Summit Creek Advisors LLC Grows Stock Position in Pure Storage, Inc. (NYSE:PSTG)

Summit Creek Advisors LLC grew its position in shares of Pure Storage, Inc. (NYSE:PSTG) by 0.3% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 373,369 shares of the technology company’s stock after buying an additional 1,099 shares during the quarter. Pure Storage comprises about 3.0% of Summit Creek Advisors LLC’s investment portfolio, making the stock its 9th largest position. Summit Creek Advisors LLC’s holdings in Pure Storage were worth $22,936,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the company. FMR LLC lifted its holdings in Pure Storage by 0.8% during 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. Vanguard Group Inc. lifted its holdings in Pure Storage by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 33,443,732 shares of the technology company’s stock worth $2,054,448,000 after buying an additional 615,931 shares during the last quarter. State Street Corp lifted its holdings in Pure Storage by 6.5% during the 3rd quarter. State Street Corp now owns 10,262,666 shares of the technology company’s stock worth $515,596,000 after buying an additional 626,427 shares during the last quarter. Disciplined Growth Investors Inc. MN lifted its holdings in shares of Pure Storage by 3.2% in the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 5,684,218 shares of the technology company’s stock worth $285,575,000 after purchasing an additional 177,559 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Pure Storage by 4.3% in the 3rd quarter. Geode Capital Management LLC now owns 5,382,095 shares of the technology company’s stock worth $269,798,000 after purchasing an additional 219,971 shares during the last quarter. Institutional investors own 83.42% of the company’s stock.

Pure Storage Stock Performance

Shares of PSTG stock opened at $51.11 on Monday. Pure Storage, Inc. has a 1 year low of $44.76 and a 1 year high of $73.67. The stock has a market cap of $16.67 billion, a PE ratio of 134.51, a price-to-earnings-growth ratio of 5.12 and a beta of 1.09. The business’s fifty day moving average is $61.53 and its 200-day moving average is $57.38.

Analyst Ratings Changes

Several brokerages recently issued reports on PSTG. Lake Street Capital raised their price target on Pure Storage from $68.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. UBS Group raised their price target on Pure Storage from $47.00 to $50.00 and gave the stock a “sell” rating in a report on Thursday, February 27th. Needham & Company LLC reissued a “buy” rating and issued a $75.00 price target on shares of Pure Storage in a report on Thursday, February 27th. TD Cowen raised their price target on Pure Storage from $70.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Finally, Piper Sandler raised Pure Storage from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $56.00 to $76.00 in a report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, Pure Storage presently has a consensus rating of “Moderate Buy” and a consensus price target of $73.20.

Insider Buying and Selling

In related news, CRO Dan Fitzsimons sold 8,895 shares of Pure Storage stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $64.11, for a total value of $570,258.45. Following the transaction, the executive now directly owns 72,927 shares in the company, valued at $4,675,349.97. The trade was a 10.87 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, 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 value of $1,229,875.76. Following the completion of the transaction, the insider now owns 262,144 shares in the company, valued at $16,142,827.52. The trade was a 7.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 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.