Whittier Trust Co. Boosts Stake in Pure Storage, Inc. (NYSE:PSTG)

Whittier Trust Co. raised its holdings in Pure Storage, Inc. (NYSE:PSTG) by 123.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 132,618 shares of the technology company’s stock after purchasing an additional 73,188 shares during the quarter. Whittier Trust Co.’s holdings in Pure Storage were worth $8,147,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. Parallel Advisors LLC grew its stake in shares of Pure Storage by 1.4% in the fourth quarter. Parallel Advisors LLC now owns 13,271 shares of the technology company’s stock valued at $815,000 after buying an additional 186 shares in the last quarter. Cherry Creek Investment Advisors Inc. grew its stake 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 valued at $4,130,000 after buying an additional 189 shares in the last quarter. Larson Financial Group LLC grew its stake in shares of Pure Storage by 49.1% in the third quarter. Larson Financial Group LLC now owns 644 shares of the technology company’s stock valued at $32,000 after buying an additional 212 shares in the last quarter. Brookstone Capital Management grew its stake in shares of Pure Storage by 3.1% in the fourth quarter. Brookstone Capital Management now owns 7,917 shares of the technology company’s stock valued at $486,000 after buying an additional 240 shares in the last quarter. Finally, KBC Group NV grew its stake in shares of Pure Storage by 0.6% in the fourth quarter. KBC Group NV now owns 39,523 shares of the technology company’s stock valued at $2,428,000 after buying an additional 246 shares in the last quarter. 83.42% of the stock is owned by institutional investors and hedge funds.

Pure Storage Stock Performance

Pure Storage stock opened at $50.81 on Friday. Pure Storage, Inc. has a fifty-two week low of $44.76 and a fifty-two week high of $73.67. The company has a market capitalization of $16.58 billion, a P/E ratio of 133.71, a PEG ratio of 5.12 and a beta of 1.09. The stock has a 50-day simple moving average of $61.80 and a 200-day simple moving average of $57.25.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on PSTG. UBS Group lifted their price objective on Pure Storage from $47.00 to $50.00 and gave the company a “sell” rating in a research note on Thursday, February 27th. TD Cowen boosted their target price on Pure Storage from $70.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Needham & Company LLC reissued a “buy” rating and set a $75.00 target price on shares of Pure Storage in a research note on Thursday, February 27th. StockNews.com cut Pure Storage from a “buy” rating to a “hold” rating in a research note on Thursday, February 27th. Finally, Piper Sandler raised 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. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, Pure Storage currently has an average rating of “Moderate Buy” and an average price target of $73.20.

Insider Activity

In other news, CRO Dan Fitzsimons sold 8,895 shares of the business’s stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $64.11, for a total value of $570,258.45. Following the completion of the sale, the executive now directly owns 72,927 shares of the company’s stock, valued at approximately $4,675,349.97. The trade was a 10.87 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Ajay Singh sold 19,972 shares of the company’s stock in a transaction that occurred on Tuesday, December 31st. The shares were sold at an average price of $61.58, for a total value of $1,229,875.76. Following the sale, the insider now directly owns 262,144 shares of the company’s stock, valued at approximately $16,142,827.52. This represents a 7.08 % 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 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.