Cherry Creek Investment Advisors Inc. Raises Stock Position in Pure Storage, Inc. (NYSE:PSTG)

Cherry Creek Investment Advisors Inc. increased its stake in Pure Storage, Inc. (NYSE:PSTG) by 0.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 67,232 shares of the technology company’s stock after buying an additional 189 shares during the quarter. Pure Storage comprises approximately 2.0% of Cherry Creek Investment Advisors Inc.’s holdings, making the stock its 15th largest holding. Cherry Creek Investment Advisors Inc.’s holdings in Pure Storage were worth $4,130,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in PSTG. Sugar Maple Asset Management LLC purchased a new stake in Pure Storage during the fourth quarter valued at approximately $29,000. ORG Wealth Partners LLC purchased a new stake in Pure Storage in the 3rd quarter worth approximately $31,000. Larson Financial Group LLC grew its position in Pure Storage by 49.1% during 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 during the period. Berbice Capital Management LLC purchased a new stake in shares of Pure Storage in the fourth quarter valued at approximately $37,000. Finally, Venturi Wealth Management LLC raised its position in shares of Pure Storage by 40.9% during the 3rd quarter. Venturi Wealth Management LLC now owns 754 shares of the technology company’s stock worth $38,000 after purchasing an additional 219 shares during the last quarter. 83.42% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have issued reports on PSTG shares. 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. Northland Securities restated a “market perform” rating and issued a $63.00 target price (up previously from $59.00) on shares of Pure Storage in a report on Wednesday, December 4th. Lake Street Capital upped their price objective on Pure Storage from $68.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Guggenheim boosted their price objective on shares of Pure Storage from $72.00 to $93.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Finally, Oppenheimer started coverage on Pure Storage in a report on Wednesday, November 13th. They set an “outperform” rating and a $70.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $72.70.

Pure Storage Stock Down 9.5 %

Shares of NYSE PSTG opened at $65.27 on Tuesday. Pure Storage, Inc. has a fifty-two week low of $38.78 and a fifty-two week high of $73.67. The firm has a market cap of $21.29 billion, a PE ratio of 171.76, a price-to-earnings-growth ratio of 8.72 and a beta of 1.09. The business has a 50 day moving average price of $61.69 and a two-hundred day moving average price of $56.91.

Insiders Place Their Bets

In related news, insider John Colgrove sold 100,000 shares of Pure Storage stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $65.55, for a total transaction of $6,555,000.00. Following the transaction, the insider now directly owns 7,316,722 shares of the company’s stock, valued at $479,611,127.10. The trade was a 1.35 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Ajay Singh sold 19,972 shares of Pure Storage stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $61.58, for a total value of $1,229,875.76. Following the completion of the transaction, the insider now owns 262,144 shares in the company, valued at $16,142,827.52. The trade was 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 valued at $8,871,746. 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.