Strategic Advisors LLC Takes Position in Pure Storage, Inc. (NYSE:PSTG)

Strategic Advisors LLC purchased a new position in shares of Pure Storage, Inc. (NYSE:PSTG) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 21,001 shares of the technology company’s stock, valued at approximately $1,290,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PSTG. Franklin Resources Inc. increased its stake in Pure Storage by 210.2% during the 3rd quarter. Franklin Resources Inc. now owns 2,553,402 shares of the technology company’s stock worth $137,628,000 after buying an additional 1,730,123 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its stake in Pure Storage by 22.5% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 4,063,776 shares of the technology company’s stock worth $204,163,000 after buying an additional 747,034 shares during the period. State Street Corp increased its stake in Pure Storage by 6.5% during the 3rd quarter. State Street Corp now owns 10,262,666 shares of the technology company’s stock worth $515,596,000 after buying an additional 626,427 shares during the period. World Investment Advisors LLC purchased a new stake in Pure Storage during the 3rd quarter worth $20,470,000. Finally, FMR LLC increased its stake in Pure Storage by 0.8% during the 3rd quarter. FMR LLC now owns 49,153,797 shares of the technology company’s stock worth $2,469,487,000 after buying an additional 368,643 shares during the period. Hedge funds and other institutional investors own 83.42% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Northland Securities reaffirmed a “market perform” rating and set a $63.00 price target (up previously from $59.00) on shares of Pure Storage in a research note on Wednesday, December 4th. Stifel Nicolaus lifted their price target on shares of Pure Storage from $60.00 to $65.00 and gave the stock a “hold” rating in a research note on Wednesday, December 4th. Piper Sandler raised shares of Pure Storage from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $56.00 to $76.00 in a research report on Wednesday, December 4th. Lake Street Capital boosted their target price on shares of Pure Storage from $68.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Finally, William Blair reissued an “outperform” rating on shares of Pure Storage in a research report on Thursday, November 14th. One analyst has rated the stock with a sell rating, six have given a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $72.70.

Insider Buying and Selling at Pure Storage

In other news, insider John Colgrove sold 100,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $65.55, for a total value of $6,555,000.00. Following the completion of the sale, the insider now directly owns 7,316,722 shares of the company’s stock, valued at approximately $479,611,127.10. This represents a 1.35 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Ajay Singh sold 19,972 shares of the company’s stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $61.58, for a total transaction of $1,229,875.76. Following the completion of the sale, the insider now directly owns 262,144 shares of the company’s stock, valued at approximately $16,142,827.52. This represents a 7.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 137,178 shares of company stock valued at $8,871,746 in the last ninety days. Company insiders own 6.00% of the company’s stock.

Pure Storage Stock Up 0.4 %

Pure Storage stock opened at $67.78 on Monday. The firm has a 50-day moving average price of $65.73 and a two-hundred day moving average price of $57.70. The firm has a market capitalization of $22.11 billion, a price-to-earnings ratio of 178.38, a PEG ratio of 5.26 and a beta of 1.09. Pure Storage, Inc. has a 52-week low of $38.78 and a 52-week high of $73.67.

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.