Sycomore Asset Management Grows Stock Position in Pure Storage, Inc. (NYSE:PSTG)

Sycomore Asset Management grew its holdings in Pure Storage, Inc. (NYSE:PSTG - Free Report) by 57.8% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 187,874 shares of the technology company's stock after buying an additional 68,840 shares during the period. Pure Storage accounts for about 1.5% of Sycomore Asset Management's holdings, making the stock its 22nd biggest holding. Sycomore Asset Management owned 0.06% of Pure Storage worth $11,541,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Savant Capital LLC boosted its stake in shares of Pure Storage by 2.0% in the fourth quarter. Savant Capital LLC now owns 18,359 shares of the technology company's stock valued at $1,128,000 after purchasing an additional 358 shares during the period. Compass Financial Services Inc purchased a new position in Pure Storage in the fourth quarter worth approximately $29,000. Newbridge Financial Services Group Inc. lifted its stake in Pure Storage by 5,204.5% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 1,167 shares of the technology company's stock worth $72,000 after acquiring an additional 1,145 shares during the last quarter. Essex LLC purchased a new position in Pure Storage in the fourth quarter worth approximately $226,000. Finally, Stephens Inc. AR lifted its stake in Pure Storage by 4.3% in the fourth quarter. Stephens Inc. AR now owns 9,913 shares of the technology company's stock worth $609,000 after acquiring an additional 410 shares during the last quarter. Hedge funds and other institutional investors own 83.42% of the company's stock.

Analysts Set New Price Targets

A number of research firms have weighed in on PSTG. Wells Fargo & Company raised their price objective on shares of Pure Storage from $75.00 to $80.00 and gave the stock an "overweight" rating in a report on Wednesday, December 4th. Northland Securities reaffirmed a "market perform" rating and issued a $63.00 target price (up from $59.00) on shares of Pure Storage in a report on Wednesday, December 4th. JPMorgan Chase & Co. lifted their target price on shares of Pure Storage from $60.00 to $75.00 and gave the company an "overweight" rating in a report on Wednesday, December 4th. Evercore ISI lifted their target price on shares of Pure Storage from $70.00 to $75.00 and gave the company an "outperform" rating in a report on Wednesday, December 4th. Finally, Piper Sandler raised shares of Pure Storage from a "neutral" rating to an "overweight" rating and lifted their target price for the company from $56.00 to $76.00 in a report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat, Pure Storage currently has a consensus rating of "Moderate Buy" and an average target price of $72.70.

Insider Activity

In related news, 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 transaction of $1,229,875.76. Following the completion of the sale, the insider now owns 262,144 shares of the company's stock, valued at approximately $16,142,827.52. This represents a 7.08 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John Colgrove sold 100,000 shares of the stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $65.55, for a total transaction of $6,555,000.00. Following the sale, 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 position. The disclosure for this sale can be found here. Insiders sold a total of 137,178 shares of company stock valued at $8,871,746 in the last 90 days. 6.00% of the stock is currently owned by insiders.

Pure Storage Trading Up 0.5 %

Shares of NYSE PSTG traded up $0.33 on Thursday, reaching $67.58. 1,405,978 shares of the company traded hands, compared to its average volume of 2,385,892. Pure Storage, Inc. has a fifty-two week low of $38.78 and a fifty-two week high of $73.67. The company has a 50 day moving average of $65.57 and a 200 day moving average of $57.56. The stock has a market capitalization of $22.05 billion, a PE ratio of 177.85, a P/E/G ratio of 5.26 and a beta of 1.09.

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.