Petredis Investment Advisors LLC Takes Position in Pure Storage, Inc. (NYSE:PSTG)

Petredis Investment Advisors LLC bought a new stake in Pure Storage, Inc. (NYSE:PSTG) in the 4th quarter, HoldingsChannel reports. The institutional investor bought 3,268 shares of the technology company’s stock, valued at approximately $201,000.

Several other institutional investors also recently modified their holdings of the business. Harel Insurance Investments & Financial Services Ltd. grew its holdings in shares of Pure Storage by 27.1% in the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 140,043 shares of the technology company’s stock valued at $8,603,000 after acquiring an additional 29,878 shares in the last quarter. Berbice Capital Management LLC bought a new position in Pure Storage during the fourth quarter valued at $37,000. Avior Wealth Management LLC grew its holdings in Pure Storage by 6,436.3% during the fourth quarter. Avior Wealth Management LLC now owns 5,229 shares of the technology company’s stock valued at $321,000 after purchasing an additional 5,149 shares during the period. MinichMacGregor Wealth Management LLC grew its holdings in Pure Storage by 21.6% during the fourth quarter. MinichMacGregor Wealth Management LLC now owns 166,753 shares of the technology company’s stock valued at $10,244,000 after purchasing an additional 29,610 shares during the period. Finally, Mutual Advisors LLC bought a new position in Pure Storage during the fourth quarter valued at $322,000. 83.42% of the stock is owned by institutional investors.

Pure Storage Stock Down 0.3 %

NYSE PSTG opened at $72.15 on Friday. The stock’s 50-day simple moving average is $61.21 and its two-hundred day simple moving average is $57.00. Pure Storage, Inc. has a twelve month low of $38.78 and a twelve month high of $73.67. The company has a market capitalization of $23.54 billion, a price-to-earnings ratio of 189.87, a PEG ratio of 8.72 and a beta of 1.09.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on PSTG. 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. Guggenheim increased their target price on Pure Storage from $72.00 to $93.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Oppenheimer assumed coverage on Pure Storage in a research report on Wednesday, November 13th. They set an “outperform” rating and a $70.00 target price on the stock. Piper Sandler upgraded Pure Storage from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $56.00 to $76.00 in a research report on Wednesday, December 4th. Finally, Stifel Nicolaus increased their target price on Pure Storage from $60.00 to $65.00 and gave the stock a “hold” rating in a research report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $72.70.

Insider Buying and Selling at Pure Storage

In other news, CAO Mona Chu sold 8,311 shares of the firm’s 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 directly owns 67,681 shares of the company’s stock, valued at approximately $4,207,050.96. This trade represents a 10.94 % 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, insider John Colgrove sold 100,000 shares of the firm’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 transaction, the insider now directly owns 7,316,722 shares in the company, valued at $479,611,127.10. This trade represents a 1.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 137,178 shares of company stock worth $8,871,746 over the last 90 days. Corporate 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.