First Commonwealth Financial Corp PA Decreases Stake in Pure Storage, Inc. (NYSE:PSTG)

First Commonwealth Financial Corp PA decreased its holdings in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) by 37.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,333 shares of the technology company's stock after selling 9,667 shares during the period. First Commonwealth Financial Corp PA's holdings in Pure Storage were worth $1,003,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. Sycomore Asset Management raised its holdings in Pure Storage by 57.8% in the fourth quarter. Sycomore Asset Management now owns 187,874 shares of the technology company's stock worth $11,541,000 after purchasing an additional 68,840 shares in the last quarter. Asio Capital LLC bought a new stake in Pure Storage during the fourth quarter worth about $264,000. Oak Thistle LLC purchased a new position in shares of Pure Storage during the fourth quarter valued at approximately $1,196,000. Franklin Resources Inc. boosted its position in shares of Pure Storage by 210.2% in the 3rd quarter. Franklin Resources Inc. now owns 2,553,402 shares of the technology company's stock worth $137,628,000 after purchasing an additional 1,730,123 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its holdings in Pure Storage by 23.5% in the fourth quarter. Victory Capital Management Inc. now owns 284,649 shares of the technology company's stock worth $17,486,000 after acquiring an additional 54,256 shares in the last quarter. 83.42% of the stock is currently owned by institutional investors.

Pure Storage Price Performance

Shares of NYSE PSTG traded up $0.57 during mid-day trading on Tuesday, reaching $40.78. The company's stock had a trading volume of 714,390 shares, compared to its average volume of 3,110,187. The stock has a fifty day moving average of $50.30 and a two-hundred day moving average of $56.42. The firm has a market capitalization of $13.30 billion, a PE ratio of 107.39, a P/E/G ratio of 5.12 and a beta of 1.08. Pure Storage, Inc. has a 52 week low of $34.51 and a 52 week high of $73.67.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. StockNews.com cut shares of Pure Storage from a "buy" rating to a "hold" rating in a research note on Thursday, February 27th. UBS Group boosted their price objective on shares of Pure Storage from $47.00 to $50.00 and gave the stock a "sell" rating in a report on Thursday, February 27th. Piper Sandler decreased their price target on Pure Storage from $76.00 to $53.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Needham & Company LLC reiterated a "buy" rating and issued a $75.00 price objective on shares of Pure Storage in a report on Thursday, February 27th. Finally, Citigroup dropped their price target on shares of Pure Storage from $77.00 to $55.00 and set a "buy" rating on the stock in a report on Monday, April 14th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat, Pure Storage currently has a consensus rating of "Moderate Buy" and an average price target of $70.95.

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.