Formidable Asset Management LLC Makes New $201,000 Investment in Pure Storage, Inc. (NYSE:PSTG)

Formidable Asset Management LLC purchased a new position in shares of Pure Storage, Inc. (NYSE:PSTG) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 3,273 shares of the technology company’s stock, valued at approximately $201,000.

Other large investors also recently made changes to their positions in the company. McIlrath & Eck LLC purchased a new position in shares of Pure Storage during the 4th quarter worth $25,000. Compass Financial Services Inc purchased a new position in shares of Pure Storage in the 4th quarter worth $29,000. Crowley Wealth Management Inc. purchased a new position in shares of Pure Storage in the 4th quarter worth $31,000. Financial Life Planners purchased a new position in shares of Pure Storage in the 4th quarter worth $44,000. Finally, EverSource Wealth Advisors LLC raised its position in shares of Pure Storage by 157.4% in the 4th quarter. EverSource Wealth Advisors LLC now owns 713 shares of the technology company’s stock worth $44,000 after buying an additional 436 shares during the period. Hedge funds and other institutional investors own 83.42% of the company’s stock.

Pure Storage Stock Performance

Shares of NYSE PSTG opened at $55.49 on Monday. Pure Storage, Inc. has a 1 year low of $34.51 and a 1 year high of $73.67. The firm has a market cap of $18.09 billion, a price-to-earnings ratio of 146.02, a PEG ratio of 5.12 and a beta of 1.05. The stock’s 50-day simple moving average is $47.12 and its 200-day simple moving average is $55.88.

Analysts Set New Price Targets

Several brokerages recently weighed in on PSTG. UBS Group increased their target price on Pure Storage from $47.00 to $50.00 and gave the stock a “sell” rating in a research report on Thursday, February 27th. Morgan Stanley increased their target price on Pure Storage from $40.00 to $62.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 20th. Bank of America cut their target price on Pure Storage from $77.00 to $73.00 and set a “neutral” rating on the stock in a research report on Thursday, February 27th. Evercore ISI increased their target price on Pure Storage from $60.00 to $70.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, 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. One analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat.com, Pure Storage presently has a consensus rating of “Moderate Buy” and a consensus price target of $70.70.

Insider Transactions at Pure Storage

In other news, CRO Dan Fitzsimons sold 6,977 shares of Pure Storage stock in a transaction dated Monday, April 21st. The stock was sold at an average price of $40.91, for a total transaction of $285,429.07. Following the sale, the executive now directly owns 90,223 shares of the company’s stock, valued at approximately $3,691,022.93. The trade was a 7.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider John Colgrove sold 100,000 shares of the business’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $52.01, for a total value 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 approximately $41,709,887.59. This represents a 11.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 107,849 shares of company stock valued at $5,531,346. 5.60% of the stock is currently owned by insiders.

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.