Sara Bay Financial Has $13.35 Million Position in Pure Storage, Inc. (NYSE:PSTG)

Sara Bay Financial cut its stake in Pure Storage, Inc. (NYSE:PSTG) by 1.0% in the fourth quarter, HoldingsChannel reports. The fund owned 213,676 shares of the technology company’s stock after selling 2,154 shares during the period. Pure Storage accounts for 4.9% of Sara Bay Financial’s holdings, making the stock its 6th largest position. Sara Bay Financial’s holdings in Pure Storage were worth $13,350,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Choreo LLC bought a new stake in shares of Pure Storage during the second quarter worth approximately $203,000. American Century Companies Inc. raised its stake in shares of Pure Storage by 119.3% during the second quarter. American Century Companies Inc. now owns 164,050 shares of the technology company’s stock worth $10,534,000 after buying an additional 89,255 shares during the last quarter. Envestnet Asset Management Inc. raised its stake in shares of Pure Storage by 192.5% during the second quarter. Envestnet Asset Management Inc. now owns 216,459 shares of the technology company’s stock worth $13,899,000 after buying an additional 142,451 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Pure Storage by 22.0% during the second quarter. Dimensional Fund Advisors LP now owns 1,303,863 shares of the technology company’s stock worth $83,728,000 after buying an additional 235,356 shares during the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. raised its stake in shares of Pure Storage by 57.4% during the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 11,978 shares of the technology company’s stock worth $769,000 after buying an additional 4,370 shares during the last quarter. 83.42% of the stock is owned by institutional investors.

Pure Storage Stock Up 1.6 %

PSTG traded up $1.05 during trading hours on Friday, hitting $66.47. 1,871,415 shares of the company’s stock were exchanged, compared to its average volume of 2,272,399. Pure Storage, Inc. has a 1-year low of $37.26 and a 1-year high of $70.41. The stock’s 50-day moving average is $59.63 and its two-hundred day moving average is $56.81. The stock has a market cap of $21.69 billion, a price-to-earnings ratio of 174.94, a PEG ratio of 7.81 and a beta of 1.09.

Insider Buying and Selling

In other Pure Storage news, insider John Colgrove sold 100,000 shares of the company’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $57.32, for a total transaction of $5,732,000.00. Following the sale, the insider now directly owns 300,000 shares of the company’s stock, valued at approximately $17,196,000. This represents a 25.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Ajay Singh sold 19,972 shares of the company’s stock in a transaction 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 sale, the insider now directly owns 262,144 shares in the company, 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 90 days, insiders sold 237,178 shares of company stock worth $14,603,746. 6.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. TD Cowen boosted their price target on shares of Pure Storage from $70.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Piper Sandler raised shares of Pure Storage from a “neutral” rating to an “overweight” rating and upped their target price for the company from $56.00 to $76.00 in a research note on Wednesday, December 4th. Needham & Company LLC upped their target price on shares of Pure Storage from $62.00 to $75.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. UBS Group upped their target price on shares of Pure Storage from $45.00 to $47.00 and gave the company a “sell” rating in a research note on Wednesday, December 4th. Finally, Citigroup upped their target price 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 issued a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $72.70.

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.