Park Avenue Securities LLC Has $491,000 Position in Pure Storage, Inc. (NYSE:PSTG)

Park Avenue Securities LLC increased its position in shares of Pure Storage, Inc. (NYSE:PSTG) by 22.6% during the fourth quarter, Holdings Channel reports. The institutional investor owned 7,990 shares of the technology company’s stock after purchasing an additional 1,472 shares during the quarter. Park Avenue Securities LLC’s holdings in Pure Storage were worth $491,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Franklin Resources Inc. lifted its holdings in shares of Pure Storage by 210.2% during the 3rd quarter. Franklin Resources Inc. now owns 2,553,402 shares of the technology company’s stock worth $137,628,000 after acquiring an additional 1,730,123 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in Pure Storage by 22.5% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 4,063,776 shares of the technology company’s stock worth $204,163,000 after purchasing an additional 747,034 shares in the last quarter. State Street Corp lifted its stake in Pure Storage by 6.5% during the third quarter. State Street Corp now owns 10,262,666 shares of the technology company’s stock worth $515,596,000 after purchasing an additional 626,427 shares during the period. World Investment Advisors LLC acquired a new stake in Pure Storage during the third quarter valued at approximately $20,470,000. Finally, FMR LLC grew its stake in shares of Pure Storage by 0.8% in the 3rd quarter. FMR LLC now owns 49,153,797 shares of the technology company’s stock valued at $2,469,487,000 after purchasing an additional 368,643 shares during the period. 83.42% of the stock is currently owned by institutional investors.

Pure Storage Stock Up 0.2 %

Shares of PSTG opened at $72.44 on Friday. The stock’s fifty day simple moving average is $60.75 and its 200-day simple moving average is $56.89. The firm has a market capitalization of $23.63 billion, a PE ratio of 190.63, a price-to-earnings-growth ratio of 8.45 and a beta of 1.09. Pure Storage, Inc. has a 12-month low of $38.78 and a 12-month high of $73.67.

Analyst Upgrades and Downgrades

PSTG has been the subject of several analyst reports. Northland Securities restated a “market perform” rating and set a $63.00 target price (up previously from $59.00) on shares of Pure Storage in a research report on Wednesday, December 4th. Oppenheimer initiated coverage on Pure Storage in a report on Wednesday, November 13th. They set an “outperform” rating and a $70.00 price objective for the company. Citigroup upped their target price on shares of Pure Storage from $63.00 to $75.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. JPMorgan Chase & Co. increased their target price on shares of Pure Storage from $60.00 to $75.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. Finally, Piper Sandler upgraded shares of Pure Storage from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $56.00 to $76.00 in a research report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $72.70.

Insiders Place Their Bets

In related news, CRO Dan Fitzsimons sold 8,895 shares of the company’s stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $64.11, for a total value of $570,258.45. Following the completion of the sale, the executive now owns 72,927 shares in the company, valued at approximately $4,675,349.97. This represents a 10.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Mona Chu sold 8,311 shares of the stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $62.16, for a total value of $516,611.76. Following the completion of the transaction, the chief accounting officer now directly owns 67,681 shares in the company, valued at $4,207,050.96. The trade was a 10.94 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 137,178 shares of company stock valued at $8,871,746. 6.00% of the stock is currently owned by insiders.

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.