Cache Advisors LLC Buys Shares of 35,700 Pure Storage, Inc. (NYSE:PSTG)

Cache Advisors LLC purchased a new position in Pure Storage, Inc. (NYSE:PSTG) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 35,700 shares of the technology company’s stock, valued at approximately $2,193,000. Pure Storage comprises about 0.8% of Cache Advisors LLC’s holdings, making the stock its 27th biggest position.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Barclays PLC raised its stake in Pure Storage by 9.4% during the third quarter. Barclays PLC now owns 316,911 shares of the technology company’s stock worth $15,921,000 after acquiring an additional 27,345 shares during the period. Park Avenue Securities LLC grew its holdings in shares of Pure Storage by 22.6% during the fourth quarter. Park Avenue Securities LLC now owns 7,990 shares of the technology company’s stock valued at $491,000 after purchasing an additional 1,472 shares during the last quarter. Merit Financial Group LLC acquired a new stake in shares of Pure Storage during the 4th quarter worth approximately $314,000. UMB Bank n.a. lifted its holdings in shares of Pure Storage by 69.2% in the 4th quarter. UMB Bank n.a. now owns 2,513 shares of the technology company’s stock worth $154,000 after purchasing an additional 1,028 shares during the last quarter. Finally, Janney Montgomery Scott LLC boosted its position in Pure Storage by 59.9% during the 4th quarter. Janney Montgomery Scott LLC now owns 64,692 shares of the technology company’s stock valued at $3,974,000 after purchasing an additional 24,232 shares during the period. 83.42% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, insider John Colgrove sold 100,000 shares of the 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 sale, the insider now directly owns 801,959 shares of the company’s stock, valued at $41,709,887.59. This represents a 11.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO Dan Fitzsimons sold 872 shares of Pure Storage 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 completion of the transaction, the executive now owns 89,351 shares in the company, valued at approximately $4,602,470.01. This trade represents a 0.97% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 107,849 shares of company stock worth $5,531,346 over the last 90 days. 5.60% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $75.00 target price on shares of Pure Storage in a research report on Thursday, February 27th. Piper Sandler lowered their price target on shares of Pure Storage from $76.00 to $53.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. UBS Group lifted their price objective on shares of Pure Storage from $47.00 to $50.00 and gave the company a “sell” rating in a research report on Thursday, February 27th. Bank of America reduced their target price on shares of Pure Storage from $77.00 to $73.00 and set a “neutral” rating for the company in a research note on Thursday, February 27th. Finally, Citigroup raised their price target on shares of Pure Storage from $55.00 to $65.00 and gave the company a “buy” rating in a research note 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. According to data from MarketBeat, Pure Storage currently has an average rating of “Moderate Buy” and an average target price of $70.70.

Pure Storage Stock Performance

Shares of PSTG stock opened at $55.49 on Friday. Pure Storage, Inc. has a 1 year low of $34.51 and a 1 year high of $73.67. The stock has a market cap of $18.09 billion, a PE ratio of 146.02, a price-to-earnings-growth ratio of 5.12 and a beta of 1.05. The business’s fifty day moving average is $47.12 and its 200-day moving average is $55.85.

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.