Equitable Trust Co. Makes New $1.02 Million Investment in Pure Storage, Inc. (NYSE:PSTG)

Equitable Trust Co. purchased a new stake in shares of Pure Storage, Inc. (NYSE:PSTG) in the 4th quarter, HoldingsChannel reports. The institutional investor purchased 16,646 shares of the technology company’s stock, valued at approximately $1,023,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Sugar Maple Asset Management LLC acquired a new position in shares of Pure Storage during the fourth quarter valued at $29,000. Compass Financial Services Inc acquired a new position in shares of Pure Storage during the fourth quarter valued at $29,000. Berbice Capital Management LLC acquired a new position in shares of Pure Storage during the fourth quarter valued at $37,000. ORG Wealth Partners LLC acquired a new position in shares of Pure Storage during the third quarter valued at $31,000. Finally, Larson Financial Group LLC boosted its holdings in shares of Pure Storage by 49.1% during the third quarter. Larson Financial Group LLC now owns 644 shares of the technology company’s stock valued at $32,000 after acquiring an additional 212 shares during the period. Institutional investors and hedge funds own 83.42% of the company’s stock.

Analyst Upgrades and Downgrades

PSTG has been the subject of several analyst reports. JPMorgan Chase & Co. boosted their price target on shares of Pure Storage from $60.00 to $75.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. UBS Group lifted their price objective on shares of Pure Storage from $45.00 to $47.00 and gave the company a “sell” rating in a research note on Wednesday, December 4th. Morgan Stanley lifted their price objective on shares of Pure Storage from $62.00 to $72.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Northland Securities restated a “market perform” rating and set a $63.00 price objective (up from $59.00) on shares of Pure Storage in a research note on Wednesday, December 4th. Finally, TD Cowen lifted their price objective on shares of Pure Storage from $70.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $72.70.

Insiders Place Their Bets

In other Pure Storage news, CAO Mona Chu sold 8,311 shares of Pure Storage stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $62.16, for a total transaction of $516,611.76. Following the transaction, the chief accounting officer now owns 67,681 shares of the company’s stock, valued at $4,207,050.96. The trade was a 10.94 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider John Colgrove sold 100,000 shares of the company’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $65.55, for a total value of $6,555,000.00. Following the completion of the transaction, the insider now owns 7,316,722 shares in the company, valued at $479,611,127.10. This represents a 1.35 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 137,178 shares of company stock worth $8,871,746. Company insiders own 6.00% of the company’s stock.

Pure Storage Trading Up 2.7 %

NYSE PSTG opened at $70.94 on Tuesday. The stock’s 50-day moving average price is $64.89 and its two-hundred day moving average price is $57.33. The company has a market cap of $23.14 billion, a PE ratio of 186.69, a PEG ratio of 5.26 and a beta of 1.09. Pure Storage, Inc. has a 1 year low of $38.78 and a 1 year high of $73.67.

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.