Peregrine Asset Advisers Inc. Acquires New Position in Pure Storage, Inc. (NYSE:PSTG)

Peregrine Asset Advisers Inc. acquired a new stake in Pure Storage, Inc. (NYSE:PSTG) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 41,307 shares of the technology company’s stock, valued at approximately $2,537,000.

A number of other hedge funds have also added to or reduced their stakes in PSTG. Creative Planning grew its stake in Pure Storage by 39.7% in the third quarter. Creative Planning now owns 27,399 shares of the technology company’s stock worth $1,377,000 after purchasing an additional 7,780 shares in the last quarter. Blue Trust Inc. lifted its holdings in shares of Pure Storage by 462.2% in the 3rd quarter. Blue Trust Inc. now owns 4,166 shares of the technology company’s stock worth $209,000 after buying an additional 3,425 shares during the period. International Assets Investment Management LLC grew its position in shares of Pure Storage by 2,507.0% during the 3rd quarter. International Assets Investment Management LLC now owns 108,267 shares of the technology company’s stock worth $5,439,000 after buying an additional 104,114 shares in the last quarter. Hennion & Walsh Asset Management Inc. increased its stake in shares of Pure Storage by 35.2% during the third quarter. Hennion & Walsh Asset Management Inc. now owns 20,169 shares of the technology company’s stock valued at $1,013,000 after buying an additional 5,252 shares during the period. Finally, Impact Partnership Wealth LLC bought a new stake in shares of Pure Storage in the third quarter valued at about $365,000. 83.42% of the stock is currently owned by institutional investors.

Pure Storage Stock Down 3.9 %

Shares of NYSE PSTG opened at $65.14 on Friday. The stock has a market capitalization of $21.25 billion, a price-to-earnings ratio of 171.43, a price-to-earnings-growth ratio of 5.12 and a beta of 1.09. Pure Storage, Inc. has a 52 week low of $40.32 and a 52 week high of $73.67. The firm has a 50-day simple moving average of $66.20 and a 200-day simple moving average of $58.00.

Insider Buying and Selling

In related news, insider John Colgrove sold 100,000 shares of the stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $65.55, for a total value of $6,555,000.00. Following the completion of the transaction, the insider now directly owns 7,316,722 shares in the company, valued at approximately $479,611,127.10. This represents a 1.35 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Mona Chu sold 8,311 shares of Pure Storage 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 owns 67,681 shares in the company, valued at $4,207,050.96. This represents a 10.94 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 137,178 shares of company stock worth $8,871,746. 6.00% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on PSTG shares. Northland Securities reissued a “market perform” rating and set a $63.00 target price (up previously from $59.00) on shares of Pure Storage in a research report on Wednesday, December 4th. JPMorgan Chase & Co. lifted their price target on shares of Pure Storage from $60.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. 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 lifted their target price on shares of Pure Storage from $70.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Finally, Wells Fargo & Company upped their price target on shares of Pure Storage from $75.00 to $80.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $72.95.

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.