SkyOak Wealth LLC Buys New Position in Pure Storage, Inc. (NYSE:PSTG)

SkyOak Wealth LLC purchased a new position in shares of Pure Storage, Inc. (NYSE:PSTG) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 5,351 shares of the technology company’s stock, valued at approximately $344,000.

A number of other institutional investors have also modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Pure Storage by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 31,789,480 shares of the technology company’s stock valued at $1,652,735,000 after acquiring an additional 495,183 shares during the last quarter. First Trust Advisors LP raised its position in Pure Storage by 4.2% in the fourth quarter. First Trust Advisors LP now owns 4,028,716 shares of the technology company’s stock valued at $143,664,000 after purchasing an additional 160,877 shares during the period. Bank of New York Mellon Corp lifted its position in Pure Storage by 56.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,696,390 shares of the technology company’s stock worth $237,345,000 after acquiring an additional 1,327,873 shares in the last quarter. Norges Bank acquired a new stake in Pure Storage during the 4th quarter valued at $115,452,000. Finally, Blair William & Co. IL lifted its stake in shares of Pure Storage by 0.7% in the second quarter. Blair William & Co. IL now owns 2,357,962 shares of the technology company’s stock worth $151,405,000 after acquiring an additional 15,747 shares in the last quarter. Institutional investors and hedge funds own 83.42% of the company’s stock.

Pure Storage Price Performance

NYSE PSTG opened at $49.80 on Wednesday. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.99 and a quick ratio of 1.96. The firm has a market capitalization of $16.20 billion, a price-to-earnings ratio of 177.86, a price-to-earnings-growth ratio of 7.49 and a beta of 1.11. The company has a 50 day simple moving average of $56.62 and a 200-day simple moving average of $57.15. Pure Storage, Inc. has a 52-week low of $31.00 and a 52-week high of $70.41.

Analyst Upgrades and Downgrades

PSTG has been the subject of several research analyst reports. Piper Sandler reduced their target price on Pure Storage from $60.00 to $56.00 and set a “neutral” rating for the company in a research note on Thursday, August 29th. KeyCorp boosted their target price on shares of Pure Storage from $64.00 to $79.00 and gave the company an “overweight” rating in a research note on Thursday, May 30th. Barclays lifted their target price on Pure Storage from $51.00 to $56.00 and gave the company an “equal weight” rating in a research note on Thursday, May 30th. Evercore ISI cut their price target on Pure Storage from $75.00 to $70.00 and set an “outperform” rating on the stock in a report on Thursday, August 29th. Finally, Wells Fargo & Company upped their price objective on Pure Storage from $70.00 to $75.00 and gave the stock an “overweight” rating in a research note on Thursday, May 30th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $66.95.

Insiders Place Their Bets

In other news, insider John Colgrove sold 100,000 shares of the company’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $61.76, for a total value of $6,176,000.00. Following the transaction, the insider now directly owns 700,000 shares of the company’s stock, valued at $43,232,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Pure Storage news, insider John Colgrove sold 100,000 shares of Pure Storage stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $61.76, for a total value of $6,176,000.00. Following the completion of the sale, the insider now directly owns 700,000 shares in the company, valued at $43,232,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CRO Dan Fitzsimons sold 9,881 shares of the stock in a transaction on Friday, July 19th. The stock was sold at an average price of $59.32, for a total transaction of $586,140.92. Following the transaction, the executive now owns 115,601 shares in the company, valued at approximately $6,857,451.32. The disclosure for this sale can be found here. Insiders sold a total of 324,177 shares of company stock worth $18,863,083 in the last quarter. 6.00% of the stock is currently owned by corporate 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.