Prairiewood Capital LLC Takes Position in Pure Storage, Inc. (NYSE:PSTG)

Prairiewood Capital LLC acquired a new stake in shares of Pure Storage, Inc. (NYSE:PSTG) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 5,100 shares of the technology company’s stock, valued at approximately $313,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Nvwm LLC boosted its position in Pure Storage by 23.3% in the third quarter. Nvwm LLC now owns 1,027 shares of the technology company’s stock worth $52,000 after purchasing an additional 194 shares during the last quarter. Larson Financial Group LLC boosted its holdings 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 buying an additional 212 shares during the last quarter. Venturi Wealth Management LLC grew its position in Pure Storage by 40.9% during the third quarter. Venturi Wealth Management LLC now owns 754 shares of the technology company’s stock valued at $38,000 after buying an additional 219 shares during the period. Brookstone Capital Management increased its holdings in Pure Storage by 3.1% during the fourth quarter. Brookstone Capital Management now owns 7,917 shares of the technology company’s stock valued at $486,000 after buying an additional 240 shares during the last quarter. Finally, Bank Pictet & Cie Europe AG raised its position in Pure Storage by 3.6% in the third quarter. Bank Pictet & Cie Europe AG now owns 7,461 shares of the technology company’s stock worth $375,000 after acquiring an additional 259 shares during the period. Institutional investors own 83.42% of the company’s stock.

Pure Storage Stock Performance

NYSE PSTG opened at $66.47 on Tuesday. The stock has a 50 day moving average price of $59.63 and a 200-day moving average price of $56.72. Pure Storage, Inc. has a one year low of $37.26 and a one year high of $70.41. The company has a market capitalization of $21.69 billion, a P/E ratio of 174.94, a P/E/G ratio of 8.00 and a beta of 1.09.

Insider Activity at Pure Storage

In other news, insider Ajay Singh sold 19,972 shares of Pure Storage stock in a transaction that occurred on 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 owns 262,144 shares in the company, valued at approximately $16,142,827.52. The trade was a 7.08 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mona Chu sold 8,311 shares of the stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $62.16, for a total value of $516,611.76. Following the sale, the chief accounting officer now owns 67,681 shares in the company, valued at $4,207,050.96. The trade was a 10.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 137,178 shares of company stock valued at $8,871,746 over the last 90 days. 6.00% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

PSTG has been the subject of several analyst reports. Wells Fargo & Company upped their price objective on Pure Storage from $75.00 to $80.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. William Blair restated an “outperform” rating on shares of Pure Storage in a research report on Thursday, November 14th. Citigroup raised their price objective on Pure Storage from $63.00 to $75.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Stifel Nicolaus increased their target price on shares of Pure Storage from $60.00 to $65.00 and gave the stock a “hold” rating in a report on Wednesday, December 4th. Finally, Piper Sandler upgraded shares of Pure Storage from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $56.00 to $76.00 in a research note on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price 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.