Tidal Investments LLC Increases Stock Position in Pure Storage, Inc. (NYSE:PSTG)

Tidal Investments LLC lifted its holdings in shares of Pure Storage, Inc. (NYSE:PSTG) by 2.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 69,711 shares of the technology company’s stock after buying an additional 1,343 shares during the period. Tidal Investments LLC’s holdings in Pure Storage were worth $3,502,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of PSTG. Larson Financial Group LLC grew its holdings in Pure Storage by 242.9% during the second quarter. Larson Financial Group LLC now owns 432 shares of the technology company’s stock worth $28,000 after acquiring an additional 306 shares during the period. ORG Wealth Partners LLC acquired a new position in shares of Pure Storage during the 3rd quarter worth $31,000. ORG Partners LLC purchased a new position in shares of Pure Storage in the 2nd quarter valued at about $35,000. Venturi Wealth Management LLC lifted its stake in shares of Pure Storage by 40.9% in 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 during the period. Finally, Blue Trust Inc. boosted its holdings in Pure Storage by 174.4% during the second quarter. Blue Trust Inc. now owns 741 shares of the technology company’s stock worth $48,000 after buying an additional 471 shares in the last quarter. 83.42% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PSTG has been the subject of a number of research analyst reports. Wells Fargo & Company increased their target price 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. Piper Sandler raised Pure Storage from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $56.00 to $76.00 in a report on Wednesday, December 4th. Lake Street Capital upped their target price on Pure Storage from $68.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Needham & Company LLC lifted their price target on Pure Storage from $62.00 to $75.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Finally, Oppenheimer started coverage on shares of Pure Storage in a research note on Wednesday, November 13th. They issued an “outperform” rating and a $70.00 price objective on the stock. One analyst has rated the stock with a sell rating, six have given a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $72.10.

Pure Storage Stock Up 1.9 %

Shares of NYSE:PSTG opened at $63.70 on Friday. Pure Storage, Inc. has a 12-month low of $34.32 and a 12-month high of $70.41. The stock’s 50-day moving average price is $54.29 and its two-hundred day moving average price is $56.89. The company has a current ratio of 1.77, a quick ratio of 1.74 and a debt-to-equity ratio of 0.07. The firm has a market cap of $20.87 billion, a price-to-earnings ratio of 167.64, a PEG ratio of 7.48 and a beta of 1.13.

Insider Buying and Selling

In related news, insider John Colgrove sold 100,000 shares of the stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $65.55, for a total value of $6,555,000.00. Following the transaction, the insider now directly owns 7,316,722 shares of the company’s stock, valued at approximately $479,611,127.10. This trade represents a 1.35 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CRO Dan Fitzsimons sold 8,895 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $50.67, for a total value of $450,709.65. Following the sale, the executive now directly owns 94,446 shares of the company’s stock, valued at approximately $4,785,578.82. This trade represents a 8.61 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 454,542 shares of company stock valued at $25,154,030. Insiders own 6.00% of the company’s stock.

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.