Whittier Trust Co. Boosts Stock Position in Pure Storage, Inc. (NYSE:PSTG)

Whittier Trust Co. raised its stake in shares of Pure Storage, Inc. (NYSE:PSTG) by 123.1% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 132,618 shares of the technology company’s stock after acquiring an additional 73,188 shares during the period. Whittier Trust Co.’s holdings in Pure Storage were worth $8,147,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Sugar Maple Asset Management LLC acquired a new position in Pure Storage during the 4th quarter worth approximately $29,000. Compass Financial Services Inc acquired a new position in Pure Storage during the 4th quarter worth approximately $29,000. Larson Financial Group LLC increased its position in Pure Storage by 49.1% during the 3rd quarter. Larson Financial Group LLC now owns 644 shares of the technology company’s stock worth $32,000 after purchasing an additional 212 shares during the period. Berbice Capital Management LLC acquired a new position in Pure Storage during the 4th quarter worth approximately $37,000. Finally, Financial Life Planners acquired a new position in Pure Storage during the 4th quarter worth approximately $44,000. 83.42% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CRO Dan Fitzsimons sold 8,895 shares of the firm’s stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $64.11, for a total transaction of $570,258.45. Following the sale, the executive now owns 72,927 shares in the company, valued at $4,675,349.97. This trade represents a 10.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Ajay Singh sold 19,972 shares of the firm’s stock in a transaction 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 sale, the insider now owns 262,144 shares in the company, valued at $16,142,827.52. This trade represents a 7.08 % decrease in their position. The disclosure for this sale can be found here. 6.00% of the stock is currently owned by company insiders.

Pure Storage Stock Performance

Pure Storage stock opened at $50.81 on Friday. The stock has a fifty day moving average of $61.80 and a two-hundred day moving average of $57.25. The company has a market capitalization of $16.58 billion, a price-to-earnings ratio of 133.71, a PEG ratio of 5.12 and a beta of 1.09. Pure Storage, Inc. has a fifty-two week low of $44.76 and a fifty-two week high of $73.67.

Analyst Upgrades and Downgrades

Several research firms have issued reports on PSTG. Piper Sandler upgraded Pure Storage from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $56.00 to $76.00 in a research report on Wednesday, December 4th. Morgan Stanley upped their price target on Pure Storage from $62.00 to $72.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Evercore ISI raised their price objective on Pure Storage from $70.00 to $75.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Bank of America dropped their price objective on 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 dropped their price objective on Pure Storage from $80.00 to $77.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Pure Storage has a consensus rating of “Moderate Buy” and an average price target of $73.20.

Pure Storage Company 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.