Pure Storage, Inc. (NYSE:PSTG) Position Trimmed by QRG Capital Management Inc.

QRG Capital Management Inc. reduced its holdings in Pure Storage, Inc. (NYSE:PSTG) by 3.0% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 13,556 shares of the technology company’s stock after selling 422 shares during the quarter. QRG Capital Management Inc.’s holdings in Pure Storage were worth $833,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Cherry Creek Investment Advisors Inc. lifted its holdings in Pure Storage by 0.3% in the fourth quarter. Cherry Creek Investment Advisors Inc. now owns 67,232 shares of the technology company’s stock worth $4,130,000 after acquiring an additional 189 shares during the last quarter. Nvwm LLC raised its position in shares of Pure Storage by 23.3% during the 3rd quarter. Nvwm LLC now owns 1,027 shares of the technology company’s stock worth $52,000 after purchasing an additional 194 shares during the period. Larson Financial Group LLC lifted its holdings in shares of Pure Storage by 49.1% in the 3rd quarter. Larson Financial Group LLC now owns 644 shares of the technology company’s stock worth $32,000 after purchasing an additional 212 shares during the last quarter. Venturi Wealth Management LLC lifted its holdings in shares of Pure Storage by 40.9% in the 3rd quarter. Venturi Wealth Management LLC now owns 754 shares of the technology company’s stock worth $38,000 after purchasing an additional 219 shares during the last quarter. Finally, Brookstone Capital Management boosted its position in Pure Storage by 3.1% during the 4th quarter. Brookstone Capital Management now owns 7,917 shares of the technology company’s stock valued at $486,000 after purchasing an additional 240 shares during the period. 83.42% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, insider Ajay Singh sold 19,972 shares of the 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. This trade represents a 7.08 % decrease in their position. The transaction was disclosed in a document filed with the SEC, 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 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 position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 137,178 shares of company stock worth $8,871,746. 6.00% of the stock is owned by insiders.

Pure Storage Price Performance

NYSE PSTG opened at $49.50 on Tuesday. Pure Storage, Inc. has a 12 month low of $44.76 and a 12 month high of $73.67. The company has a market capitalization of $16.15 billion, a P/E ratio of 130.27, a PEG ratio of 5.12 and a beta of 1.09. The company’s 50 day simple moving average is $65.37 and its 200 day simple moving average is $58.09.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on PSTG shares. Piper Sandler raised 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. Morgan Stanley increased their price objective on shares of Pure Storage from $62.00 to $72.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Stifel Nicolaus boosted their target price 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. TD Cowen raised their price target on shares of Pure Storage from $70.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Finally, Citigroup cut their price target on Pure Storage from $80.00 to $77.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $73.20.

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.