Essex LLC Makes New Investment in Pure Storage, Inc. (NYSE:PSTG)

Essex LLC purchased a new position in shares of Pure Storage, Inc. (NYSE:PSTG) during the 4th quarter, Holdings Channel.com reports. The fund purchased 3,685 shares of the technology company’s stock, valued at approximately $226,000.

A number of other hedge funds have also recently made changes to their positions in PSTG. Truist Financial Corp increased its stake in Pure Storage by 19.3% in the 2nd quarter. Truist Financial Corp now owns 12,561 shares of the technology company’s stock worth $807,000 after purchasing an additional 2,028 shares during the period. Sanctuary Advisors LLC purchased a new position in shares of Pure Storage in the second quarter worth $988,000. UMB Bank n.a. raised its holdings in Pure Storage by 26.0% during the 3rd quarter. UMB Bank n.a. now owns 1,485 shares of the technology company’s stock valued at $75,000 after buying an additional 306 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt raised its holdings in Pure Storage by 93.4% during the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 2,300 shares of the technology company’s stock valued at $116,000 after buying an additional 1,111 shares during the last quarter. Finally, Exchange Traded Concepts LLC boosted its position in Pure Storage by 34.8% during the 3rd quarter. Exchange Traded Concepts LLC now owns 58,102 shares of the technology company’s stock valued at $2,919,000 after buying an additional 15,013 shares during the period. 83.42% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

PSTG has been the topic of a number of analyst reports. Northland Securities restated a “market perform” rating and issued a $63.00 price objective (up previously from $59.00) on shares of Pure Storage in a research report on Wednesday, December 4th. Morgan Stanley upped their price target on Pure Storage from $62.00 to $72.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 17th. Guggenheim lifted their price objective on Pure Storage from $72.00 to $93.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Barclays boosted their target price on Pure Storage from $56.00 to $61.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 4th. Finally, Wells Fargo & Company lifted their price target on shares of Pure Storage from $75.00 to $80.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $72.70.

Insider Activity at Pure Storage

In other Pure Storage news, insider Ajay Singh sold 19,972 shares of the business’s stock in a transaction 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 completion of the sale, the insider now directly owns 262,144 shares in the company, valued at approximately $16,142,827.52. The trade was a 7.08 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Mona Chu sold 8,311 shares of the firm’s stock in a transaction on Thursday, December 12th. The stock was 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 owns 67,681 shares in the company, valued at approximately $4,207,050.96. This trade represents a 10.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 137,178 shares of company stock valued at $8,871,746 over the last 90 days. Corporate insiders own 6.00% of the company’s stock.

Pure Storage Price Performance

Shares of NYSE:PSTG opened at $69.08 on Friday. Pure Storage, Inc. has a 1-year low of $38.78 and a 1-year high of $73.67. The business has a fifty day moving average price of $64.89 and a 200-day moving average price of $57.36. The company has a market capitalization of $22.54 billion, a PE ratio of 181.78, a PEG ratio of 5.26 and a beta of 1.09.

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.