DAVENPORT & Co LLC Lowers Holdings in Pure Storage, Inc. (NYSE:PSTG)

DAVENPORT & Co LLC reduced its holdings in shares of Pure Storage, Inc. (NYSE:PSTG) by 1.0% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 82,219 shares of the technology company’s stock after selling 833 shares during the period. DAVENPORT & Co LLC’s holdings in Pure Storage were worth $5,051,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Sugar Maple Asset Management LLC purchased a new stake in shares of Pure Storage during the fourth quarter worth $29,000. ORG Wealth Partners LLC purchased a new stake in Pure Storage during the 3rd quarter worth about $31,000. Larson Financial Group LLC raised its position in Pure Storage by 49.1% in the 3rd quarter. Larson Financial Group LLC now owns 644 shares of the technology company’s stock valued at $32,000 after purchasing an additional 212 shares in the last quarter. Berbice Capital Management LLC purchased a new position in shares of Pure Storage in the 4th quarter valued at about $37,000. Finally, Venturi Wealth Management LLC grew its position in shares of Pure Storage by 40.9% during the third quarter. Venturi Wealth Management LLC now owns 754 shares of the technology company’s stock worth $38,000 after buying an additional 219 shares in the last quarter. 83.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Morgan Stanley lifted their price target on shares of Pure Storage from $62.00 to $72.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Evercore ISI boosted their target price on shares of Pure Storage from $70.00 to $75.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Oppenheimer assumed coverage on Pure Storage in a research note on Wednesday, November 13th. They issued an “outperform” rating and a $70.00 price target on the stock. Lake Street Capital upped their price objective on Pure Storage from $68.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Finally, Wells Fargo & Company increased their price objective on Pure Storage from $75.00 to $80.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, six have issued a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Pure Storage presently has a consensus rating of “Moderate Buy” and a consensus target price of $72.70.

Insider Buying and Selling at Pure Storage

In related 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 sale, 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ajay Singh sold 19,972 shares of the firm’s stock in a transaction dated 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 disclosure for this sale can be found here. Over the last three months, insiders sold 137,178 shares of company stock valued at $8,871,746. Corporate insiders own 6.00% of the company’s stock.

Pure Storage Stock Performance

Shares of NYSE PSTG opened at $66.80 on Tuesday. The company’s fifty day moving average is $63.36 and its two-hundred day moving average is $57.02. The firm has a market capitalization of $21.79 billion, a P/E ratio of 175.79, a PEG ratio of 8.18 and a beta of 1.09. Pure Storage, Inc. has a one year low of $38.78 and a one year high of $73.67.

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.