Proficio Capital Partners LLC Invests $5.11 Million in Pure Storage, Inc. (NYSE:PSTG)

Proficio Capital Partners LLC bought a new stake in shares of Pure Storage, Inc. (NYSE:PSTG) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 83,115 shares of the technology company’s stock, valued at approximately $5,106,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Citigroup Inc. raised its holdings in shares of Pure Storage by 11.3% in the third quarter. Citigroup Inc. now owns 144,005 shares of the technology company’s stock worth $7,235,000 after buying an additional 14,659 shares during the last quarter. TT International Asset Management LTD raised its stake in Pure Storage by 1,160.1% in the 3rd quarter. TT International Asset Management LTD now owns 73,085 shares of the technology company’s stock worth $3,671,000 after acquiring an additional 67,285 shares during the last quarter. FMR LLC raised its stake in Pure Storage by 0.8% in the 3rd quarter. FMR LLC now owns 49,153,797 shares of the technology company’s stock worth $2,469,487,000 after acquiring an additional 368,643 shares during the last quarter. Sycomore Asset Management grew its stake in Pure Storage by 57.8% during the 4th quarter. Sycomore Asset Management now owns 187,874 shares of the technology company’s stock valued at $11,541,000 after purchasing an additional 68,840 shares during the last quarter. Finally, Asio Capital LLC acquired a new position in shares of Pure Storage in the fourth quarter valued at about $264,000. 83.42% of the stock is currently owned by hedge funds and other institutional investors.

Pure Storage Stock Down 5.7 %

Shares of NYSE PSTG opened at $49.50 on Tuesday. The firm has a market cap of $16.15 billion, a price-to-earnings ratio of 130.27, a price-to-earnings-growth ratio of 5.12 and a beta of 1.09. The company’s 50-day simple moving average is $65.37 and its 200-day simple moving average is $58.09. Pure Storage, Inc. has a 52-week low of $44.76 and a 52-week high of $73.67.

Insider Buying and Selling

In other news, insider John Colgrove sold 100,000 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $65.55, for a total value of $6,555,000.00. Following the transaction, the insider now directly owns 7,316,722 shares of the company’s stock, valued at approximately $479,611,127.10. This trade represents a 1.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO Mona Chu sold 8,311 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $62.16, for a total transaction of $516,611.76. Following the completion of the transaction, the chief accounting officer now directly owns 67,681 shares in the company, valued at $4,207,050.96. This trade represents a 10.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 137,178 shares of company stock worth $8,871,746. Insiders own 6.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on PSTG shares. StockNews.com downgraded Pure Storage from a “buy” rating to a “hold” rating in a report on Thursday, February 27th. JPMorgan Chase & Co. lifted their price objective on shares of Pure Storage from $60.00 to $75.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Citigroup cut their price objective on shares of Pure Storage from $80.00 to $77.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. Barclays boosted their target price on shares of Pure Storage from $56.00 to $61.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 4th. Finally, Wells Fargo & Company increased their price target on Pure Storage from $75.00 to $80.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $73.20.

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.