Bank of New York Mellon Corp Boosts Stake in Pure Storage, Inc. (NYSE:PSTG)

Bank of New York Mellon Corp raised its position in shares of Pure Storage, Inc. (NYSE:PSTG) by 0.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,508,029 shares of the technology company’s stock after buying an additional 9,985 shares during the quarter. Bank of New York Mellon Corp’s holdings in Pure Storage were worth $215,498,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in PSTG. Sugar Maple Asset Management LLC bought a new position in shares of Pure Storage during the 4th quarter valued at approximately $29,000. Compass Financial Services Inc purchased a new stake in Pure Storage during the fourth quarter valued at $29,000. Berbice Capital Management LLC purchased a new stake in Pure Storage during the fourth quarter valued at $37,000. Larson Financial Group LLC lifted its position in Pure Storage by 49.1% during the third quarter. Larson Financial Group LLC now owns 644 shares of the technology company’s stock valued at $32,000 after purchasing an additional 212 shares during the last quarter. Finally, Financial Life Planners purchased a new position in shares of Pure Storage in the 4th quarter worth $44,000. Institutional investors own 83.42% of the company’s stock.

Wall Street Analysts Forecast Growth

PSTG has been the topic of several recent research reports. Lake Street Capital upped their target price on shares of Pure Storage from $68.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. JPMorgan Chase & Co. upped their price objective on Pure Storage from $60.00 to $75.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. Northland Securities reiterated a “market perform” rating and issued a $63.00 target price (up previously from $59.00) on shares of Pure Storage in a report on Wednesday, December 4th. Stifel Nicolaus increased their price target on Pure Storage from $60.00 to $65.00 and gave the company a “hold” rating in a report on Wednesday, December 4th. Finally, William Blair restated an “outperform” rating on shares of Pure Storage in a research report on Thursday, November 14th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, Pure Storage presently has a consensus rating of “Moderate Buy” and an average target price of $73.20.

Pure Storage Stock Down 15.1 %

Shares of NYSE:PSTG opened at $53.04 on Friday. The business’s 50 day moving average is $65.90 and its 200 day moving average is $58.24. The stock has a market cap of $17.30 billion, a P/E ratio of 139.58, a price-to-earnings-growth ratio of 5.12 and a beta of 1.09. Pure Storage, Inc. has a 52-week low of $40.95 and a 52-week high of $73.67.

Insiders Place Their Bets

In other news, insider John Colgrove sold 100,000 shares of the business’s stock in a transaction dated 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 owns 7,316,722 shares in the company, valued at approximately $479,611,127.10. The trade was a 1.35 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Mona Chu sold 8,311 shares of the stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $62.16, for a total transaction of $516,611.76. Following the transaction, the chief accounting officer now owns 67,681 shares in the company, valued at approximately $4,207,050.96. This represents a 10.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 137,178 shares of company stock worth $8,871,746. 6.00% of the stock is currently owned by company insiders.

Pure Storage Profile

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.