Merit Financial Group LLC Buys New Stake in Pure Storage, Inc. (NYSE:PSTG)

Merit Financial Group LLC purchased a new position in shares of Pure Storage, Inc. (NYSE:PSTGFree Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 5,116 shares of the technology company’s stock, valued at approximately $314,000.

A number of other institutional investors also recently made changes to their positions in PSTG. ORG Wealth Partners LLC acquired a new stake in Pure Storage during the third quarter worth approximately $31,000. Larson Financial Group LLC lifted its stake 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 worth $32,000 after purchasing an additional 212 shares during the period. Venturi Wealth Management LLC boosted its holdings 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 purchasing an additional 219 shares during the last quarter. nVerses Capital LLC acquired a new stake in shares of Pure Storage during the third quarter worth $50,000. Finally, Covestor Ltd grew its position in shares of Pure Storage by 175.3% in the third quarter. Covestor Ltd now owns 991 shares of the technology company’s stock valued at $50,000 after purchasing an additional 631 shares during the period. 83.42% of the stock is owned by institutional investors and hedge funds.

Pure Storage Trading Down 0.3 %

NYSE PSTG opened at $72.15 on Friday. The company’s fifty day simple moving average is $61.21 and its 200-day simple moving average is $57.00. The stock has a market cap of $23.54 billion, a P/E ratio of 189.87, a PEG ratio of 8.72 and a beta of 1.09. Pure Storage, Inc. has a 52 week low of $38.78 and a 52 week high of $73.67.

Insiders Place Their Bets

In other news, CAO Mona Chu sold 8,311 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $62.16, for a total transaction of $516,611.76. Following the completion of the sale, the chief accounting officer now 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider John Colgrove sold 100,000 shares of Pure Storage stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $65.55, for a total transaction of $6,555,000.00. Following the completion of the sale, the insider now owns 7,316,722 shares of the company’s stock, valued at approximately $479,611,127.10. This trade represents a 1.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 137,178 shares of company stock worth $8,871,746 in the last quarter. 6.00% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have issued reports on PSTG shares. TD Cowen raised their price target on Pure Storage from $70.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Guggenheim raised their target price on shares of Pure Storage from $72.00 to $93.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Morgan Stanley upped 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 report on Tuesday, December 17th. Stifel Nicolaus lifted their price target 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. Finally, Oppenheimer initiated coverage on Pure Storage in a report on Wednesday, November 13th. They set an “outperform” rating and a $70.00 price objective for the company. One equities research 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. Based on data from MarketBeat.com, Pure Storage has a consensus rating of “Moderate Buy” and a consensus price target of $72.70.

Get Our Latest Stock Report on PSTG

About Pure Storage

(Free Report)

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.

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Institutional Ownership by Quarter for Pure Storage (NYSE:PSTG)

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