Wellington Management Group LLP Sells 2,336,275 Shares of Pure Storage, Inc. (NYSE:PSTG)

Wellington Management Group LLP cut its stake in shares of Pure Storage, Inc. (NYSE:PSTG) by 98.4% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 39,154 shares of the technology company’s stock after selling 2,336,275 shares during the period. Wellington Management Group LLP’s holdings in Pure Storage were worth $1,967,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Weiss Asset Management LP bought a new position in Pure Storage in the 3rd quarter valued at approximately $6,648,000. State Street Corp raised its stake in shares of Pure Storage by 6.5% during the third quarter. State Street Corp now owns 10,262,666 shares of the technology company’s stock valued at $515,596,000 after acquiring an additional 626,427 shares during the last quarter. Quantinno Capital Management LP lifted its holdings in shares of Pure Storage by 18.8% during the third quarter. Quantinno Capital Management LP now owns 42,737 shares of the technology company’s stock worth $2,147,000 after purchasing an additional 6,769 shares during the period. Royal London Asset Management Ltd. acquired a new stake in Pure Storage in the third quarter valued at $3,516,000. Finally, Investment Management Corp of Ontario raised its position in Pure Storage by 288.3% during the 3rd quarter. Investment Management Corp of Ontario now owns 26,794 shares of the technology company’s stock worth $1,346,000 after purchasing an additional 19,894 shares during the last quarter. 83.42% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

PSTG has been the subject of several recent research reports. Piper Sandler raised Pure Storage from a “neutral” rating to an “overweight” rating and increased their price target for the company from $56.00 to $76.00 in a research note on Wednesday, December 4th. Oppenheimer initiated coverage on shares of Pure Storage in a report on Wednesday, November 13th. They set an “outperform” rating and a $70.00 price target for the company. Lake Street Capital increased their price objective 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. Needham & Company LLC boosted their target price on shares of Pure Storage from $62.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Finally, Evercore ISI lifted their price objective on Pure Storage from $70.00 to $75.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, six have issued a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Pure Storage has a consensus rating of “Moderate Buy” and an average price target of $72.70.

Insider Transactions at Pure Storage

In other Pure Storage news, CRO Dan Fitzsimons sold 8,895 shares of Pure Storage stock in a transaction that occurred on Monday, September 23rd. The shares were 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 $4,785,578.82. This trade represents a 8.61 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mona Chu sold 8,311 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $62.16, for a total value of $516,611.76. Following the completion of the transaction, the chief accounting officer now directly owns 67,681 shares of the company’s stock, 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. Insiders sold a total of 362,853 shares of company stock valued at $20,676,642 over the last ninety days. 6.00% of the stock is currently owned by insiders.

Pure Storage Price Performance

Shares of NYSE PSTG opened at $62.59 on Thursday. The stock has a market cap of $20.51 billion, a price-to-earnings ratio of 164.71, a PEG ratio of 7.69 and a beta of 1.13. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.74 and a current ratio of 1.77. Pure Storage, Inc. has a fifty-two week low of $34.32 and a fifty-two week high of $70.41. The firm’s 50-day simple moving average is $55.05 and its 200 day simple moving average is $56.95.

Pure Storage Company 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.