Gateway Investment Advisers LLC Makes New Investment in Pure Storage, Inc. (NYSE:PSTG)

Gateway Investment Advisers LLC purchased a new stake in shares of Pure Storage, Inc. (NYSE:PSTG) during the fourth quarter, Holdings Channel reports. The fund purchased 49,288 shares of the technology company’s stock, valued at approximately $3,028,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Sycomore Asset Management acquired a new position in Pure Storage during the 2nd quarter worth about $2,259,000. Citigroup Inc. boosted its holdings in Pure Storage by 11.3% in the third quarter. Citigroup Inc. now owns 144,005 shares of the technology company’s stock valued at $7,235,000 after acquiring an additional 14,659 shares during the last quarter. TT International Asset Management LTD increased its position in Pure Storage by 1,160.1% during the 3rd quarter. TT International Asset Management LTD now owns 73,085 shares of the technology company’s stock valued at $3,671,000 after purchasing an additional 67,285 shares during the period. FMR LLC raised its holdings in Pure Storage by 0.8% during the 3rd quarter. FMR LLC now owns 49,153,797 shares of the technology company’s stock worth $2,469,487,000 after purchasing an additional 368,643 shares during the last quarter. Finally, Bank of Montreal Can lifted its position in shares of Pure Storage by 92.0% in the 3rd quarter. Bank of Montreal Can now owns 193,563 shares of the technology company’s stock worth $9,570,000 after purchasing an additional 92,762 shares during the period. 83.42% of the stock is currently owned by institutional investors.

Insider Transactions at Pure Storage

In related news, insider Ajay Singh sold 19,972 shares of Pure Storage stock in a transaction that occurred on Tuesday, December 31st. The shares were 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. The trade was a 7.08 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider John Colgrove sold 100,000 shares of the stock in a transaction on Monday, October 21st. The shares were sold at an average price of $57.32, for a total value of $5,732,000.00. Following the transaction, the insider now directly owns 300,000 shares of the company’s stock, valued at approximately $17,196,000. This trade represents a 25.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 237,178 shares of company stock worth $14,603,746 in the last 90 days. Insiders own 6.00% of the company’s stock.

Pure Storage Price Performance

PSTG opened at $66.47 on Friday. Pure Storage, Inc. has a fifty-two week low of $37.26 and a fifty-two week high of $70.41. The company’s 50-day moving average is $59.63 and its 200 day moving average is $56.81. The firm has a market capitalization of $21.69 billion, a P/E ratio of 174.94, a PEG ratio of 7.81 and a beta of 1.09.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Piper Sandler raised shares of Pure Storage from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $56.00 to $76.00 in a research note on Wednesday, December 4th. Needham & Company LLC upped their target price on Pure Storage from $62.00 to $75.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. William Blair reiterated an “outperform” rating on shares of Pure Storage in a report on Thursday, November 14th. 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. Finally, TD Cowen lifted their price objective on shares of Pure Storage from $70.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, six have given a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $72.70.

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.