Sierra Summit Advisors LLC Raises Stock Position in Pure Storage, Inc. (NYSE:PSTG)

Sierra Summit Advisors LLC lifted its position in Pure Storage, Inc. (NYSE:PSTG) by 27.3% in the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 7,035 shares of the technology company’s stock after purchasing an additional 1,510 shares during the period. Sierra Summit Advisors LLC’s holdings in Pure Storage were worth $452,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Massmutual Trust Co. FSB ADV raised its position in Pure Storage by 61.2% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 424 shares of the technology company’s stock valued at $27,000 after purchasing an additional 161 shares in the last quarter. Harbour Investments Inc. raised its holdings in shares of Pure Storage by 3.0% in the second quarter. Harbour Investments Inc. now owns 6,912 shares of the technology company’s stock valued at $444,000 after acquiring an additional 202 shares in the last quarter. Michael S. Ryan Inc. lifted its stake in Pure Storage by 4.8% in the second quarter. Michael S. Ryan Inc. now owns 4,542 shares of the technology company’s stock worth $292,000 after acquiring an additional 208 shares during the period. Bank Pictet & Cie Europe AG grew its holdings in Pure Storage by 3.2% during the 2nd quarter. Bank Pictet & Cie Europe AG now owns 7,202 shares of the technology company’s stock worth $462,000 after acquiring an additional 223 shares in the last quarter. Finally, Franklin Resources Inc. grew its holdings in Pure Storage by 0.4% during the 4th quarter. Franklin Resources Inc. now owns 54,073 shares of the technology company’s stock worth $1,928,000 after acquiring an additional 242 shares in the last quarter. Institutional investors own 83.42% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on PSTG. UBS Group lowered their price target on shares of Pure Storage from $47.00 to $45.00 and set a “sell” rating for the company in a research report on Thursday, August 29th. Barclays increased their target price on Pure Storage from $51.00 to $56.00 and gave the company an “equal weight” rating in a research report on Thursday, May 30th. Raymond James reduced their price target on Pure Storage from $73.00 to $70.00 and set an “outperform” rating for the company in a research report on Thursday, August 29th. Stifel Nicolaus decreased their price objective on Pure Storage from $65.00 to $60.00 and set a “hold” rating for the company in a research note on Thursday, August 29th. Finally, Needham & Company LLC cut their target price on Pure Storage from $80.00 to $62.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $66.95.

Insider Activity

In related news, CFO P. Kevan Krysler sold 14,296 shares of Pure Storage stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $63.79, for a total transaction of $911,941.84. Following the completion of the sale, the chief financial officer now owns 518,623 shares of the company’s stock, valued at $33,082,961.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO P. Kevan Krysler sold 14,296 shares of the stock in a transaction on Friday, July 5th. The shares were sold at an average price of $63.79, for a total value of $911,941.84. Following the sale, the chief financial officer now owns 518,623 shares in the company, valued at $33,082,961.17. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider John Colgrove sold 100,000 shares of the business’s stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $59.50, for a total transaction of $5,950,000.00. Following the transaction, the insider now owns 900,000 shares of the company’s stock, valued at $53,550,000. The disclosure for this sale can be found here. Over the last three months, insiders have sold 324,177 shares of company stock valued at $18,863,083. Company insiders own 6.00% of the company’s stock.

Pure Storage Price Performance

NYSE PSTG opened at $48.90 on Monday. The stock’s fifty day moving average price is $57.26 and its 200 day moving average price is $57.21. Pure Storage, Inc. has a 1 year low of $31.00 and a 1 year high of $70.41. 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 company has a market cap of $15.90 billion, a price-to-earnings ratio of 174.64, a PEG ratio of 7.40 and a beta of 1.11.

About Pure Storage

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.