27,767 Shares in Pure Storage, Inc. (NYSE:PSTG) Bought by Elo Mutual Pension Insurance Co

Elo Mutual Pension Insurance Co purchased a new stake in shares of Pure Storage, Inc. (NYSE:PSTG) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 27,767 shares of the technology company’s stock, valued at approximately $1,783,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norges Bank bought a new stake in shares of Pure Storage during the fourth quarter valued at approximately $115,452,000. Bank of New York Mellon Corp increased its position in Pure Storage by 56.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,696,390 shares of the technology company’s stock valued at $237,345,000 after acquiring an additional 1,327,873 shares during the period. Principal Financial Group Inc. raised its stake in Pure Storage by 4,095.7% during the 1st quarter. Principal Financial Group Inc. now owns 1,121,344 shares of the technology company’s stock valued at $58,299,000 after acquiring an additional 1,094,618 shares in the last quarter. Frontier Capital Management Co. LLC boosted its position in Pure Storage by 835.2% during the 4th quarter. Frontier Capital Management Co. LLC now owns 1,078,454 shares of the technology company’s stock worth $38,458,000 after acquiring an additional 963,140 shares during the period. Finally, Vanguard Group Inc. grew its stake in shares of Pure Storage by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 31,294,297 shares of the technology company’s stock worth $1,115,955,000 after purchasing an additional 567,358 shares in the last quarter. 83.42% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider John Colgrove sold 100,000 shares of the stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $59.50, for a total value of $5,950,000.00. Following the completion of the sale, the insider now owns 900,000 shares in the company, valued at $53,550,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Pure Storage news, CFO P. Kevan Krysler sold 14,296 shares of the firm’s stock in a transaction on Friday, July 5th. The shares were sold at an average price of $63.79, for a total value of $911,941.84. Following the sale, the chief financial officer now directly owns 518,623 shares in the company, valued at approximately $33,082,961.17. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John Colgrove sold 100,000 shares of the company’s stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $59.50, for a total value of $5,950,000.00. Following the completion of the transaction, the insider now owns 900,000 shares of the company’s stock, valued at $53,550,000. The disclosure for this sale can be found here. In the last three months, insiders have sold 324,177 shares of company stock worth $18,863,083. Corporate insiders own 6.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on PSTG. Wells Fargo & Company lifted their price objective on shares of Pure Storage from $70.00 to $75.00 and gave the company an “overweight” rating in a research note on Thursday, May 30th. Lake Street Capital reduced their price target on shares of Pure Storage from $70.00 to $68.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Bank of America raised their price objective on shares of Pure Storage from $57.00 to $68.00 and gave the company a “neutral” rating in a research note on Thursday, May 30th. Stifel Nicolaus dropped their target price on Pure Storage from $65.00 to $60.00 and set a “hold” rating on the stock in a report on Thursday, August 29th. Finally, Northland Capmk lowered Pure Storage from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $66.95.

Pure Storage Stock Performance

Pure Storage stock opened at $49.76 on Friday. Pure Storage, Inc. has a fifty-two week low of $31.00 and a fifty-two week high of $70.41. The firm’s 50 day simple moving average is $55.94 and its 200-day simple moving average is $57.04. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.99 and a quick ratio of 1.96. The company has a market cap of $16.18 billion, a P/E ratio of 177.71, a price-to-earnings-growth ratio of 7.49 and a beta of 1.11.

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.