MinichMacGregor Wealth Management LLC Raises Position in Pure Storage, Inc. (NYSE:PSTG)

MinichMacGregor Wealth Management LLC lifted its stake in Pure Storage, Inc. (NYSE:PSTG) by 21.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 166,753 shares of the technology company’s stock after purchasing an additional 29,610 shares during the period. Pure Storage accounts for approximately 2.1% of MinichMacGregor Wealth Management LLC’s holdings, making the stock its 15th largest position. MinichMacGregor Wealth Management LLC owned about 0.05% of Pure Storage worth $10,244,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Sycomore Asset Management purchased a new stake in shares of Pure Storage in the second quarter worth $2,259,000. Citigroup Inc. increased its stake 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 in the last quarter. TT International Asset Management LTD raised its holdings in Pure Storage by 1,160.1% during the third quarter. TT International Asset Management LTD now owns 73,085 shares of the technology company’s stock valued at $3,671,000 after acquiring an additional 67,285 shares during the period. FMR LLC boosted its stake in shares of Pure Storage by 0.8% in the third quarter. FMR LLC now owns 49,153,797 shares of the technology company’s stock worth $2,469,487,000 after acquiring an additional 368,643 shares during the period. Finally, Bank of Montreal Can grew its position in shares of Pure Storage by 92.0% during the third quarter. Bank of Montreal Can now owns 193,563 shares of the technology company’s stock worth $9,570,000 after purchasing an additional 92,762 shares in the last quarter. 83.42% of the stock is owned by institutional investors.

Pure Storage Stock Performance

PSTG opened at $72.33 on Thursday. The stock’s 50 day moving average price is $60.31 and its 200-day moving average price is $56.78. Pure Storage, Inc. has a one year low of $38.78 and a one year high of $73.67. The stock has a market cap of $23.60 billion, a price-to-earnings ratio of 190.35, a P/E/G ratio of 8.45 and a beta of 1.09.

Wall Street Analyst Weigh In

PSTG has been the topic of a number of research analyst reports. Barclays boosted their price target on Pure Storage from $56.00 to $61.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 4th. Piper Sandler upgraded shares of Pure Storage from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $56.00 to $76.00 in a research report on Wednesday, December 4th. Oppenheimer began coverage on shares of Pure Storage in a report on Wednesday, November 13th. They issued an “outperform” rating and a $70.00 price target on the stock. Citigroup raised their price objective on Pure Storage from $63.00 to $75.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Finally, Stifel Nicolaus lifted their target price on Pure Storage from $60.00 to $65.00 and gave the stock a “hold” rating in a report on Wednesday, December 4th. One 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’s stock. According to MarketBeat.com, Pure Storage has a consensus rating of “Moderate Buy” and an average price target of $72.70.

Insider Activity at Pure Storage

In related news, insider John Colgrove sold 100,000 shares of the business’s stock in a transaction that occurred on 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 sale, the insider now owns 7,316,722 shares in the company, valued at approximately $479,611,127.10. The trade was a 1.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Ajay Singh sold 19,972 shares of the stock in a transaction that occurred 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 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 disclosure for this sale can be found here. Insiders sold a total of 137,178 shares of company stock worth $8,871,746 in the last quarter. 6.00% of the stock is owned by company insiders.

Pure Storage 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.