Prosperity Wealth Management Inc. Makes New $479,000 Investment in Pure Storage, Inc. (NYSE:PSTG)

Prosperity Wealth Management Inc. purchased a new stake in shares of Pure Storage, Inc. (NYSE:PSTG) during the 4th quarter, HoldingsChannel.com reports. The institutional investor purchased 7,795 shares of the technology company’s stock, valued at approximately $479,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Cherry Creek Investment Advisors Inc. boosted its position in shares of Pure Storage by 0.3% during the 4th quarter. Cherry Creek Investment Advisors Inc. now owns 67,232 shares of the technology company’s stock valued at $4,130,000 after acquiring an additional 189 shares during the last quarter. Larson Financial Group LLC boosted its position 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 valued at $32,000 after acquiring an additional 212 shares during the last quarter. Venturi Wealth Management LLC boosted its position in shares of Pure Storage by 40.9% during the 3rd quarter. Venturi Wealth Management LLC now owns 754 shares of the technology company’s stock valued at $38,000 after acquiring an additional 219 shares during the last quarter. Brookstone Capital Management boosted its position in shares of Pure Storage by 3.1% during the 4th quarter. Brookstone Capital Management now owns 7,917 shares of the technology company’s stock valued at $486,000 after acquiring an additional 240 shares during the last quarter. Finally, KBC Group NV boosted its position in shares of Pure Storage by 0.6% during the 4th quarter. KBC Group NV now owns 39,523 shares of the technology company’s stock valued at $2,428,000 after acquiring an additional 246 shares during the last quarter. Institutional investors and hedge funds own 83.42% of the company’s stock.

Pure Storage Stock Performance

PSTG stock opened at $48.66 on Wednesday. The company’s 50 day moving average price is $63.67 and its 200 day moving average price is $57.58. Pure Storage, Inc. has a fifty-two week low of $44.76 and a fifty-two week high of $73.67. The firm has a market capitalization of $15.87 billion, a price-to-earnings ratio of 128.05, a PEG ratio of 5.12 and a beta of 1.09.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Stifel Nicolaus boosted their price objective on shares of Pure Storage from $60.00 to $65.00 and gave the company a “hold” rating in a report on Wednesday, December 4th. Evercore ISI boosted their price objective on shares of Pure Storage from $70.00 to $75.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Citigroup reduced their price objective on shares of Pure Storage from $80.00 to $77.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Barclays boosted their price objective on shares of Pure Storage from $56.00 to $61.00 and gave the company an “equal weight” rating in a report on Wednesday, December 4th. Finally, Wells Fargo & Company boosted their price objective on shares of Pure Storage from $75.00 to $80.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat.com, Pure Storage presently has a consensus rating of “Moderate Buy” and a consensus price target of $73.20.

Insider Buying and Selling

In related news, insider Ajay Singh sold 19,972 shares of the company’s 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 sale, the insider now directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CRO Dan Fitzsimons sold 8,895 shares of the company’s stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $64.11, for a total value of $570,258.45. Following the completion of the transaction, the executive now directly owns 72,927 shares of the company’s stock, valued at $4,675,349.97. This trade represents a 10.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 37,178 shares of company stock worth $2,316,746. Company insiders own 6.00% of the company’s stock.

Pure Storage Company Profile

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.