Proficio Capital Partners LLC Buys New Position in Pure Storage, Inc. (NYSE:PSTG)

Proficio Capital Partners LLC acquired a new position in Pure Storage, Inc. (NYSE:PSTG - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 83,115 shares of the technology company's stock, valued at approximately $5,106,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Sugar Maple Asset Management LLC purchased a new stake in shares of Pure Storage during the fourth quarter valued at $29,000. Compass Financial Services Inc purchased a new stake in shares of Pure Storage during the fourth quarter valued at $29,000. Larson Financial Group LLC lifted its holdings in shares of 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 purchasing an additional 212 shares during the last quarter. Berbice Capital Management LLC purchased a new stake in shares of Pure Storage during the fourth quarter valued at $37,000. Finally, Financial Life Planners purchased a new stake in shares of Pure Storage during the fourth quarter valued at $44,000. Institutional investors own 83.42% of the company's stock.

Insider Activity

In other news, CRO Dan Fitzsimons sold 8,895 shares of the stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $64.11, for a total transaction of $570,258.45. Following the transaction, the executive now owns 72,927 shares of the company's stock, valued at approximately $4,675,349.97. This represents a 10.87 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 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 sale, the insider now 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 position. The disclosure for this sale can be found here. 6.00% of the stock is currently owned by insiders.

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Analyst Upgrades and Downgrades

PSTG has been the subject of several research analyst reports. Piper Sandler raised Pure Storage from a "neutral" rating to an "overweight" rating and increased their price objective for the stock from $56.00 to $76.00 in a research note on Wednesday, December 4th. StockNews.com downgraded Pure Storage from a "buy" rating to a "hold" rating in a research note on Thursday, February 27th. Evercore ISI increased their price objective on Pure Storage from $70.00 to $75.00 and gave the stock an "outperform" rating in a research note on Wednesday, December 4th. Needham & Company LLC reissued a "buy" rating and issued a $75.00 price objective on shares of Pure Storage in a research note on Thursday, February 27th. Finally, UBS Group increased their price objective on Pure Storage from $47.00 to $50.00 and gave the stock a "sell" rating in a research note on Thursday, February 27th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and fifteen have assigned a buy rating to the company's stock. According to MarketBeat.com, Pure Storage currently has an average rating of "Moderate Buy" and an average target price of $73.20.

Pure Storage Stock Performance

Shares of NYSE PSTG traded down $0.71 during mid-day trading on Thursday, reaching $50.81. 1,991,835 shares of the company traded hands, compared to its average volume of 3,026,451. The stock has a market cap of $16.58 billion, a PE ratio of 133.71, a price-to-earnings-growth ratio of 5.12 and a beta of 1.09. The company's fifty day moving average is $62.07 and its two-hundred day moving average is $57.29. Pure Storage, Inc. has a fifty-two week low of $44.76 and a fifty-two week high of $73.67.

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.