HighTower Advisors LLC Sells 16,565 Shares of Pure Storage, Inc. (NYSE:PSTG)

HighTower Advisors LLC decreased its position in shares of Pure Storage, Inc. (NYSE:PSTG) by 34.8% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 31,095 shares of the technology company’s stock after selling 16,565 shares during the quarter. HighTower Advisors LLC’s holdings in Pure Storage were worth $1,566,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PSTG. FMR LLC lifted its holdings in shares of Pure Storage by 0.8% in the third quarter. FMR LLC now owns 49,153,797 shares of the technology company’s stock worth $2,469,487,000 after buying an additional 368,643 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its holdings in shares of Pure Storage by 22.5% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 4,063,776 shares of the technology company’s stock worth $204,163,000 after acquiring an additional 747,034 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Pure Storage by 56.1% in the second quarter. Bank of New York Mellon Corp now owns 3,696,390 shares of the technology company’s stock valued at $237,345,000 after acquiring an additional 1,327,873 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Pure Storage by 3.4% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,861,621 shares of the technology company’s stock valued at $143,768,000 after purchasing an additional 93,106 shares in the last quarter. Finally, Blair William & Co. IL lifted its stake in Pure Storage by 0.7% during the second quarter. Blair William & Co. IL now owns 2,357,962 shares of the technology company’s stock worth $151,405,000 after purchasing an additional 15,747 shares during the last quarter. Institutional investors own 83.42% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. Citigroup raised their price objective on Pure Storage from $63.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. TD Cowen increased their target price on shares of Pure Storage from $70.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Piper Sandler raised shares of Pure Storage from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $56.00 to $76.00 in a research note on Wednesday, December 4th. Wedbush reiterated an “outperform” rating and issued a $80.00 price objective on shares of Pure Storage in a report on Monday, August 26th. Finally, Lake Street Capital increased their target price on Pure Storage from $68.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, six have given a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat, Pure Storage currently has a consensus rating of “Moderate Buy” and an average target price of $72.10.

Pure Storage Stock Performance

Shares of Pure Storage stock opened at $63.70 on Monday. The firm’s 50-day moving average is $54.29 and its 200 day moving average is $56.84. Pure Storage, Inc. has a 1 year low of $34.32 and a 1 year high of $70.41. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.77 and a quick ratio of 1.74. The stock has a market cap of $20.87 billion, a price-to-earnings ratio of 167.64, a PEG ratio of 7.69 and a beta of 1.13.

Insider Activity at Pure Storage

In other news, insider John Colgrove sold 100,000 shares of the firm’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $49.94, for a total transaction of $4,994,000.00. Following the sale, the insider now owns 500,000 shares of the company’s stock, valued at $24,970,000. This trade represents a 16.67 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CRO Dan Fitzsimons sold 8,895 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $50.67, for a total transaction of $450,709.65. Following the transaction, the executive now directly owns 94,446 shares of the company’s stock, valued at $4,785,578.82. The trade was a 8.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 454,542 shares of company stock valued at $25,154,030. 6.00% of the stock is owned by corporate insiders.

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.