Portfolio Design Labs LLC Takes $312,000 Position in Pure Storage, Inc. (NYSE:PSTG)

Portfolio Design Labs LLC acquired a new stake in shares of Pure Storage, Inc. (NYSE:PSTG) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 5,083 shares of the technology company’s stock, valued at approximately $312,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Cherry Creek Investment Advisors Inc. raised its stake in Pure Storage by 0.3% in the 4th 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 stake in Pure Storage by 23.3% in the 3rd quarter. Nvwm LLC now owns 1,027 shares of the technology company’s stock worth $52,000 after acquiring an additional 194 shares during the last quarter. Larson Financial Group LLC raised its stake in 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 acquiring an additional 212 shares during the last quarter. Venturi Wealth Management LLC raised its stake in 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 acquiring an additional 219 shares during the last quarter. Finally, Brookstone Capital Management raised its stake in Pure Storage by 3.1% in the 4th quarter. Brookstone Capital Management now owns 7,917 shares of the technology company’s stock worth $486,000 after acquiring an additional 240 shares during the last quarter. Hedge funds and other institutional investors own 83.42% of the company’s stock.

Pure Storage Trading Down 0.1 %

NYSE:PSTG opened at $67.28 on Thursday. Pure Storage, Inc. has a 12 month low of $38.78 and a 12 month high of $73.67. The stock has a 50 day moving average of $65.53 and a two-hundred day moving average of $57.49. The firm has a market cap of $21.95 billion, a P/E ratio of 177.06, a price-to-earnings-growth ratio of 5.26 and a beta of 1.09.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PSTG. Barclays raised their target price on Pure Storage from $56.00 to $61.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 4th. Lake Street Capital increased their price target on Pure Storage from $68.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Needham & Company LLC increased their price target on Pure Storage from $62.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. JPMorgan Chase & Co. increased their price target on Pure Storage from $60.00 to $75.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. Finally, Wells Fargo & Company increased their price target on Pure Storage from $75.00 to $80.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. One investment 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’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $72.70.

Insiders Place Their Bets

In other Pure Storage news, insider Ajay Singh sold 19,972 shares of the business’s stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $61.58, for a total transaction of $1,229,875.76. Following the completion of the sale, the insider now directly owns 262,144 shares in the company, valued at approximately $16,142,827.52. The trade was a 7.08 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John Colgrove sold 100,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $65.55, for a total value of $6,555,000.00. Following the completion of the sale, the insider now owns 7,316,722 shares of the company’s stock, valued at $479,611,127.10. This trade represents a 1.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 137,178 shares of company stock worth $8,871,746. Corporate insiders own 6.00% of the company’s stock.

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.