Sumitomo Mitsui Trust Group Inc. Lowers Holdings in Pure Storage, Inc. (NYSE:PSTG)

Sumitomo Mitsui Trust Group Inc. cut its holdings in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) by 7.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,952,156 shares of the technology company's stock after selling 148,225 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.60% of Pure Storage worth $119,921,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in PSTG. Sugar Maple Asset Management LLC bought a new stake in shares of Pure Storage during the fourth quarter valued at about $29,000. ORG Wealth Partners LLC bought a new stake in shares of Pure Storage during the third quarter valued at about $31,000. Larson Financial Group LLC increased its position in shares of Pure Storage by 49.1% in the third quarter. Larson Financial Group LLC now owns 644 shares of the technology company's stock worth $32,000 after purchasing an additional 212 shares during the last quarter. Berbice Capital Management LLC bought a new position in shares of Pure Storage in the fourth quarter worth approximately $37,000. Finally, Venturi Wealth Management LLC increased its position in shares of Pure Storage by 40.9% in the third quarter. Venturi Wealth Management LLC now owns 754 shares of the technology company's stock worth $38,000 after purchasing an additional 219 shares during the last quarter. 83.42% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Pure Storage news, insider John Colgrove sold 100,000 shares of the firm'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 transaction, the insider now directly owns 7,316,722 shares of the company's stock, valued at approximately $479,611,127.10. This trade represents a 1.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Ajay Singh sold 19,972 shares of the firm's stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $61.58, for a total value of $1,229,875.76. Following the completion of the transaction, the insider now directly owns 262,144 shares in the company, valued at $16,142,827.52. The trade was a 7.08 % 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 owned by corporate insiders.

Pure Storage Stock Down 0.1 %

Shares of NYSE:PSTG traded down $0.04 on Wednesday, hitting $67.28. 2,054,037 shares of the company traded hands, compared to its average volume of 2,420,878. Pure Storage, Inc. has a 52 week low of $38.78 and a 52 week high of $73.67. The stock has a 50 day simple moving average of $65.53 and a 200-day simple moving average of $57.49. The company has a market cap of $21.95 billion, a PE ratio of 177.06, a PEG ratio of 5.26 and a beta of 1.09.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Wells Fargo & Company increased their price target on shares of Pure Storage from $75.00 to $80.00 and gave the company an "overweight" rating in a research report on Wednesday, December 4th. Barclays increased their price objective on Pure Storage from $56.00 to $61.00 and gave the company an "equal weight" rating in a research note on Wednesday, December 4th. Stifel Nicolaus increased their price objective on Pure Storage from $60.00 to $65.00 and gave the company a "hold" rating in a research note on Wednesday, December 4th. Northland Securities reissued a "market perform" rating and set a $63.00 price objective (up previously from $59.00) on shares of Pure Storage in a research note on Wednesday, December 4th. Finally, JPMorgan Chase & Co. increased their price objective on Pure Storage from $60.00 to $75.00 and gave the company an "overweight" rating in a research note on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and sixteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $72.70.

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.