Plato Investment Management Ltd Purchases New Position in Pure Storage, Inc. (NYSE:PSTG)

Plato Investment Management Ltd purchased a new stake in Pure Storage, Inc. (NYSE:PSTG) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 9,304 shares of the technology company’s stock, valued at approximately $574,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Sugar Maple Asset Management LLC acquired a new position in Pure Storage in the fourth quarter valued at approximately $29,000. Compass Financial Services Inc purchased a new stake in Pure Storage in the fourth quarter valued at approximately $29,000. Larson Financial Group LLC lifted its stake in Pure Storage by 49.1% in the third quarter. Larson Financial Group LLC now owns 644 shares of the technology company’s stock valued at $32,000 after buying an additional 212 shares during the last quarter. Berbice Capital Management LLC purchased a new stake in Pure Storage in the fourth quarter valued at approximately $37,000. Finally, Venturi Wealth Management LLC lifted its stake in Pure Storage by 40.9% in the third quarter. Venturi Wealth Management LLC now owns 754 shares of the technology company’s stock valued at $38,000 after buying an additional 219 shares during the last quarter. 83.42% of the stock is owned by institutional investors and hedge funds.

Pure Storage Stock Performance

NYSE:PSTG opened at $50.12 on Wednesday. The stock has a fifty day moving average price of $65.08 and a two-hundred day moving average price of $58.01. The stock has a market capitalization of $16.35 billion, a price-to-earnings ratio of 131.89, a PEG ratio of 5.12 and a beta of 1.09. Pure Storage, Inc. has a 1 year low of $44.76 and a 1 year high of $73.67.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Bank of America reduced their price objective on Pure Storage from $77.00 to $73.00 and set a “neutral” rating for the company in a research note on Thursday, February 27th. Piper Sandler upgraded Pure Storage from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $56.00 to $76.00 in a research note on Wednesday, December 4th. Citigroup reduced their price objective on Pure Storage from $80.00 to $77.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. Wells Fargo & Company boosted their price objective on Pure Storage from $75.00 to $80.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Finally, TD Cowen upped their price target on Pure Storage from $70.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Pure Storage presently has a consensus rating of “Moderate Buy” and an average target price of $73.20.

Insiders Place Their Bets

In other Pure Storage news, insider Ajay Singh sold 19,972 shares of the company’s 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 sale, the insider now owns 262,144 shares of the company’s stock, valued at approximately $16,142,827.52. This represents a 7.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mona Chu sold 8,311 shares of the company’s stock in a transaction on 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 sale, the chief accounting officer now directly owns 67,681 shares in the company, valued at $4,207,050.96. This trade represents a 10.94 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 37,178 shares of company stock worth $2,316,746. 6.00% of the stock is owned by corporate 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.