Tobam Boosts Stake in Pure Storage, Inc. (NYSE:PSTG)

Tobam grew its holdings in shares of Pure Storage, Inc. (NYSE:PSTG) by 17.9% in the fourth quarter, HoldingsChannel.com reports. The fund owned 20,487 shares of the technology company’s stock after purchasing an additional 3,117 shares during the period. Tobam’s holdings in Pure Storage were worth $1,259,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of PSTG. Citigroup Inc. raised its stake in Pure Storage by 11.3% in the third quarter. Citigroup Inc. now owns 144,005 shares of the technology company’s stock valued at $7,235,000 after purchasing an additional 14,659 shares in the last quarter. TT International Asset Management LTD grew its stake in Pure Storage by 1,160.1% in the 3rd quarter. TT International Asset Management LTD now owns 73,085 shares of the technology company’s stock worth $3,671,000 after buying an additional 67,285 shares in the last quarter. FMR LLC increased its holdings in shares of Pure Storage by 0.8% in the 3rd quarter. FMR LLC now owns 49,153,797 shares of the technology company’s stock worth $2,469,487,000 after buying an additional 368,643 shares during the last quarter. Asio Capital LLC purchased a new stake in shares of Pure Storage during the 4th quarter valued at $264,000. Finally, Bank of Montreal Can lifted its holdings in shares of Pure Storage by 92.0% during the 3rd quarter. Bank of Montreal Can now owns 193,563 shares of the technology company’s stock worth $9,570,000 after acquiring an additional 92,762 shares during the last quarter. Institutional investors own 83.42% of the company’s stock.

Pure Storage Stock Down 0.3 %

Shares of PSTG stock opened at $69.75 on Friday. The firm has a market capitalization of $22.76 billion, a price-to-earnings ratio of 183.56, a PEG ratio of 8.18 and a beta of 1.09. The stock has a fifty day moving average of $64.23 and a 200 day moving average of $57.22. Pure Storage, Inc. has a 52 week low of $38.78 and a 52 week high of $73.67.

Analyst Ratings Changes

PSTG has been the topic of a number of research analyst reports. Guggenheim increased their target price on Pure Storage from $72.00 to $93.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Northland Securities reissued a “market perform” rating and set a $63.00 price objective (up from $59.00) on shares of Pure Storage in a report on Wednesday, December 4th. Citigroup boosted their target price on Pure Storage from $63.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Oppenheimer initiated coverage on shares of Pure Storage in a research report on Wednesday, November 13th. They set an “outperform” rating and a $70.00 price target on the stock. Finally, Morgan Stanley boosted their price objective on shares of Pure Storage from $62.00 to $72.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $72.70.

Insiders Place Their Bets

In other Pure Storage news, insider Ajay Singh sold 19,972 shares of Pure Storage stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $61.58, for a total transaction of $1,229,875.76. Following the completion of the transaction, the insider now owns 262,144 shares in the company, valued at approximately $16,142,827.52. The trade was a 7.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Mona Chu sold 8,311 shares of the 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 sale, the chief accounting officer now directly owns 67,681 shares in the company, valued at approximately $4,207,050.96. This represents a 10.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 137,178 shares of company stock worth $8,871,746. 6.00% of the stock is currently owned by corporate insiders.

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.