Equitable Trust Co. Acquires New Holdings in Pure Storage, Inc. (NYSE:PSTG)

Equitable Trust Co. acquired a new stake in Pure Storage, Inc. (NYSE:PSTG) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 16,646 shares of the technology company’s stock, valued at approximately $1,023,000.

A number of other large investors have also recently added to or reduced their stakes in the business. Sugar Maple Asset Management LLC acquired a new stake in shares of Pure Storage during the 4th quarter worth about $29,000. Compass Financial Services Inc acquired a new stake in shares of Pure Storage during the 4th quarter worth about $29,000. ORG Wealth Partners LLC acquired a new stake in shares of Pure Storage during the 3rd quarter worth about $31,000. Larson Financial Group LLC boosted its stake in shares of Pure Storage by 49.1% during the 3rd quarter. Larson Financial Group LLC now owns 644 shares of the technology company’s stock worth $32,000 after purchasing an additional 212 shares during the last quarter. Finally, Berbice Capital Management LLC acquired a new stake in shares of Pure Storage during the 4th quarter worth about $37,000. 83.42% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider John Colgrove sold 100,000 shares of the firm’s stock in a transaction that occurred on 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 sale, the insider now owns 7,316,722 shares of the company’s stock, valued at approximately $479,611,127.10. This trade represents a 1.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Mona Chu sold 8,311 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The stock was 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 of the company’s stock, valued at $4,207,050.96. The trade was a 10.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 137,178 shares of company stock worth $8,871,746 over the last 90 days. Company insiders own 6.00% of the company’s stock.

Pure Storage Stock Up 2.7 %

PSTG opened at $70.94 on Tuesday. The firm has a market capitalization of $23.14 billion, a P/E ratio of 186.69, a P/E/G ratio of 5.26 and a beta of 1.09. The firm’s 50 day moving average is $64.89 and its 200-day moving average is $57.33. Pure Storage, Inc. has a 52-week low of $38.78 and a 52-week high of $73.67.

Analyst Ratings Changes

PSTG has been the topic of several analyst reports. Guggenheim raised their price target on shares of Pure Storage from $72.00 to $93.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. William Blair reaffirmed an “outperform” rating on shares of Pure Storage in a research note on Thursday, November 14th. Oppenheimer initiated coverage on shares of Pure Storage in a research report on Wednesday, November 13th. They issued an “outperform” rating and a $70.00 target price on the stock. Needham & Company LLC raised their target price on shares of Pure Storage from $62.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Finally, Piper Sandler raised shares of Pure Storage from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $56.00 to $76.00 in a research report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $72.70.

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.