Independent Advisor Alliance Purchases 8,646 Shares of Pure Storage, Inc. $PSTG

Independent Advisor Alliance lifted its position in shares of Pure Storage, Inc. (NYSE:PSTG) by 78.7% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 19,638 shares of the technology company’s stock after acquiring an additional 8,646 shares during the quarter. Independent Advisor Alliance’s holdings in Pure Storage were worth $1,646,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Winnow Wealth LLC purchased a new position in shares of Pure Storage in the third quarter worth about $26,000. True Wealth Design LLC boosted its holdings in Pure Storage by 402.8% in the 2nd quarter. True Wealth Design LLC now owns 548 shares of the technology company’s stock worth $32,000 after buying an additional 439 shares during the period. SouthState Corp grew its stake in Pure Storage by 474.8% in the 2nd quarter. SouthState Corp now owns 592 shares of the technology company’s stock valued at $34,000 after buying an additional 489 shares in the last quarter. REAP Financial Group LLC raised its holdings in Pure Storage by 49.0% during the 2nd quarter. REAP Financial Group LLC now owns 611 shares of the technology company’s stock valued at $35,000 after acquiring an additional 201 shares during the period. Finally, Ramirez Asset Management Inc. lifted its position in shares of Pure Storage by 40.0% during the second quarter. Ramirez Asset Management Inc. now owns 700 shares of the technology company’s stock worth $40,000 after acquiring an additional 200 shares in the last quarter. 83.42% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on PSTG shares. Barclays lifted their price target on Pure Storage from $70.00 to $77.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 3rd. Wedbush lifted their target price on Pure Storage from $90.00 to $100.00 and gave the company an “outperform” rating in a report on Wednesday, December 3rd. JPMorgan Chase & Co. lowered their price target on shares of Pure Storage from $110.00 to $105.00 and set an “overweight” rating on the stock in a report on Wednesday, December 3rd. Oppenheimer assumed coverage on shares of Pure Storage in a research note on Monday, November 17th. They set an “outperform” rating and a $120.00 price objective for the company. Finally, UBS Group upped their target price on shares of Pure Storage from $55.00 to $60.00 and gave the stock a “sell” rating in a report on Wednesday, December 3rd. Twelve analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $95.26.

Pure Storage Trading Up 1.2%

PSTG stock opened at $70.34 on Tuesday. Pure Storage, Inc. has a 1-year low of $34.51 and a 1-year high of $100.59. The stock has a market cap of $23.22 billion, a price-to-earnings ratio of 185.11, a price-to-earnings-growth ratio of 7.72 and a beta of 1.27. The company’s 50 day moving average is $72.28 and its 200 day moving average is $75.98.

Pure Storage (NYSE:PSTG) last released its quarterly earnings results on Tuesday, September 9th. The technology company reported $0.44 EPS for the quarter. The business had revenue of $763.77 million during the quarter. Pure Storage had a net margin of 3.74% and a return on equity of 10.60%. As a group, sell-side analysts forecast that Pure Storage, Inc. will post 0.44 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider John Colgrove sold 100,000 shares of the stock in a transaction on Monday, December 8th. The shares were sold at an average price of $71.31, for a total transaction of $7,131,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Ajay Singh sold 7,178 shares of the business’s stock in a transaction on Tuesday, December 23rd. The stock was sold at an average price of $67.14, for a total transaction of $481,930.92. Following the completion of the sale, the insider directly owned 215,091 shares of the company’s stock, valued at $14,441,209.74. This represents a 3.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 207,178 shares of company stock worth $16,771,931. 5.60% of the stock is owned by insiders.

About Pure Storage

Pure Storage, Inc (NYSE: PSTG) is a technology company that designs and sells data storage hardware and software for enterprise and cloud environments. The company is best known for its all-flash storage arrays that are engineered to deliver high performance, low latency and simplified management compared with traditional disk-based systems. Its product portfolio includes purpose-built arrays and software aimed at transactional databases, virtualized infrastructures, analytics and large-scale file/object workloads.

Key product and software offerings include the FlashArray family for block storage and FlashBlade for file and object workloads, together with Purity, the company’s storage operating environment.