Victory Capital Management Inc. Grows Stock Position in Pure Storage, Inc. (NYSE:PSTG)

Victory Capital Management Inc. increased its holdings in Pure Storage, Inc. (NYSE:PSTG) by 23.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 284,649 shares of the technology company’s stock after buying an additional 54,256 shares during the quarter. Victory Capital Management Inc. owned 0.09% of Pure Storage worth $17,486,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. Cherry Creek Investment Advisors Inc. boosted its stake in shares of Pure Storage by 0.3% during the 4th 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 during the last quarter. Larson Financial Group LLC raised its holdings in Pure Storage by 49.1% in the 3rd quarter. Larson Financial Group LLC now owns 644 shares of the technology company’s stock worth $32,000 after purchasing an additional 212 shares during the period. Venturi Wealth Management LLC lifted its position in Pure Storage by 40.9% during the third quarter. Venturi Wealth Management LLC now owns 754 shares of the technology company’s stock valued at $38,000 after purchasing an additional 219 shares in the last quarter. Brookstone Capital Management grew its holdings in Pure Storage by 3.1% during the fourth quarter. Brookstone Capital Management now owns 7,917 shares of the technology company’s stock valued at $486,000 after purchasing an additional 240 shares during the period. Finally, KBC Group NV increased its position in Pure Storage by 0.6% in the fourth quarter. KBC Group NV now owns 39,523 shares of the technology company’s stock worth $2,428,000 after buying an additional 246 shares in the last quarter. 83.42% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on PSTG. StockNews.com cut Pure Storage from a “buy” rating to a “hold” rating in a research report on Thursday, February 27th. Lake Street Capital upped their price target 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. Morgan Stanley increased their price objective on shares of Pure Storage from $62.00 to $72.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Bank of America lowered their price objective on Pure Storage from $77.00 to $73.00 and set a “neutral” rating on the stock in a research report on Thursday, February 27th. Finally, Piper Sandler raised shares of Pure Storage from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $56.00 to $76.00 in a report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, Pure Storage has a consensus rating of “Moderate Buy” and an average target price of $73.20.

Insider Buying and Selling

In other Pure Storage news, CRO Dan Fitzsimons sold 8,895 shares of the company’s stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $64.11, for a total value of $570,258.45. Following the transaction, the executive now directly owns 72,927 shares in the company, valued at $4,675,349.97. This represents a 10.87 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ajay Singh sold 19,972 shares of Pure Storage stock in a transaction that occurred 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 sale, 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 position. The disclosure for this sale can be found here. Insiders have sold 37,178 shares of company stock valued at $2,316,746 in the last ninety days. 6.00% of the stock is owned by company insiders.

Pure Storage Trading Up 1.6 %

Shares of PSTG opened at $48.66 on Wednesday. The company’s fifty day simple moving average is $63.67 and its 200-day simple moving average is $57.58. The company has a market cap of $15.87 billion, a P/E ratio of 128.05, a P/E/G ratio of 5.12 and a beta of 1.09. Pure Storage, Inc. has a twelve month low of $44.76 and a twelve month 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.