Asio Capital LLC Buys New Shares in Pure Storage, Inc. (NYSE:PSTG)

Asio Capital LLC purchased a new position in Pure Storage, Inc. (NYSE:PSTG) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 4,300 shares of the technology company’s stock, valued at approximately $264,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PSTG. Sycomore Asset Management purchased a new position in shares of Pure Storage in the 2nd quarter worth $2,259,000. Citigroup Inc. lifted its stake in shares of Pure Storage by 11.3% in the 3rd quarter. Citigroup Inc. now owns 144,005 shares of the technology company’s stock valued at $7,235,000 after purchasing an additional 14,659 shares in the last quarter. TT International Asset Management LTD grew its holdings in shares of Pure Storage by 1,160.1% during the 3rd quarter. TT International Asset Management LTD now owns 73,085 shares of the technology company’s stock worth $3,671,000 after purchasing an additional 67,285 shares during the period. FMR LLC increased its position in Pure Storage by 0.8% during the 3rd quarter. FMR LLC now owns 49,153,797 shares of the technology company’s stock worth $2,469,487,000 after purchasing an additional 368,643 shares in the last quarter. Finally, Bank of Montreal Can raised its holdings in Pure Storage by 92.0% in the third quarter. Bank of Montreal Can now owns 193,563 shares of the technology company’s stock valued at $9,570,000 after buying an additional 92,762 shares during the period. Hedge funds and other institutional investors own 83.42% of the company’s stock.

Pure Storage Price Performance

Pure Storage stock opened at $72.15 on Friday. Pure Storage, Inc. has a 12-month low of $38.78 and a 12-month high of $73.67. The stock has a market capitalization of $23.54 billion, a PE ratio of 189.87, a price-to-earnings-growth ratio of 8.72 and a beta of 1.09. The firm has a 50 day simple moving average of $61.69 and a 200-day simple moving average of $57.05.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on PSTG shares. Stifel Nicolaus raised their target price on Pure Storage from $60.00 to $65.00 and gave the company a “hold” rating in a report on Wednesday, December 4th. JPMorgan Chase & Co. lifted their price objective on shares of Pure Storage from $60.00 to $75.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Barclays upped their target price on shares of Pure Storage from $56.00 to $61.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 4th. Citigroup lifted their price target on shares of Pure Storage from $63.00 to $75.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Finally, Piper Sandler raised shares of Pure Storage from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $56.00 to $76.00 in a research report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $72.70.

Insiders Place Their Bets

In related news, CAO Mona Chu sold 8,311 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief accounting officer now owns 67,681 shares of the company’s stock, valued at approximately $4,207,050.96. This trade represents a 10.94 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Ajay Singh sold 19,972 shares of the business’s stock in a transaction 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 sale, the insider now directly owns 262,144 shares in the company, valued at approximately $16,142,827.52. This trade represents a 7.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 137,178 shares of company stock worth $8,871,746. 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.