Napean Trading & Investment Co Singapore PTE Ltd Lowers Stake in Pure Storage, Inc. (NYSE:PSTG)

Napean Trading & Investment Co Singapore PTE Ltd trimmed its stake in Pure Storage, Inc. (NYSE:PSTG) by 10.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 148,448 shares of the technology company’s stock after selling 16,822 shares during the period. Pure Storage accounts for 2.3% of Napean Trading & Investment Co Singapore PTE Ltd’s portfolio, making the stock its 17th largest position. Napean Trading & Investment Co Singapore PTE Ltd’s holdings in Pure Storage were worth $9,119,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Parallel Advisors LLC increased its stake in Pure Storage by 1.4% during the 4th quarter. Parallel Advisors LLC now owns 13,271 shares of the technology company’s stock valued at $815,000 after purchasing an additional 186 shares in the last quarter. Cherry Creek Investment Advisors Inc. raised its position in shares of 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 period. Larson Financial Group LLC lifted its holdings in Pure Storage by 49.1% during the third quarter. Larson Financial Group LLC now owns 644 shares of the technology company’s stock valued at $32,000 after purchasing an additional 212 shares in the last quarter. Brookstone Capital Management raised its position in shares of Pure Storage by 3.1% during the 4th quarter. Brookstone Capital Management now owns 7,917 shares of the technology company’s stock worth $486,000 after purchasing an additional 240 shares during the last quarter. Finally, KBC Group NV boosted its holdings in Pure Storage by 0.6% in the 4th quarter. KBC Group NV now owns 39,523 shares of the technology company’s stock worth $2,428,000 after buying an additional 246 shares during the last quarter. 83.42% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PSTG has been the subject of a number of analyst reports. Morgan Stanley upped their price objective on shares of Pure Storage from $62.00 to $72.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. TD Cowen increased their price objective on Pure Storage from $70.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Northland Securities restated a “market perform” rating and issued a $63.00 target price (up previously from $59.00) on shares of Pure Storage in a research report on Wednesday, December 4th. Piper Sandler upgraded Pure Storage from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $56.00 to $76.00 in a report on Wednesday, December 4th. Finally, Bank of America decreased their target price on shares of Pure Storage from $77.00 to $73.00 and set a “neutral” rating on the stock in a research report on Thursday, February 27th. One 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 MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $73.20.

Insider Transactions at Pure Storage

In related news, insider Ajay Singh sold 19,972 shares of the business’s stock in a transaction dated 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 sale, the insider now owns 262,144 shares of the company’s stock, valued at approximately $16,142,827.52. The trade was a 7.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CRO Dan Fitzsimons sold 8,895 shares of the stock in a transaction dated 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 transaction, the executive now directly owns 72,927 shares of the company’s stock, valued at approximately $4,675,349.97. This trade represents a 10.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 6.00% of the company’s stock.

Pure Storage Stock Performance

Shares of PSTG opened at $51.11 on Monday. The company has a market capitalization of $16.67 billion, a price-to-earnings ratio of 134.51, a price-to-earnings-growth ratio of 5.12 and a beta of 1.09. The firm has a 50-day simple moving average of $61.53 and a 200-day simple moving average of $57.38. Pure Storage, Inc. has a fifty-two week low of $44.76 and a fifty-two week high of $73.67.

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.