ARK Investment Management LLC Increases Stock Position in Pure Storage, Inc. (NYSE:PSTG)

ARK Investment Management LLC lifted its holdings in shares of Pure Storage, Inc. (NYSE:PSTG) by 2.5% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 200,149 shares of the technology company’s stock after acquiring an additional 4,976 shares during the quarter. ARK Investment Management LLC’s holdings in Pure Storage were worth $12,295,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the business. Amalgamated Bank lifted its stake in shares of Pure Storage by 0.7% during the 4th quarter. Amalgamated Bank now owns 151,534 shares of the technology company’s stock valued at $9,309,000 after buying an additional 1,065 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Pure Storage by 0.3% during the 4th quarter. Bank of New York Mellon Corp now owns 3,508,029 shares of the technology company’s stock valued at $215,498,000 after buying an additional 9,985 shares in the last quarter. Union Bancaire Privee UBP SA purchased a new stake in shares of Pure Storage during the 4th quarter valued at approximately $1,253,000. Peregrine Asset Advisers Inc. purchased a new stake in shares of Pure Storage during the 4th quarter valued at approximately $2,537,000. Finally, Crumly & Associates Inc. purchased a new stake in shares of Pure Storage during the 4th quarter valued at approximately $204,000. 83.42% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on PSTG shares. Stifel Nicolaus upped 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. UBS Group upped their target price on shares of Pure Storage from $45.00 to $47.00 and gave the stock a “sell” rating in a report on Wednesday, December 4th. William Blair reaffirmed an “outperform” rating on shares of Pure Storage in a report on Thursday, November 14th. Piper Sandler raised shares of Pure Storage from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $56.00 to $76.00 in a report on Wednesday, December 4th. Finally, Lake Street Capital upped their target price on shares of Pure Storage from $68.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $72.95.

Pure Storage Stock Performance

PSTG stock opened at $61.35 on Wednesday. Pure Storage, Inc. has a 52 week low of $40.79 and a 52 week high of $73.67. The firm’s fifty day moving average is $66.09 and its 200 day moving average is $58.25. The firm has a market cap of $20.02 billion, a P/E ratio of 161.46, a P/E/G ratio of 5.12 and a beta of 1.09.

Insider Activity at Pure Storage

In other Pure Storage news, 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 transaction of $516,611.76. Following the completion of the sale, the chief accounting officer now owns 67,681 shares of the company’s stock, valued at $4,207,050.96. This represents a 10.94 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider John Colgrove sold 100,000 shares of the stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $65.55, for a total transaction of $6,555,000.00. Following the sale, the insider now directly owns 7,316,722 shares of the company’s stock, valued at $479,611,127.10. The trade was a 1.35 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 137,178 shares of company stock valued at $8,871,746. Insiders own 6.00% of the company’s stock.

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.