Quantinno Capital Management LP Raises Position in Pure Storage, Inc. (NYSE:PSTG)

Quantinno Capital Management LP increased its position in shares of Pure Storage, Inc. (NYSE:PSTG) by 54.0% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 65,813 shares of the technology company’s stock after purchasing an additional 23,076 shares during the period. Quantinno Capital Management LP’s holdings in Pure Storage were worth $4,043,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Barclays PLC lifted its holdings in Pure Storage by 9.4% in the third quarter. Barclays PLC now owns 316,911 shares of the technology company’s stock valued at $15,921,000 after acquiring an additional 27,345 shares during the period. Assenagon Asset Management S.A. lifted its stake in shares of Pure Storage by 193.7% in the fourth quarter. Assenagon Asset Management S.A. now owns 118,615 shares of the technology company’s stock valued at $7,287,000 after purchasing an additional 78,233 shares during the period. Park Avenue Securities LLC grew its position in Pure Storage by 22.6% during the fourth quarter. Park Avenue Securities LLC now owns 7,990 shares of the technology company’s stock worth $491,000 after buying an additional 1,472 shares during the period. Hennion & Walsh Asset Management Inc. grew its position in Pure Storage by 19.5% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 24,103 shares of the technology company’s stock worth $1,481,000 after buying an additional 3,934 shares during the period. Finally, Procyon Advisors LLC purchased a new position in Pure Storage in the fourth quarter valued at about $251,000. 83.42% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on PSTG. Evercore ISI lowered their price target on Pure Storage from $75.00 to $60.00 and set an “outperform” rating on the stock in a report on Monday, April 28th. Needham & Company LLC reissued a “buy” rating and issued a $75.00 target price on shares of Pure Storage in a report on Thursday, February 27th. Bank of America cut their price target on Pure Storage from $77.00 to $73.00 and set a “neutral” rating for the company in a research note on Thursday, February 27th. UBS Group increased their price objective on shares of Pure Storage from $47.00 to $50.00 and gave the company a “sell” rating in a research note on Thursday, February 27th. Finally, Citigroup raised their target price on shares of Pure Storage from $55.00 to $65.00 and gave the company a “buy” rating in a report on Friday. One analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $70.70.

Pure Storage Stock Up 1.9%

Shares of NYSE:PSTG opened at $56.53 on Monday. The company has a market cap of $18.43 billion, a P/E ratio of 148.77, a P/E/G ratio of 5.12 and a beta of 1.05. The business has a fifty day simple moving average of $46.48 and a 200-day simple moving average of $55.74. Pure Storage, Inc. has a 52 week low of $34.51 and a 52 week high of $73.67.

Insiders Place Their Bets

In other news, CRO Dan Fitzsimons sold 6,977 shares of the stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $40.91, for a total transaction of $285,429.07. Following the transaction, the executive now directly owns 90,223 shares in the company, valued at $3,691,022.93. This represents a 7.18% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider John Colgrove sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $52.01, for a total transaction of $5,201,000.00. Following the completion of the sale, the insider now directly owns 801,959 shares in the company, valued at $41,709,887.59. This represents a 11.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 107,849 shares of company stock valued at $5,531,346. Insiders own 5.60% of the company’s stock.

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.