Ameriprise Financial Inc. Reduces Stake in Pure Storage, Inc. (NYSE:PSTG)

Ameriprise Financial Inc. cut its holdings in shares of Pure Storage, Inc. (NYSE:PSTG) by 23.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 842,302 shares of the technology company’s stock after selling 251,210 shares during the quarter. Ameriprise Financial Inc. owned 0.26% of Pure Storage worth $51,744,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of PSTG. Norges Bank purchased a new position in shares of Pure Storage during the fourth quarter worth $216,690,000. Artisan Partners Limited Partnership acquired a new stake in Pure Storage during the 4th quarter worth about $210,906,000. William Blair Investment Management LLC raised its stake in shares of Pure Storage by 1,725.3% during the 4th quarter. William Blair Investment Management LLC now owns 2,525,208 shares of the technology company’s stock valued at $155,124,000 after buying an additional 2,386,864 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Pure Storage by 25.4% in the 4th quarter. Geode Capital Management LLC now owns 6,748,553 shares of the technology company’s stock valued at $413,982,000 after buying an additional 1,366,458 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in shares of Pure Storage in the fourth quarter worth about $70,971,000. 83.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Pure Storage

In related news, CRO Dan Fitzsimons sold 6,977 shares of Pure Storage stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $40.91, for a total value of $285,429.07. Following the completion of the transaction, the executive now owns 90,223 shares in the company, valued at approximately $3,691,022.93. The trade was a 7.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 6.00% of the company’s stock.

Pure Storage Stock Performance

Pure Storage stock opened at $48.72 on Friday. The company has a market capitalization of $15.88 billion, a PE ratio of 128.21, a price-to-earnings-growth ratio of 5.12 and a beta of 1.05. Pure Storage, Inc. has a fifty-two week low of $34.51 and a fifty-two week high of $73.67. The firm has a 50 day moving average price of $45.89 and a 200 day moving average price of $55.65.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on PSTG. Evercore ISI reduced their price target on Pure Storage from $75.00 to $60.00 and set an “outperform” rating for the company in a research report on Monday, April 28th. Citigroup decreased their target price on shares of Pure Storage from $77.00 to $55.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Needham & Company LLC restated a “buy” rating and set a $75.00 price target on shares of Pure Storage in a research report on Thursday, February 27th. Bank of America decreased their price objective on shares of Pure Storage from $77.00 to $73.00 and set a “neutral” rating for the company in a research report on Thursday, February 27th. Finally, UBS Group raised their target price on Pure Storage from $47.00 to $50.00 and gave the company a “sell” rating in a research report on Thursday, February 27th. One analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $70.20.

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.