Forsta AP Fonden Purchases 67,000 Shares of Pure Storage, Inc. (NYSE:PSTG)

Forsta AP Fonden lifted its holdings in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) by 99.3% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 134,500 shares of the technology company's stock after buying an additional 67,000 shares during the period. Forsta AP Fonden's holdings in Pure Storage were worth $8,262,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. The Manufacturers Life Insurance Company grew its holdings in shares of Pure Storage by 4.6% during the second quarter. The Manufacturers Life Insurance Company now owns 216,806 shares of the technology company's stock valued at $13,921,000 after purchasing an additional 9,503 shares during the last quarter. Creative Planning lifted its stake in Pure Storage by 45.4% in the second quarter. Creative Planning now owns 19,619 shares of the technology company's stock valued at $1,260,000 after buying an additional 6,124 shares during the last quarter. NewEdge Advisors LLC boosted its holdings in shares of Pure Storage by 137.6% during the second quarter. NewEdge Advisors LLC now owns 23,712 shares of the technology company's stock valued at $1,523,000 after acquiring an additional 13,732 shares during the period. Northwestern Mutual Wealth Management Co. grew its position in shares of Pure Storage by 34.9% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 9,099 shares of the technology company's stock worth $584,000 after acquiring an additional 2,352 shares during the last quarter. Finally, Truist Financial Corp increased its holdings in shares of Pure Storage by 19.3% in the 2nd quarter. Truist Financial Corp now owns 12,561 shares of the technology company's stock worth $807,000 after acquiring an additional 2,028 shares during the period. Institutional investors own 83.42% of the company's stock.

Pure Storage Trading Up 1.1 %

Shares of PSTG stock opened at $68.37 on Friday. The company has a market capitalization of $22.31 billion, a price-to-earnings ratio of 179.93, a P/E/G ratio of 8.16 and a beta of 1.09. Pure Storage, Inc. has a 1-year low of $38.78 and a 1-year high of $73.67. The stock's fifty day simple moving average is $62.70 and its 200-day simple moving average is $57.00.

Analyst Upgrades and Downgrades

PSTG has been the subject of a number of analyst reports. JPMorgan Chase & Co. boosted their target price on shares of Pure Storage from $60.00 to $75.00 and gave the company an "overweight" rating in a research note on Wednesday, December 4th. TD Cowen increased their price objective on Pure Storage from $70.00 to $80.00 and gave the stock a "buy" rating in a report on Wednesday, December 4th. Morgan Stanley lifted their target price on Pure Storage from $62.00 to $72.00 and gave the company an "equal weight" rating in a research note on Tuesday, December 17th. Needham & Company LLC increased their price target on Pure Storage from $62.00 to $75.00 and gave the stock a "buy" rating in a research note on Wednesday, December 4th. Finally, Lake Street Capital lifted 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. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and sixteen have given a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $72.70.

Insiders Place Their Bets

In related news, CAO Mona Chu sold 8,311 shares of Pure Storage stock in a transaction on Thursday, December 12th. The stock was 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John Colgrove sold 100,000 shares of the company's stock in a transaction dated 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 transaction, the insider now directly owns 7,316,722 shares in the company, valued at approximately $479,611,127.10. The trade was a 1.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 137,178 shares of company stock worth $8,871,746. 6.00% of the stock is currently owned by company insiders.

About Pure Storage

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.