nd quarter valued at approximately $35,000. Institutional investors and hedge funds own 83.42% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Stifel Nicolaus decreased their price target on Pure Storage from $65.00 to $60.00 and set a “hold” rating on the stock in a research note on Thursday, August 29th. Piper Sandler lowered their target price on Pure Storage from $60.00 to $56.00 and set a “neutral” rating for the company in a report on Thursday, August 29th. Lake Street Capital cut their price target on shares of Pure Storage from $70.00 to $68.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. Evercore ISI dropped their price objective on shares of Pure Storage from $75.00 to $70.00 and set an “outperform” rating for the company in a report on Thursday, August 29th. Finally, Wedbush reiterated an “outperform” rating and set a $80.00 target price on shares of Pure Storage in a report on Monday, August 26th. One investment 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 data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $67.95.

Insiders Place Their Bets

In other Pure Storage news, CRO Dan Fitzsimons sold 8,895 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $50.67, for a total transaction of $450,709.65. Following the transaction, the executive now owns 94,446 shares of the company’s stock, valued at approximately $4,785,578.82. This trade represents a 8.61 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider John Colgrove sold 100,000 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $49.94, for a total value of $4,994,000.00. Following the completion of the sale, the insider now directly owns 500,000 shares of the company’s stock, valued at $24,970,000. The trade was a 16.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 354,542 shares of company stock valued at $18,599,030. 6.00% of the stock is owned by corporate insiders.

Pure Storage Price Performance

PSTG stock opened at $53.05 on Tuesday. The business has a 50 day moving average price of $52.12 and a 200 day moving average price of $56.76. The company has a quick ratio of 1.96, a current ratio of 1.99 and a debt-to-equity ratio of 0.07. The stock has a market cap of $17.38 billion, a price-to-earnings ratio of 132.63, a PEG ratio of 7.19 and a beta of 1.13. Pure Storage, Inc. has a fifty-two week low of $31.79 and a fifty-two week high of $70.41.

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.