Castleark Management LLC Grows Position in Pure Storage, Inc. (NYSE:PSTG)

Castleark Management LLC raised its stake in shares of Pure Storage, Inc. (NYSE:PSTG) by 80.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,870 shares of the technology company’s stock after acquiring an additional 2,620 shares during the period. Castleark Management LLC’s holdings in Pure Storage were worth $361,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of PSTG. World Investment Advisors raised its holdings in shares of Pure Storage by 1.6% in the fourth quarter. World Investment Advisors now owns 9,635 shares of the technology company’s stock valued at $592,000 after purchasing an additional 150 shares during the last quarter. Peapack Gladstone Financial Corp grew its position in Pure Storage by 2.7% in the 4th quarter. Peapack Gladstone Financial Corp now owns 5,775 shares of the technology company’s stock worth $355,000 after purchasing an additional 150 shares in the last quarter. HighPoint Advisor Group LLC increased its stake in Pure Storage by 2.7% in the 4th quarter. HighPoint Advisor Group LLC now owns 5,885 shares of the technology company’s stock valued at $396,000 after buying an additional 157 shares during the last quarter. Parallel Advisors LLC lifted its position in shares of Pure Storage by 1.4% during the 4th quarter. Parallel Advisors LLC now owns 13,271 shares of the technology company’s stock worth $815,000 after buying an additional 186 shares in the last quarter. Finally, Cherry Creek Investment Advisors Inc. boosted its stake in shares of Pure Storage by 0.3% in the 4th quarter. Cherry Creek Investment Advisors Inc. now owns 67,232 shares of the technology company’s stock worth $4,130,000 after buying an additional 189 shares during the last quarter. 83.42% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on PSTG shares. Evercore ISI decreased their price target on Pure Storage from $75.00 to $60.00 and set an “outperform” rating for the company in a research report on Monday, April 28th. Piper Sandler decreased their target price on Pure Storage from $76.00 to $53.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Bank of America cut their price target on shares of Pure Storage from $77.00 to $73.00 and set a “neutral” rating on the stock in a report on Thursday, February 27th. Morgan Stanley increased their price target on shares of Pure Storage from $40.00 to $62.00 and gave the company an “equal weight” rating in a research report on Tuesday. Finally, Citigroup lifted their price objective on shares of Pure Storage from $55.00 to $65.00 and gave the stock a “buy” rating in a research report on Friday, May 16th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, Pure Storage presently has a consensus rating of “Moderate Buy” and an average target price of $70.20.

Insiders Place Their Bets

In related news, insider John Colgrove sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $52.01, for a total transaction of $5,201,000.00. Following the completion of the transaction, the insider now owns 801,959 shares of the company’s stock, valued at approximately $41,709,887.59. The trade was a 11.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CRO Dan Fitzsimons sold 872 shares of the company’s stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $51.51, for a total transaction of $44,916.72. Following the sale, the executive now directly owns 89,351 shares in the company, valued at $4,602,470.01. This trade represents a 0.97% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 107,849 shares of company stock worth $5,531,346 over the last 90 days. Corporate insiders own 5.60% of the company’s stock.

Pure Storage Trading Down 2.0%

PSTG opened at $55.44 on Thursday. Pure Storage, Inc. has a 12 month low of $34.51 and a 12 month high of $73.67. The company has a market cap of $18.07 billion, a PE ratio of 145.89, a price-to-earnings-growth ratio of 5.12 and a beta of 1.05. The company has a 50 day moving average of $46.89 and a 200 day moving average of $55.78.

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.