Gries Financial LLC Buys New Stake in Pure Storage, Inc. (NYSE:PSTG)

Gries Financial LLC purchased a new stake in Pure Storage, Inc. (NYSE:PSTG) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor purchased 3,829 shares of the technology company’s stock, valued at approximately $235,000.

Other hedge funds also recently added to or reduced their stakes in the company. FMR LLC boosted its holdings in Pure Storage by 0.8% in the 3rd quarter. FMR LLC now owns 49,153,797 shares of the technology company’s stock worth $2,469,487,000 after acquiring an additional 368,643 shares during the period. State Street Corp boosted its stake in shares of Pure Storage by 6.5% in the third quarter. State Street Corp now owns 10,262,666 shares of the technology company’s stock valued at $515,596,000 after purchasing an additional 626,427 shares during the period. Disciplined Growth Investors Inc. MN grew its holdings in Pure Storage by 3.2% during the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 5,684,218 shares of the technology company’s stock valued at $285,575,000 after purchasing an additional 177,559 shares in the last quarter. Geode Capital Management LLC increased its stake in Pure Storage by 4.3% during the 3rd quarter. Geode Capital Management LLC now owns 5,382,095 shares of the technology company’s stock worth $269,798,000 after buying an additional 219,971 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its holdings in Pure Storage by 22.5% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 4,063,776 shares of the technology company’s stock worth $204,163,000 after buying an additional 747,034 shares in the last quarter. 83.42% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CAO Mona Chu sold 8,311 shares of Pure Storage stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $62.16, for a total transaction of $516,611.76. Following the sale, the chief accounting officer now directly owns 67,681 shares in the company, valued at $4,207,050.96. The trade was a 10.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John Colgrove sold 100,000 shares of the stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $65.55, for a total transaction of $6,555,000.00. Following the completion of the transaction, the insider now owns 7,316,722 shares of the company’s stock, valued at $479,611,127.10. This represents a 1.35 % 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 valued at $8,871,746. Insiders own 6.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on PSTG shares. Citigroup raised their target price on Pure Storage from $63.00 to $75.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Wells Fargo & Company lifted their price objective on Pure Storage from $75.00 to $80.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. UBS Group increased their target price on Pure Storage from $45.00 to $47.00 and gave the company a “sell” rating in a research note on Wednesday, December 4th. Stifel Nicolaus lifted their price target on shares of Pure Storage from $60.00 to $65.00 and gave the stock a “hold” rating in a research note on Wednesday, December 4th. Finally, Needham & Company LLC increased their price objective on shares of Pure Storage from $62.00 to $75.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. One 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 MarketBeat, Pure Storage currently has a consensus rating of “Moderate Buy” and an average price target of $72.70.

Pure Storage Stock Performance

Shares of PSTG opened at $68.37 on Friday. Pure Storage, Inc. has a 1 year low of $38.78 and a 1 year high of $73.67. The company has a market cap of $22.31 billion, a price-to-earnings ratio of 179.93, a price-to-earnings-growth ratio of 8.72 and a beta of 1.09. The firm has a fifty day moving average of $62.70 and a 200-day moving average of $57.00.

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.