Summit Investment Advisors Inc. Sells 1,035 Shares of Pure Storage, Inc. (NYSE:PSTG)

Summit Investment Advisors Inc. lessened its holdings in Pure Storage, Inc. (NYSE:PSTG) by 1.6% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 62,354 shares of the technology company’s stock after selling 1,035 shares during the quarter. Summit Investment Advisors Inc.’s holdings in Pure Storage were worth $3,830,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Vanguard Group Inc. grew its position in shares of Pure Storage by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 33,443,732 shares of the technology company’s stock worth $2,054,448,000 after purchasing an additional 615,931 shares in the last quarter. Geode Capital Management LLC grew its holdings in Pure Storage by 25.4% during the 4th quarter. Geode Capital Management LLC now owns 6,748,553 shares of the technology company’s stock valued at $413,982,000 after buying an additional 1,366,458 shares in the last quarter. Invesco Ltd. raised its position in shares of Pure Storage by 18.8% during the fourth quarter. Invesco Ltd. now owns 4,162,081 shares of the technology company’s stock valued at $255,677,000 after buying an additional 657,175 shares during the last quarter. Norges Bank purchased a new position in shares of Pure Storage in the fourth quarter worth $216,690,000. Finally, Bank of New York Mellon Corp boosted its position in shares of Pure Storage by 0.3% during the fourth quarter. Bank of New York Mellon Corp now owns 3,508,029 shares of the technology company’s stock worth $215,498,000 after acquiring an additional 9,985 shares during the last quarter. 83.42% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Morgan Stanley lifted their price target on shares of Pure Storage from $62.00 to $72.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. Needham & Company LLC restated a “buy” rating and set a $75.00 price objective on shares of Pure Storage in a research report on Thursday, February 27th. Piper Sandler decreased their target price on Pure Storage from $76.00 to $53.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. UBS Group raised their price target on Pure Storage from $47.00 to $50.00 and gave the company a “sell” rating in a report on Thursday, February 27th. Finally, Bank of America decreased their price objective on Pure Storage from $77.00 to $73.00 and set a “neutral” rating on the stock in a report on Thursday, February 27th. 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’s stock. According to MarketBeat.com, Pure Storage has a consensus rating of “Moderate Buy” and a consensus target price of $72.05.

Pure Storage Price Performance

Shares of NYSE:PSTG opened at $41.03 on Monday. The firm has a market capitalization of $13.38 billion, a PE ratio of 107.98, a price-to-earnings-growth ratio of 5.12 and a beta of 1.08. The business has a 50 day simple moving average of $53.63 and a two-hundred day simple moving average of $56.78. Pure Storage, Inc. has a 1 year low of $34.51 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.