Polen Capital Management LLC Makes New Investment in Pure Storage, Inc. (NYSE:PSTG)

Polen Capital Management LLC purchased a new stake in shares of Pure Storage, Inc. (NYSE:PSTG) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 10,643 shares of the technology company’s stock, valued at approximately $654,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sugar Maple Asset Management LLC purchased a new position in shares of Pure Storage during the 4th quarter valued at approximately $29,000. Compass Financial Services Inc purchased a new position in Pure Storage during the fourth quarter valued at $29,000. Larson Financial Group LLC lifted its holdings in Pure Storage by 49.1% during the third quarter. Larson Financial Group LLC now owns 644 shares of the technology company’s stock valued at $32,000 after purchasing an additional 212 shares in the last quarter. Berbice Capital Management LLC acquired a new stake in shares of Pure Storage in the fourth quarter valued at about $37,000. Finally, Financial Life Planners purchased a new position in Pure Storage in the 4th quarter valued at about $44,000. Hedge funds and other institutional investors own 83.42% of the company’s stock.

Insider Activity at Pure Storage

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

Pure Storage Stock Performance

Pure Storage stock opened at $50.54 on Tuesday. The company’s 50 day simple moving average is $62.58 and its 200-day simple moving average is $57.34. Pure Storage, Inc. has a 1 year low of $44.76 and a 1 year high of $73.67. The company has a market capitalization of $16.49 billion, a price-to-earnings ratio of 133.01, a price-to-earnings-growth ratio of 5.12 and a beta of 1.09.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Needham & Company LLC restated a “buy” rating and issued a $75.00 target price on shares of Pure Storage in a research report on Thursday, February 27th. Barclays raised their target price on shares of Pure Storage from $56.00 to $61.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 4th. Piper Sandler upgraded Pure Storage from a “neutral” rating to an “overweight” rating and upped their price target for the company from $56.00 to $76.00 in a research report on Wednesday, December 4th. Bank of America reduced their price objective on Pure Storage from $77.00 to $73.00 and set a “neutral” rating on the stock in a research report on Thursday, February 27th. Finally, Wells Fargo & Company boosted their price objective on Pure Storage from $75.00 to $80.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $73.20.

Pure Storage Company 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.