PNC Financial Services Group Inc. Boosts Position in Pure Storage, Inc. (NYSE:PSTG)

PNC Financial Services Group Inc. raised its stake in shares of Pure Storage, Inc. (NYSE:PSTG) by 12.6% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 16,359 shares of the technology company’s stock after buying an additional 1,829 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Pure Storage were worth $1,005,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Cherry Creek Investment Advisors Inc. grew its holdings in Pure Storage by 0.3% during the 4th quarter. Cherry Creek Investment Advisors Inc. now owns 67,232 shares of the technology company’s stock valued at $4,130,000 after buying an additional 189 shares in the last quarter. Larson Financial Group LLC boosted its position 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 valued at $32,000 after acquiring an additional 212 shares during the last quarter. Brookstone Capital Management boosted its position in shares of Pure Storage by 3.1% during the 4th quarter. Brookstone Capital Management now owns 7,917 shares of the technology company’s stock valued at $486,000 after acquiring an additional 240 shares during the last quarter. KBC Group NV boosted its position in shares of Pure Storage by 0.6% during the 4th quarter. KBC Group NV now owns 39,523 shares of the technology company’s stock valued at $2,428,000 after acquiring an additional 246 shares during the last quarter. Finally, Atria Wealth Solutions Inc. boosted its position in shares of Pure Storage by 1.5% during the 4th quarter. Atria Wealth Solutions Inc. now owns 17,358 shares of the technology company’s stock valued at $1,066,000 after acquiring an additional 258 shares during the last quarter. Hedge funds and other institutional investors own 83.42% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Needham & Company LLC reiterated a “buy” rating and set a $75.00 price target on shares of Pure Storage in a research report on Thursday, February 27th. Piper Sandler upgraded Pure Storage from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $56.00 to $76.00 in a research report on Wednesday, December 4th. Stifel Nicolaus lifted their price target on Pure Storage from $60.00 to $65.00 and gave the company a “hold” rating in a research report on Wednesday, December 4th. Barclays boosted their target price on Pure Storage from $56.00 to $61.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 4th. Finally, Evercore ISI boosted their target price on Pure Storage from $70.00 to $75.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $73.20.

Insider Activity

In other news, insider Ajay Singh sold 19,972 shares of the business’s stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $61.58, for a total transaction of $1,229,875.76. Following the transaction, the insider now directly owns 262,144 shares of the company’s stock, valued at approximately $16,142,827.52. The trade was a 7.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CRO Dan Fitzsimons sold 8,895 shares of the business’s stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $64.11, for a total value of $570,258.45. Following the transaction, the executive now directly owns 72,927 shares in the company, valued at $4,675,349.97. This trade represents a 10.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 6.00% of the company’s stock.

Pure Storage Stock Performance

Shares of PSTG stock opened at $50.99 on Monday. Pure Storage, Inc. has a fifty-two week low of $44.76 and a fifty-two week high of $73.67. The stock has a 50 day moving average price of $62.86 and a two-hundred day moving average price of $57.34. The company has a market capitalization of $16.63 billion, a P/E ratio of 134.17, a PEG ratio of 5.12 and a beta of 1.09.

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.