Prosperity Wealth Management Inc. Takes $479,000 Position in Pure Storage, Inc. (NYSE:PSTG)

Prosperity Wealth Management Inc. purchased a new position in Pure Storage, Inc. (NYSE:PSTG) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 7,795 shares of the technology company’s stock, valued at approximately $479,000.

Other institutional investors also recently added to or reduced their stakes in the company. Sugar Maple Asset Management LLC purchased a new position in Pure Storage in the 4th quarter worth about $29,000. Compass Financial Services Inc purchased a new position in Pure Storage in the 4th quarter worth about $29,000. Larson Financial Group LLC grew its holdings in Pure Storage by 49.1% during the 3rd quarter. Larson Financial Group LLC now owns 644 shares of the technology company’s stock worth $32,000 after acquiring an additional 212 shares in the last quarter. Berbice Capital Management LLC bought a new position in Pure Storage during the 4th quarter worth about $37,000. Finally, Venturi Wealth Management LLC grew its holdings in Pure Storage by 40.9% during the 3rd quarter. Venturi Wealth Management LLC now owns 754 shares of the technology company’s stock worth $38,000 after acquiring an additional 219 shares in the last quarter. Hedge funds and other institutional investors own 83.42% of the company’s stock.

Insiders Place Their Bets

In other news, insider Ajay Singh sold 19,972 shares of Pure Storage stock in a transaction that occurred on Tuesday, December 31st. The shares were sold at an average price of $61.58, for a total transaction of $1,229,875.76. Following the completion of the transaction, the insider now directly owns 262,144 shares of the company’s stock, valued at $16,142,827.52. The trade was a 7.08 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CRO Dan Fitzsimons sold 8,895 shares of Pure Storage stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $64.11, for a total transaction of $570,258.45. Following the completion of the sale, the executive now directly owns 72,927 shares in the company, valued at $4,675,349.97. This represents a 10.87 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 37,178 shares of company stock valued at $2,316,746. 6.00% of the stock is owned by insiders.

Pure Storage Trading Up 1.6 %

PSTG opened at $48.66 on Wednesday. Pure Storage, Inc. has a 12-month low of $44.76 and a 12-month high of $73.67. The firm has a market capitalization of $15.87 billion, a PE ratio of 128.05, a P/E/G ratio of 5.12 and a beta of 1.09. The firm has a 50 day moving average of $63.67 and a two-hundred day moving average of $57.58.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Oppenheimer assumed coverage on shares of Pure Storage in a report on Wednesday, November 13th. They set an “outperform” rating and a $70.00 target price on the stock. Northland Securities reiterated a “market perform” rating and set a $63.00 target price (up from $59.00) on shares of Pure Storage in a report on Wednesday, December 4th. Evercore ISI increased their target price on shares of Pure Storage from $70.00 to $75.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Stifel Nicolaus increased their target price on shares of Pure Storage from $60.00 to $65.00 and gave the stock a “hold” rating in a report on Wednesday, December 4th. Finally, Citigroup dropped their target price on shares of Pure Storage from $80.00 to $77.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $73.20.

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.