Wesbanco Bank Inc. Raises Stake in Pure Storage, Inc. (NYSE:PSTG)

Wesbanco Bank Inc. increased its stake in Pure Storage, Inc. (NYSE:PSTG) by 8.5% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 38,095 shares of the technology company’s stock after acquiring an additional 3,000 shares during the quarter. Wesbanco Bank Inc.’s holdings in Pure Storage were worth $2,340,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sugar Maple Asset Management LLC purchased a new position in shares of Pure Storage during the fourth quarter worth approximately $29,000. ORG Wealth Partners LLC bought a new position in Pure Storage in the third quarter worth approximately $31,000. Larson Financial Group LLC increased its holdings in 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 period. Venturi Wealth Management LLC raised its position in 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 purchasing an additional 219 shares in the last quarter. Finally, nVerses Capital LLC purchased a new stake in shares of Pure Storage in the 3rd quarter worth $50,000. Institutional investors own 83.42% of the company’s stock.

Pure Storage Stock Performance

Shares of PSTG opened at $72.44 on Friday. The stock has a 50-day moving average of $60.75 and a two-hundred day moving average of $56.89. The stock has a market cap of $23.63 billion, a P/E ratio of 190.63, a P/E/G ratio of 8.45 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.

Analysts Set New Price Targets

Several research firms recently weighed in on PSTG. JPMorgan Chase & Co. lifted their price objective on Pure Storage from $60.00 to $75.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. Lake Street Capital upped their price target on shares of Pure Storage from $68.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Oppenheimer started coverage on shares of Pure Storage in a report on Wednesday, November 13th. They set an “outperform” rating and a $70.00 price objective on the stock. Evercore ISI upped their target price on Pure Storage from $70.00 to $75.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Finally, William Blair reiterated an “outperform” rating on shares of Pure Storage in a report on Thursday, November 14th. One 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’s stock. Based on data from MarketBeat.com, Pure Storage has an average rating of “Moderate Buy” and an average price target of $72.70.

Insider Transactions at Pure Storage

In other Pure Storage news, insider Ajay Singh sold 19,972 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $16,142,827.52. This trade represents a 7.08 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Mona Chu sold 8,311 shares of the business’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $62.16, for a total value of $516,611.76. Following the completion of the transaction, the chief accounting officer now directly owns 67,681 shares of the company’s stock, valued at approximately $4,207,050.96. This trade represents a 10.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 137,178 shares of company stock worth $8,871,746 over the last three months. 6.00% of the stock is currently owned by insiders.

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.