Quantbot Technologies LP Lowers Stock Holdings in Pure Storage, Inc. (NYSE:PSTG)

Quantbot Technologies LP reduced its position in Pure Storage, Inc. (NYSE:PSTG) by 76.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 15,551 shares of the technology company’s stock after selling 51,748 shares during the quarter. Quantbot Technologies LP’s holdings in Pure Storage were worth $955,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Citigroup Inc. lifted its position in Pure Storage by 11.3% in the 3rd quarter. Citigroup Inc. now owns 144,005 shares of the technology company’s stock worth $7,235,000 after buying an additional 14,659 shares during the last quarter. TT International Asset Management LTD lifted its holdings in shares of 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 acquiring an additional 67,285 shares during the last quarter. FMR LLC boosted its stake 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 valued at $2,469,487,000 after purchasing an additional 368,643 shares in the last quarter. Sycomore Asset Management grew its holdings in shares of Pure Storage by 57.8% during the 4th quarter. Sycomore Asset Management now owns 187,874 shares of the technology company’s stock valued at $11,541,000 after purchasing an additional 68,840 shares during the last quarter. Finally, Asio Capital LLC purchased a new position in Pure Storage in the 4th quarter worth $264,000. 83.42% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Piper Sandler upgraded shares of Pure Storage from a “neutral” rating to an “overweight” rating and upped their price target for the company from $56.00 to $76.00 in a research report on Wednesday, December 4th. Citigroup reduced their price target on Pure Storage from $80.00 to $77.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Stifel Nicolaus boosted their price objective on Pure Storage from $60.00 to $65.00 and gave the company a “hold” rating in a research report on Wednesday, December 4th. Evercore ISI raised their target price on shares of Pure Storage from $70.00 to $75.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Finally, Lake Street Capital upped their price target on shares of Pure Storage from $68.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. One equities research 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’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $73.20.

Pure Storage Stock Up 0.2 %

PSTG opened at $52.96 on Wednesday. Pure Storage, Inc. has a 52 week low of $44.76 and a 52 week high of $73.67. The stock has a market cap of $17.28 billion, a PE ratio of 139.37, a PEG ratio of 5.12 and a beta of 1.09. The business has a 50 day moving average of $61.12 and a 200-day moving average of $57.47.

Insiders Place Their Bets

In related news, insider Ajay Singh sold 19,972 shares of the stock in a transaction dated 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 completion of the transaction, the insider now directly owns 262,144 shares in the company, valued at $16,142,827.52. This trade represents a 7.08 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 6.00% of the stock is owned by corporate insiders.

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.