Connectus Wealth LLC Makes New Investment in Pure Storage, Inc. (NYSE:PSTG)

Connectus Wealth LLC acquired a new position in Pure Storage, Inc. (NYSE:PSTG) in the fourth quarter, HoldingsChannel.com reports. The fund acquired 14,400 shares of the technology company’s stock, valued at approximately $514,000.

A number of other large investors have also modified their holdings of PSTG. Norges Bank acquired a new position in shares of Pure Storage in the fourth quarter worth about $115,452,000. Acadian Asset Management LLC raised its position in shares of Pure Storage by 61.5% during the 3rd quarter. Acadian Asset Management LLC now owns 3,399,759 shares of the technology company’s stock worth $121,081,000 after purchasing an additional 1,294,285 shares during the last quarter. Qube Research & Technologies Ltd raised its position in shares of Pure Storage by 1,025.3% during the 3rd quarter. Qube Research & Technologies Ltd now owns 1,269,927 shares of the technology company’s stock worth $45,235,000 after purchasing an additional 1,157,079 shares during the last quarter. Polar Capital Holdings Plc raised its position in shares of Pure Storage by 33.8% during the 3rd quarter. Polar Capital Holdings Plc now owns 4,068,672 shares of the technology company’s stock worth $144,926,000 after purchasing an additional 1,028,104 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of Pure Storage by 83.9% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,068,255 shares of the technology company’s stock worth $73,754,000 after purchasing an additional 943,850 shares during the last quarter. Institutional investors and hedge funds own 83.42% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Citigroup upped their price target on shares of Pure Storage from $65.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. Susquehanna upped their price target on shares of Pure Storage from $65.00 to $75.00 and gave the stock a “positive” rating in a research report on Thursday, May 30th. Stifel Nicolaus upped their price target on shares of Pure Storage from $46.00 to $65.00 and gave the stock a “hold” rating in a research report on Thursday, May 30th. StockNews.com upgraded shares of Pure Storage from a “hold” rating to a “buy” rating in a report on Friday, May 17th. Finally, Bank of America increased their price objective on shares of Pure Storage from $57.00 to $68.00 and gave the company a “neutral” rating in a report on Thursday, May 30th. Six investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $66.15.

Insider Buying and Selling

In related news, insider Ajay Singh sold 37,588 shares of the stock in a transaction that occurred on Friday, April 5th. The shares were sold at an average price of $53.54, for a total transaction of $2,012,461.52. Following the completion of the transaction, the insider now owns 380,834 shares of the company’s stock, valued at approximately $20,389,852.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Pure Storage news, Director Scott Dietzen sold 147,000 shares of the stock in a transaction that occurred on Friday, April 12th. The shares were sold at an average price of $53.49, for a total transaction of $7,863,030.00. Following the sale, the director now directly owns 100,000 shares in the company, valued at approximately $5,349,000. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Ajay Singh sold 37,588 shares of the stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $53.54, for a total transaction of $2,012,461.52. Following the sale, the insider now owns 380,834 shares in the company, valued at $20,389,852.36. The disclosure for this sale can be found here. In the last quarter, insiders sold 291,399 shares of company stock valued at $15,578,814. Company insiders own 6.00% of the company’s stock.

Pure Storage Stock Performance

NYSE:PSTG opened at $66.56 on Wednesday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.96 and a current ratio of 2.00. The stock has a market capitalization of $21.63 billion, a P/E ratio of 237.71, a PEG ratio of 6.54 and a beta of 1.06. The company has a 50 day moving average price of $56.33 and a 200 day moving average price of $47.07. Pure Storage, Inc. has a fifty-two week low of $31.00 and a fifty-two week high of $68.75.

Pure Storage 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.