Ameriprise Financial Inc. Cuts Position in Pure Storage, Inc. (NYSE:PSTG)

Ameriprise Financial Inc. lowered its position in Pure Storage, Inc. (NYSE:PSTG) by 23.0% in the fourth quarter, Holdings Channel reports. The fund owned 842,302 shares of the technology company’s stock after selling 251,210 shares during the period. Ameriprise Financial Inc.’s holdings in Pure Storage were worth $51,744,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of PSTG. Sugar Maple Asset Management LLC purchased a new stake in Pure Storage during the fourth quarter worth approximately $29,000. Compass Financial Services Inc purchased a new stake in shares of Pure Storage during the 4th quarter worth approximately $29,000. Crowley Wealth Management Inc. acquired a new position in shares of Pure Storage in the 4th quarter valued at $31,000. Berbice Capital Management LLC purchased a new position in shares of Pure Storage in the 4th quarter valued at $37,000. Finally, Financial Life Planners acquired a new stake in Pure Storage during the 4th quarter worth $44,000. 83.42% of the stock is owned by hedge funds and other institutional investors.

Pure Storage Trading Down 0.5 %

PSTG stock opened at $48.72 on Friday. The company’s 50-day moving average price is $45.89 and its 200 day moving average price is $55.65. Pure Storage, Inc. has a 52 week low of $34.51 and a 52 week high of $73.67. The company has a market cap of $15.88 billion, a P/E ratio of 128.21, a P/E/G ratio of 5.12 and a beta of 1.05.

Insider Buying and Selling

In other Pure Storage news, CRO Dan Fitzsimons sold 6,977 shares of Pure Storage 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 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 legal filing with the SEC, which is accessible through this link. Insiders own 6.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on PSTG. Needham & Company LLC restated a “buy” rating and issued a $75.00 price objective on shares of Pure Storage in a research note on Thursday, February 27th. StockNews.com cut Pure Storage from a “buy” rating to a “hold” rating in a research 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 on the stock in a research report on Thursday, February 27th. Piper Sandler lowered their target price on shares of Pure Storage from $76.00 to $53.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. Finally, UBS Group upped their price target on shares of 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 assigned a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, Pure Storage presently has a consensus rating of “Moderate Buy” and an average target price 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.