Bowen Hanes & Co. Inc. Buys 100,000 Shares of Pure Storage, Inc. (NYSE:PSTG)

Bowen Hanes & Co. Inc. grew its position in shares of Pure Storage, Inc. (NYSE:PSTG) by 12.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 900,000 shares of the technology company’s stock after purchasing an additional 100,000 shares during the period. Bowen Hanes & Co. Inc. owned about 0.28% of Pure Storage worth $55,287,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Sugar Maple Asset Management LLC purchased a new stake in Pure Storage during the fourth quarter valued at about $29,000. Compass Financial Services Inc bought a new stake in shares of Pure Storage in the 4th quarter valued at about $29,000. Berbice Capital Management LLC purchased a new stake in Pure Storage during the 4th quarter valued at about $37,000. Larson Financial Group LLC grew its position in Pure Storage by 49.1% during the 3rd quarter. Larson Financial Group LLC now owns 644 shares of the technology company’s stock worth $32,000 after acquiring an additional 212 shares during the last quarter. Finally, Financial Life Planners purchased a new position in Pure Storage in the 4th quarter worth approximately $44,000. Institutional investors own 83.42% of the company’s stock.

Insider Activity at Pure Storage

In related news, CRO Dan Fitzsimons sold 8,895 shares of the company’s stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $64.11, for a total value of $570,258.45. Following the transaction, the executive now owns 72,927 shares in the company, valued at $4,675,349.97. The trade was a 10.87 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Ajay Singh sold 19,972 shares of the firm’s stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $61.58, for a total transaction 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 represents 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 corporate insiders.

Pure Storage Stock Performance

Shares of NYSE PSTG opened at $48.21 on Thursday. The company has a 50 day simple moving average of $63.40 and a two-hundred day simple moving average of $57.51. Pure Storage, Inc. has a fifty-two week low of $44.76 and a fifty-two week high of $73.67. The company has a market capitalization of $15.73 billion, a price-to-earnings ratio of 126.86, a P/E/G ratio of 5.12 and a beta of 1.09.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on PSTG. Oppenheimer initiated coverage on Pure Storage in a research note on Wednesday, November 13th. They set an “outperform” rating and a $70.00 price objective for the company. William Blair reissued an “outperform” rating on shares of Pure Storage in a report on Thursday, November 14th. Needham & Company LLC restated a “buy” rating and issued a $75.00 price objective on shares of Pure Storage in a research report on Thursday, February 27th. Barclays increased their target price on shares of Pure Storage from $56.00 to $61.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 4th. Finally, Citigroup reduced their price target on Pure Storage from $80.00 to $77.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. One investment 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’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price 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.