NewEdge Advisors LLC Buys 6,153 Shares of Pure Storage, Inc. (NYSE:PSTG)

NewEdge Advisors LLC grew its holdings in Pure Storage, Inc. (NYSE:PSTG - Free Report) by 32.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 24,842 shares of the technology company's stock after purchasing an additional 6,153 shares during the quarter. NewEdge Advisors LLC's holdings in Pure Storage were worth $1,526,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in the business. Norges Bank acquired a new position in Pure Storage during the 4th quarter worth $216,690,000. Artisan Partners Limited Partnership bought a new stake in shares of Pure Storage during the fourth quarter worth $210,906,000. William Blair Investment Management LLC lifted its stake in shares of Pure Storage by 1,725.3% during the fourth quarter. William Blair Investment Management LLC now owns 2,525,208 shares of the technology company's stock valued at $155,124,000 after acquiring an additional 2,386,864 shares during the period. Franklin Resources Inc. boosted its holdings in Pure Storage by 210.2% in the third quarter. Franklin Resources Inc. now owns 2,553,402 shares of the technology company's stock valued at $137,628,000 after acquiring an additional 1,730,123 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in Pure Storage by 25.4% during the 4th quarter. Geode Capital Management LLC now owns 6,748,553 shares of the technology company's stock worth $413,982,000 after purchasing an additional 1,366,458 shares during the last quarter. Institutional investors own 83.42% of the company's stock.

Pure Storage Price Performance

Shares of PSTG traded up $0.58 during midday trading on Friday, hitting $45.71. The stock had a trading volume of 1,806,817 shares, compared to its average volume of 3,118,808. The firm has a market cap of $14.90 billion, a price-to-earnings ratio of 120.29, a price-to-earnings-growth ratio of 5.12 and a beta of 1.08. The company has a 50 day simple moving average of $48.34 and a two-hundred day simple moving average of $56.15. Pure Storage, Inc. has a twelve month low of $34.51 and a twelve month high of $73.67.

Insider Buying and Selling

In related news, CRO Dan Fitzsimons sold 6,977 shares of the stock in a transaction on Monday, April 21st. The shares were sold at an average price of $40.91, for a total transaction of $285,429.07. Following the completion of the transaction, the executive now owns 90,223 shares in the company, valued at approximately $3,691,022.93. This represents a 7.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 6.00% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on PSTG shares. Piper Sandler cut their price objective on shares of Pure Storage from $76.00 to $53.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Citigroup cut their price target on Pure Storage from $77.00 to $55.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Needham & Company LLC reaffirmed a "buy" rating and set a $75.00 price objective on shares of Pure Storage in a research note on Thursday, February 27th. StockNews.com lowered Pure Storage from a "buy" rating to a "hold" rating in a research note on Thursday, February 27th. Finally, Bank of America reduced their target price on Pure Storage from $77.00 to $73.00 and set a "neutral" rating on the stock in a report on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, Pure Storage currently has a consensus rating of "Moderate Buy" and an average price target of $70.95.

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.