Ieq Capital LLC Reduces Position in Pure Storage, Inc. (NYSE:PSTG)

Ieq Capital LLC trimmed its stake in Pure Storage, Inc. (NYSE:PSTG) by 42.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,655 shares of the technology company’s stock after selling 6,281 shares during the period. Ieq Capital LLC’s holdings in Pure Storage were worth $532,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. FMR LLC lifted its stake in shares of Pure Storage by 0.8% in the 3rd quarter. FMR LLC now owns 49,153,797 shares of the technology company’s stock worth $2,469,487,000 after acquiring an additional 368,643 shares during the period. State Street Corp lifted its stake in shares of Pure Storage by 6.5% in the third quarter. State Street Corp now owns 10,262,666 shares of the technology company’s stock valued at $515,596,000 after purchasing an additional 626,427 shares during the period. Disciplined Growth Investors Inc. MN lifted its stake in shares of Pure Storage by 3.2% in the third quarter. Disciplined Growth Investors Inc. MN now owns 5,684,218 shares of the technology company’s stock valued at $285,575,000 after purchasing an additional 177,559 shares during the period. Geode Capital Management LLC lifted its stake in shares of Pure Storage by 4.3% in the third quarter. Geode Capital Management LLC now owns 5,382,095 shares of the technology company’s stock valued at $269,798,000 after purchasing an additional 219,971 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its stake in shares of Pure Storage by 22.5% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 4,063,776 shares of the technology company’s stock valued at $204,163,000 after purchasing an additional 747,034 shares during the period. 83.42% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider John Colgrove sold 100,000 shares of the stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $65.55, for a total value of $6,555,000.00. Following the completion of the sale, the insider now directly owns 7,316,722 shares of the company’s stock, valued at approximately $479,611,127.10. This represents a 1.35 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Ajay Singh sold 19,972 shares of the stock in a transaction that occurred on Tuesday, December 31st. The shares were sold at an average price of $61.58, for a total value of $1,229,875.76. Following the completion of the sale, the insider now directly owns 262,144 shares of the company’s stock, valued at $16,142,827.52. This represents a 7.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 137,178 shares of company stock valued at $8,871,746 over the last 90 days. 6.00% of the stock is currently owned by company insiders.

Pure Storage Stock Performance

NYSE:PSTG opened at $62.49 on Thursday. The stock’s 50 day moving average price is $66.09 and its 200 day moving average price is $58.28. Pure Storage, Inc. has a 52 week low of $40.95 and a 52 week high of $73.67. The company has a market capitalization of $20.39 billion, a P/E ratio of 164.45, a P/E/G ratio of 5.12 and a beta of 1.09.

Analyst Upgrades and Downgrades

PSTG has been the subject of several recent analyst reports. Lake Street Capital raised their price objective 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. Piper Sandler upgraded shares of Pure Storage from a “neutral” rating to an “overweight” rating and raised their target price for the company from $56.00 to $76.00 in a report on Wednesday, December 4th. Evercore ISI raised their target price on shares of Pure Storage from $70.00 to $75.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Needham & Company LLC raised their target price on shares of Pure Storage from $62.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Finally, Morgan Stanley raised their target price on shares of Pure Storage from $62.00 to $72.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. One equities 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 data from MarketBeat, Pure Storage presently has an average rating of “Moderate Buy” and an average target price of $72.95.

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.