Principal Financial Group Inc. Increases Stock Position in Pure Storage, Inc. (NYSE:PSTG)

Principal Financial Group Inc. boosted its stake in Pure Storage, Inc. (NYSE:PSTG) by 0.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 722,261 shares of the technology company’s stock after acquiring an additional 1,241 shares during the period. Principal Financial Group Inc. owned about 0.22% of Pure Storage worth $44,368,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Sugar Maple Asset Management LLC purchased a new stake in Pure Storage in the fourth quarter valued at $29,000. Compass Financial Services Inc purchased a new stake in Pure Storage in the fourth quarter valued at $29,000. Berbice Capital Management LLC purchased a new stake in Pure Storage in the fourth quarter valued at $37,000. Larson Financial Group LLC lifted its position in 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 acquiring an additional 212 shares during the last quarter. Finally, Financial Life Planners purchased a new stake in Pure Storage in the fourth quarter valued at $44,000. 83.42% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Pure Storage

In other Pure Storage news, insider Ajay Singh sold 19,972 shares of the stock in a transaction that occurred on Tuesday, December 31st. The shares were sold at an average price of $61.58, for a total transaction of $1,229,875.76. Following the transaction, the insider now owns 262,144 shares of the company’s stock, valued at $16,142,827.52. This trade represents a 7.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CRO Dan Fitzsimons sold 8,895 shares of the stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $64.11, for a total transaction of $570,258.45. Following the transaction, the executive now directly owns 72,927 shares in the company, valued at approximately $4,675,349.97. This represents a 10.87 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 137,178 shares of company stock valued at $8,871,746 over the last quarter. Corporate insiders own 6.00% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Piper Sandler raised shares of Pure Storage from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $56.00 to $76.00 in a research report on Wednesday, December 4th. JPMorgan Chase & Co. lifted their price objective 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. Evercore ISI lifted their price objective on shares of Pure Storage from $70.00 to $75.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Morgan Stanley lifted their price objective on shares of Pure Storage from $62.00 to $72.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Finally, Citigroup lifted their price objective on shares of Pure Storage from $63.00 to $75.00 and gave the company a “buy” 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 given a buy rating to the company’s stock. Based on data from MarketBeat.com, Pure Storage currently has an average rating of “Moderate Buy” and an average price target of $72.70.

Pure Storage Trading Down 0.0 %

Shares of PSTG opened at $67.88 on Friday. Pure Storage, Inc. has a twelve month low of $38.78 and a twelve month high of $73.67. The firm has a market capitalization of $22.15 billion, a P/E ratio of 178.64, a PEG ratio of 5.20 and a beta of 1.09. The firm’s 50-day moving average is $66.10 and its two-hundred day moving average is $57.94.

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.