Sycomore Asset Management Purchases 68,840 Shares of Pure Storage, Inc. (NYSE:PSTG)

Sycomore Asset Management boosted its holdings in shares of Pure Storage, Inc. (NYSE:PSTG) by 57.8% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 187,874 shares of the technology company’s stock after buying an additional 68,840 shares during the period. Pure Storage makes up about 1.5% of Sycomore Asset Management’s holdings, making the stock its 22nd largest holding. Sycomore Asset Management’s holdings in Pure Storage were worth $11,541,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Truist Financial Corp lifted its stake in Pure Storage by 19.3% during the second quarter. Truist Financial Corp now owns 12,561 shares of the technology company’s stock worth $807,000 after purchasing an additional 2,028 shares during the last quarter. UMB Bank n.a. lifted its position in Pure Storage by 26.0% in the 3rd quarter. UMB Bank n.a. now owns 1,485 shares of the technology company’s stock worth $75,000 after buying an additional 306 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt boosted its stake in Pure Storage by 93.4% in the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 2,300 shares of the technology company’s stock worth $116,000 after buying an additional 1,111 shares in the last quarter. Exchange Traded Concepts LLC boosted its stake in shares of Pure Storage by 34.8% in the 3rd quarter. Exchange Traded Concepts LLC now owns 58,102 shares of the technology company’s stock valued at $2,919,000 after purchasing an additional 15,013 shares in the last quarter. Finally, McGlone Suttner Wealth Management Inc. bought a new position in shares of Pure Storage during the 3rd quarter valued at $226,000. 83.42% of the stock is currently owned by hedge funds and other institutional investors.

Pure Storage Price Performance

PSTG opened at $69.08 on Monday. The firm has a market cap of $22.54 billion, a PE ratio of 181.78, a P/E/G ratio of 5.26 and a beta of 1.09. The stock has a 50-day moving average price of $64.89 and a 200-day moving average price of $57.34. Pure Storage, Inc. has a 1 year low of $38.78 and a 1 year high of $73.67.

Insider Buying and Selling at Pure Storage

In related news, insider Ajay Singh sold 19,972 shares of Pure Storage stock in a transaction dated 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 sale, the insider now directly owns 262,144 shares in the company, valued at approximately $16,142,827.52. This trade represents a 7.08 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John Colgrove sold 100,000 shares of the business’s stock in a transaction dated Wednesday, December 4th. The stock was 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 directly owns 7,316,722 shares of the company’s stock, valued at approximately $479,611,127.10. This trade represents a 1.35 % decrease in their position. 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 owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have weighed in on PSTG shares. Piper Sandler raised shares of Pure Storage from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $56.00 to $76.00 in a research note on Wednesday, December 4th. Stifel Nicolaus upped their price objective on shares of Pure Storage from $60.00 to $65.00 and gave the company a “hold” rating in a research note on Wednesday, December 4th. Guggenheim raised their target price on Pure Storage from $72.00 to $93.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. Northland Securities reaffirmed a “market perform” rating and set a $63.00 price target (up previously from $59.00) on shares of Pure Storage in a research report on Wednesday, December 4th. Finally, TD Cowen lifted their price objective on Pure Storage from $70.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and sixteen have given a buy rating to the company. According to MarketBeat, Pure Storage currently has an average rating of “Moderate Buy” and a consensus target price of $72.70.

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.