Miracle Mile Advisors LLC Cuts Stake in Pure Storage, Inc. (NYSE:PSTG)

Miracle Mile Advisors LLC trimmed its stake in Pure Storage, Inc. (NYSE:PSTG) by 28.6% in the fourth quarter, Holdings Channel.com reports. The firm owned 7,152 shares of the technology company’s stock after selling 2,871 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Pure Storage were worth $439,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. ORG Wealth Partners LLC purchased a new stake in shares of Pure Storage during the 3rd quarter valued at $31,000. Larson Financial Group LLC grew its position in Pure Storage by 49.1% during the third quarter. Larson Financial Group LLC now owns 644 shares of the technology company’s stock valued at $32,000 after acquiring an additional 212 shares during the period. Venturi Wealth Management LLC increased its stake in 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 acquiring an additional 219 shares during the last quarter. nVerses Capital LLC purchased a new position in shares of Pure Storage in the 3rd quarter worth about $50,000. Finally, Covestor Ltd lifted its stake in shares of Pure Storage by 175.3% in the 3rd quarter. Covestor Ltd now owns 991 shares of the technology company’s stock valued at $50,000 after purchasing an additional 631 shares in the last quarter. Institutional investors and hedge funds own 83.42% of the company’s stock.

Insider Buying and Selling

In other news, insider Ajay Singh sold 19,972 shares of Pure Storage stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $61.58, for a total value of $1,229,875.76. Following the completion of the transaction, the insider now owns 262,144 shares in the company, valued at approximately $16,142,827.52. This trade represents a 7.08 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John Colgrove sold 100,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $65.55, for a total value of $6,555,000.00. Following the sale, the insider now directly owns 7,316,722 shares in the company, valued at approximately $479,611,127.10. This represents a 1.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 237,178 shares of company stock worth $14,603,746. Corporate insiders own 6.00% of the company’s stock.

Pure Storage Price Performance

Shares of PSTG stock opened at $64.82 on Thursday. The firm has a fifty day moving average of $58.91 and a two-hundred day moving average of $56.69. The firm has a market cap of $21.15 billion, a P/E ratio of 170.58, a P/E/G ratio of 7.69 and a beta of 1.09. Pure Storage, Inc. has a 1-year low of $35.35 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.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on PSTG shares. William Blair reissued an “outperform” rating on shares of Pure Storage in a research report on Thursday, November 14th. Lake Street Capital raised their target price on shares of Pure Storage from $68.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. 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. Needham & Company LLC raised their price objective on Pure Storage from $62.00 to $75.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Finally, Stifel Nicolaus boosted their price objective on Pure Storage from $60.00 to $65.00 and gave the stock a “hold” 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 issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus 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.