Pure Storage, Inc. (NYSE:PSTG) Shares Purchased by State of Michigan Retirement System

State of Michigan Retirement System boosted its holdings in shares of Pure Storage, Inc. (NYSE:PSTG) by 0.4% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 73,700 shares of the technology company’s stock after buying an additional 300 shares during the quarter. State of Michigan Retirement System’s holdings in Pure Storage were worth $4,527,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in PSTG. Sugar Maple Asset Management LLC purchased a new position in shares of Pure Storage in the 4th quarter valued at about $29,000. Compass Financial Services Inc purchased a new position in Pure Storage in the fourth quarter worth approximately $29,000. Berbice Capital Management LLC acquired a new position in Pure Storage during the 4th quarter worth approximately $37,000. Larson Financial Group LLC increased its position in shares of Pure Storage by 49.1% in the 3rd 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 during the last quarter. Finally, Financial Life Planners purchased a new stake in shares of Pure Storage in the 4th quarter valued at approximately $44,000. 83.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently issued reports on PSTG. StockNews.com cut shares of Pure Storage from a “buy” rating to a “hold” rating in a research report on Thursday, February 27th. Barclays upped their price objective on Pure Storage from $56.00 to $61.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 4th. Morgan Stanley raised their target price on Pure Storage from $62.00 to $72.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Piper Sandler upgraded Pure Storage from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $56.00 to $76.00 in a research note on Wednesday, December 4th. Finally, JPMorgan Chase & Co. increased their price target 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. One research analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $73.20.

Insider Buying and Selling at Pure Storage

In related news, CRO Dan Fitzsimons sold 8,895 shares of Pure Storage stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $64.11, for a total value of $570,258.45. Following the sale, the executive now directly owns 72,927 shares in the company, valued at $4,675,349.97. The trade was a 10.87 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Mona Chu sold 8,311 shares of the company’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $62.16, for a total value of $516,611.76. Following the transaction, the chief accounting officer now directly 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. In the last three months, insiders have sold 37,178 shares of company stock valued at $2,316,746. 6.00% of the stock is owned by company insiders.

Pure Storage Trading Down 6.4 %

NYSE:PSTG opened at $48.88 on Friday. The stock’s 50 day simple moving average is $64.50 and its 200-day simple moving average is $57.90. Pure Storage, Inc. has a 12-month low of $44.76 and a 12-month high of $73.67. The firm has a market cap of $15.95 billion, a P/E ratio of 128.65, a PEG ratio of 5.12 and a beta of 1.09.

About Pure Storage

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.