Sierra Summit Advisors LLC Acquires 1,510 Shares of Pure Storage, Inc. (NYSE:PSTG)

Sierra Summit Advisors LLC grew its holdings in shares of Pure Storage, Inc. (NYSE:PSTG) by 27.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,035 shares of the technology company’s stock after acquiring an additional 1,510 shares during the period. Sierra Summit Advisors LLC’s holdings in Pure Storage were worth $452,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of PSTG. Massmutual Trust Co. FSB ADV grew its holdings in Pure Storage by 61.2% during the second quarter. Massmutual Trust Co. FSB ADV now owns 424 shares of the technology company’s stock valued at $27,000 after purchasing an additional 161 shares during the period. Larson Financial Group LLC grew its stake in shares of Pure Storage by 242.9% during the 2nd quarter. Larson Financial Group LLC now owns 432 shares of the technology company’s stock valued at $28,000 after acquiring an additional 306 shares during the period. Banque Cantonale Vaudoise bought a new position in shares of Pure Storage during the 1st quarter valued at approximately $25,000. FSC Wealth Advisors LLC purchased a new stake in Pure Storage in the 2nd quarter worth approximately $33,000. Finally, Fidelis Capital Partners LLC bought a new stake in Pure Storage during the 1st quarter worth approximately $27,000. 83.42% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PSTG has been the subject of a number of recent analyst reports. Morgan Stanley lowered shares of Pure Storage from an “overweight” rating to an “equal weight” rating and set a $60.00 price target for the company. in a research report on Wednesday, June 12th. JPMorgan Chase & Co. increased their price target on Pure Storage from $50.00 to $75.00 and gave the stock an “overweight” rating in a research note on Thursday, May 30th. Evercore ISI lowered their price objective on Pure Storage from $75.00 to $70.00 and set an “outperform” rating on the stock in a research report on Thursday, August 29th. Raymond James cut their target price on Pure Storage from $73.00 to $70.00 and set an “outperform” rating for the company in a research report on Thursday, August 29th. Finally, Wedbush reissued an “outperform” rating and issued a $80.00 price target on shares of Pure Storage in a report on Monday, August 26th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $66.95.

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 shares were sold at an average price of $59.50, for a total value of $5,950,000.00. Following the sale, the insider now owns 900,000 shares of the company’s stock, valued at $53,550,000. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, insider John Colgrove sold 100,000 shares of the company’s stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $59.50, for a total transaction of $5,950,000.00. Following the transaction, the insider now owns 900,000 shares of the company’s stock, valued at $53,550,000. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CRO Dan Fitzsimons sold 9,881 shares of the stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $59.32, for a total value of $586,140.92. Following the completion of the sale, the executive now owns 115,601 shares in the company, valued at $6,857,451.32. The disclosure for this sale can be found here. Insiders sold 324,177 shares of company stock valued at $18,863,083 over the last three months. 6.00% of the stock is owned by company insiders.

Pure Storage Trading Up 1.3 %

Shares of PSTG stock opened at $48.90 on Monday. The company has a market cap of $15.90 billion, a PE ratio of 174.64, a price-to-earnings-growth ratio of 7.40 and a beta of 1.11. 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 stock’s 50 day simple moving average is $57.26 and its two-hundred day simple moving average is $57.21. Pure Storage, Inc. has a 1 year low of $31.00 and a 1 year high of $70.41.

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.