Clearwater Capital Advisors LLC Purchases New Stake in Pure Storage, Inc. (NYSE:PSTG)

Clearwater Capital Advisors LLC acquired a new position in shares of Pure Storage, Inc. (NYSE:PSTG) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 3,838 shares of the technology company’s stock, valued at approximately $236,000.

Several other hedge funds have also recently bought and sold shares of PSTG. Parallel Advisors LLC raised its holdings in shares of Pure Storage by 1.4% during the 4th quarter. Parallel Advisors LLC now owns 13,271 shares of the technology company’s stock worth $815,000 after buying an additional 186 shares in the last quarter. Cherry Creek Investment Advisors Inc. raised its stake in Pure Storage by 0.3% during the fourth quarter. Cherry Creek Investment Advisors Inc. now owns 67,232 shares of the technology company’s stock worth $4,130,000 after acquiring an additional 189 shares in the last quarter. Larson Financial Group LLC lifted its holdings in shares of Pure Storage by 49.1% in the third quarter. Larson Financial Group LLC now owns 644 shares of the technology company’s stock worth $32,000 after acquiring an additional 212 shares during the last quarter. Brookstone Capital Management lifted its holdings in shares of Pure Storage by 3.1% in the fourth quarter. Brookstone Capital Management now owns 7,917 shares of the technology company’s stock worth $486,000 after acquiring an additional 240 shares during the last quarter. Finally, KBC Group NV boosted its stake in shares of Pure Storage by 0.6% in the 4th quarter. KBC Group NV now owns 39,523 shares of the technology company’s stock valued at $2,428,000 after purchasing an additional 246 shares in the last quarter. 83.42% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on PSTG shares. UBS Group upped their price objective on shares of Pure Storage from $47.00 to $50.00 and gave the stock a “sell” rating in a research report on Thursday, February 27th. Bank of America dropped their price target on Pure Storage from $77.00 to $73.00 and set a “neutral” rating for the company in a research note on Thursday, February 27th. Wells Fargo & Company raised their price objective on Pure Storage from $75.00 to $80.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. TD Cowen upped their target price on Pure Storage from $70.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Finally, StockNews.com lowered Pure Storage from a “buy” rating to a “hold” rating in a research note on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Pure Storage presently has a consensus rating of “Moderate Buy” and a consensus target price of $73.20.

Insider Buying and Selling

In related news, insider Ajay Singh sold 19,972 shares of the stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $61.58, for a total transaction of $1,229,875.76. Following the transaction, the insider now directly owns 262,144 shares of the company’s stock, valued at $16,142,827.52. This represents a 7.08 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO Dan Fitzsimons sold 8,895 shares of Pure Storage stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $64.11, for a total transaction of $570,258.45. Following the completion of the sale, the executive now directly owns 72,927 shares of the company’s stock, valued at approximately $4,675,349.97. This trade represents a 10.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.00% of the stock is currently owned by insiders.

Pure Storage Trading Up 5.0 %

PSTG stock opened at $50.99 on Monday. The firm has a market cap of $16.63 billion, a PE ratio of 134.17, a price-to-earnings-growth ratio of 5.12 and a beta of 1.09. The stock has a 50-day moving average price of $62.86 and a 200-day moving average price of $57.34. Pure Storage, Inc. has a 1-year low of $44.76 and a 1-year 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.