Ieq Capital LLC Lowers Stock Holdings in Pure Storage, Inc. (NYSE:PSTG)

Ieq Capital LLC decreased its position in shares of Pure Storage, Inc. (NYSE:PSTG) by 42.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,655 shares of the technology company’s stock after selling 6,281 shares during the period. Ieq Capital LLC’s holdings in Pure Storage were worth $532,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Global Retirement Partners LLC grew its stake in shares of Pure Storage by 48.7% during the fourth quarter. Global Retirement Partners LLC now owns 1,981 shares of the technology company’s stock valued at $122,000 after buying an additional 649 shares during the last quarter. Kestra Investment Management LLC grew its stake in shares of Pure Storage by 58.4% during the fourth quarter. Kestra Investment Management LLC now owns 7,148 shares of the technology company’s stock valued at $439,000 after buying an additional 2,636 shares during the last quarter. Pembroke Management LTD grew its stake in shares of Pure Storage by 15.6% during the fourth quarter. Pembroke Management LTD now owns 483,933 shares of the technology company’s stock valued at $29,728,000 after buying an additional 65,422 shares during the last quarter. Peregrine Capital Management LLC grew its stake in shares of Pure Storage by 1.8% during the fourth quarter. Peregrine Capital Management LLC now owns 159,092 shares of the technology company’s stock valued at $9,773,000 after buying an additional 2,843 shares during the last quarter. Finally, Atria Wealth Solutions Inc. grew its stake in shares of Pure Storage by 1.5% during the fourth quarter. Atria Wealth Solutions Inc. now owns 17,358 shares of the technology company’s stock valued at $1,066,000 after buying an additional 258 shares during the last quarter. Hedge funds and other institutional investors own 83.42% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. JPMorgan Chase & Co. raised their price objective on Pure Storage from $60.00 to $75.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. William Blair reissued an “outperform” rating on shares of Pure Storage in a research note on Thursday, November 14th. UBS Group raised their target price on Pure Storage from $45.00 to $47.00 and gave the stock a “sell” rating in a research note on Wednesday, December 4th. Oppenheimer began coverage on Pure Storage in a research note on Wednesday, November 13th. They issued an “outperform” rating and a $70.00 target price on the stock. Finally, Piper Sandler raised 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 note on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $72.95.

Insider Transactions at Pure Storage

In other Pure Storage news, CRO Dan Fitzsimons sold 8,895 shares of the business’s stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $64.11, for a total value of $570,258.45. Following the transaction, the executive now directly owns 72,927 shares in the company, valued at $4,675,349.97. The trade was a 10.87 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Ajay Singh sold 19,972 shares of the company’s stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $61.58, for a total transaction of $1,229,875.76. Following the completion of the transaction, the insider now owns 262,144 shares in the company, 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. Insiders sold 137,178 shares of company stock valued at $8,871,746 over the last 90 days. Corporate insiders own 6.00% of the company’s stock.

Pure Storage Stock Performance

PSTG opened at $62.49 on Thursday. Pure Storage, Inc. has a fifty-two week low of $40.95 and a fifty-two week high of $73.67. The company has a fifty day moving average of $66.09 and a two-hundred day moving average of $58.28. The stock has a market capitalization of $20.39 billion, a price-to-earnings ratio of 164.45, a PEG ratio of 5.12 and a beta of 1.09.

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.