UNICOM Systems Inc. Makes New Investment in Pure Storage, Inc. (NYSE:PSTG)

UNICOM Systems Inc. purchased a new position in shares of Pure Storage, Inc. (NYSE:PSTG) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 285,000 shares of the technology company’s stock, valued at approximately $17,508,000. Pure Storage accounts for approximately 4.3% of UNICOM Systems Inc.’s investment portfolio, making the stock its 7th biggest holding. UNICOM Systems Inc. owned approximately 0.09% of Pure Storage at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in PSTG. Truist Financial Corp grew its holdings in Pure Storage by 19.3% in the second quarter. Truist Financial Corp now owns 12,561 shares of the technology company’s stock valued at $807,000 after purchasing an additional 2,028 shares during the period. UMB Bank n.a. increased its holdings in shares of Pure Storage by 26.0% during the 3rd quarter. UMB Bank n.a. now owns 1,485 shares of the technology company’s stock worth $75,000 after buying an additional 306 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt raised its position in shares of Pure Storage by 93.4% in the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 2,300 shares of the technology company’s stock worth $116,000 after buying an additional 1,111 shares during the period. Exchange Traded Concepts LLC boosted its holdings in Pure Storage by 34.8% in the third quarter. Exchange Traded Concepts LLC now owns 58,102 shares of the technology company’s stock valued at $2,919,000 after acquiring an additional 15,013 shares during the last quarter. Finally, McGlone Suttner Wealth Management Inc. purchased a new stake in Pure Storage during the third quarter valued at about $226,000. Institutional investors and hedge funds own 83.42% of the company’s stock.

Insider Transactions at Pure Storage

In related news, insider Ajay Singh sold 19,972 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $16,142,827.52. This trade represents a 7.08 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Mona Chu sold 8,311 shares of the business’s 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 transaction, the chief accounting officer now directly owns 67,681 shares of the company’s stock, valued at approximately $4,207,050.96. This trade represents a 10.94 % decrease in their position. 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. 6.00% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have recently commented on PSTG shares. Piper Sandler upgraded Pure Storage from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $56.00 to $76.00 in a report on Wednesday, December 4th. Oppenheimer initiated coverage on shares of Pure Storage in a research report on Wednesday, November 13th. They issued an “outperform” rating and a $70.00 price objective for the company. Evercore ISI lifted their target price on shares of Pure Storage from $70.00 to $75.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Guggenheim increased their price target on Pure Storage from $72.00 to $93.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Finally, Barclays boosted their price objective on Pure Storage from $56.00 to $61.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 4th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $72.70.

Pure Storage Price Performance

Shares of PSTG opened at $70.94 on Tuesday. Pure Storage, Inc. has a 12-month low of $38.78 and a 12-month high of $73.67. The business’s fifty day moving average price is $64.89 and its 200 day moving average price is $57.33. The stock has a market capitalization of $23.14 billion, a PE ratio of 186.69, a price-to-earnings-growth ratio of 5.26 and a beta of 1.09.

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.