Gallacher Capital Management LLC Purchases New Holdings in Pure Storage, Inc. (NYSE:PSTG)

Gallacher Capital Management LLC purchased a new stake in Pure Storage, Inc. (NYSE:PSTG) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 3,794 shares of the technology company’s stock, valued at approximately $233,000.

Several other institutional investors have also made changes to their positions in PSTG. Franklin Resources Inc. lifted its stake in Pure Storage by 210.2% during the third quarter. Franklin Resources Inc. now owns 2,553,402 shares of the technology company’s stock worth $137,628,000 after purchasing an additional 1,730,123 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Pure Storage during the fourth quarter worth $70,971,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its stake in shares of Pure Storage by 22.5% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 4,063,776 shares of the technology company’s stock valued at $204,163,000 after acquiring an additional 747,034 shares during the last quarter. State Street Corp lifted its stake in shares of Pure Storage by 6.5% in the 3rd quarter. State Street Corp now owns 10,262,666 shares of the technology company’s stock valued at $515,596,000 after acquiring an additional 626,427 shares during the last quarter. Finally, World Investment Advisors LLC bought a new position in shares of Pure Storage in the 3rd quarter valued at $20,470,000. 83.42% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CRO Dan Fitzsimons sold 8,895 shares of Pure Storage stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $64.11, for a total transaction of $570,258.45. Following the completion of the sale, the executive now directly owns 72,927 shares of the company’s stock, valued at approximately $4,675,349.97. The trade was a 10.87 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Ajay Singh sold 19,972 shares of Pure Storage stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $61.58, for a total transaction of $1,229,875.76. Following the sale, the insider now directly owns 262,144 shares of the company’s stock, valued at $16,142,827.52. This represents a 7.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 6.00% of the company’s stock.

Pure Storage Trading Up 5.0 %

Pure Storage stock opened at $50.99 on Monday. Pure Storage, Inc. has a 1-year low of $44.76 and a 1-year high of $73.67. The firm has a market capitalization of $16.63 billion, a price-to-earnings ratio of 134.17, a P/E/G ratio of 5.12 and a beta of 1.09. The firm has a 50 day simple moving average of $62.86 and a 200 day simple moving average of $57.34.

Wall Street Analysts Forecast Growth

PSTG has been the subject of a number of research reports. TD Cowen increased their price target on Pure Storage from $70.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Morgan Stanley increased their price objective on Pure Storage from $62.00 to $72.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. Barclays increased their price target on Pure Storage from $56.00 to $61.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 4th. Lake Street Capital increased their price target on Pure Storage from $68.00 to $70.00 and gave the stock a “buy” rating in a 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 report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat, Pure Storage presently has a consensus rating of “Moderate Buy” and a consensus price target of $73.20.

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.