Pure Storage, Inc. (NYSE:PSTG) Shares Bought by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC grew its position in Pure Storage, Inc. (NYSE:PSTG) by 14.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 39,856 shares of the technology company’s stock after acquiring an additional 5,163 shares during the period. Commonwealth Equity Services LLC’s holdings in Pure Storage were worth $2,448,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Franklin Resources Inc. boosted its position in Pure Storage by 210.2% during the third quarter. Franklin Resources Inc. now owns 2,553,402 shares of the technology company’s stock worth $137,628,000 after purchasing an additional 1,730,123 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Pure Storage during the 4th quarter worth approximately $70,971,000. State Street Corp lifted its position in shares of Pure Storage by 6.5% during the 3rd quarter. State Street Corp now owns 10,262,666 shares of the technology company’s stock valued at $515,596,000 after buying an additional 626,427 shares in the last quarter. World Investment Advisors LLC acquired a new stake in Pure Storage in the 3rd quarter valued at $20,470,000. Finally, Erste Asset Management GmbH purchased a new stake in Pure Storage in the 3rd quarter worth $15,857,000. 83.42% of the stock is owned by hedge funds and other institutional investors.

Pure Storage Price Performance

Shares of NYSE:PSTG opened at $50.69 on Thursday. Pure Storage, Inc. has a 12 month low of $44.76 and a 12 month high of $73.67. The firm has a market capitalization of $16.54 billion, a P/E ratio of 133.40, a P/E/G ratio of 5.12 and a beta of 1.09. The company’s fifty day moving average price is $60.84 and its 200 day moving average price is $57.42.

Wall Street Analyst Weigh In

Several equities research analysts have commented on PSTG shares. Barclays boosted their price objective on Pure Storage from $56.00 to $61.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 4th. Northland Securities reaffirmed a “market perform” rating and set a $63.00 price objective (up previously from $59.00) on shares of Pure Storage in a research note on Wednesday, December 4th. 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 report on Wednesday, December 4th. Bank of America reduced their price target on Pure Storage from $77.00 to $73.00 and set a “neutral” rating on the stock in a report on Thursday, February 27th. Finally, Citigroup dropped their price target on shares of Pure Storage from $80.00 to $77.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. One investment 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $73.20.

Insider Transactions at Pure Storage

In other news, insider Ajay Singh sold 19,972 shares of Pure Storage stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $61.58, for a total value 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. The trade was a 7.08 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 6.00% of the company’s stock.

Pure Storage 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.