Two Sigma Advisers LP Cuts Stake in Pure Storage, Inc. (NYSE:PSTG)

Two Sigma Advisers LP trimmed its stake in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) by 84.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 150,900 shares of the technology company's stock after selling 837,356 shares during the quarter. Two Sigma Advisers LP's holdings in Pure Storage were worth $9,270,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Compass Financial Services Inc bought a new position in shares of Pure Storage in the 4th quarter valued at $29,000. Crowley Wealth Management Inc. acquired a new position in Pure Storage in the 4th quarter worth about $31,000. Berbice Capital Management LLC acquired a new position in Pure Storage in the 4th quarter worth about $37,000. Financial Life Planners bought a new position in Pure Storage in the fourth quarter valued at about $44,000. Finally, EverSource Wealth Advisors LLC raised its position in Pure Storage by 157.4% in the fourth quarter. EverSource Wealth Advisors LLC now owns 713 shares of the technology company's stock valued at $44,000 after purchasing an additional 436 shares during the last quarter. Institutional investors own 83.42% of the company's stock.

Pure Storage Trading Down 0.7%

NYSE PSTG traded down $0.40 during mid-day trading on Wednesday, hitting $55.19. The company's stock had a trading volume of 714,449 shares, compared to its average volume of 3,082,219. The company's 50 day simple moving average is $47.29 and its 200 day simple moving average is $55.89. Pure Storage, Inc. has a twelve month low of $34.51 and a twelve month high of $73.67. The firm has a market capitalization of $17.99 billion, a price-to-earnings ratio of 145.45, a PEG ratio of 5.12 and a beta of 1.05.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on PSTG shares. Citigroup upped their price objective on Pure Storage from $55.00 to $65.00 and gave the company a "buy" rating in a research note on Friday, May 16th. Wall Street Zen downgraded shares of Pure Storage from a "buy" rating to a "hold" rating in a research report on Thursday, February 27th. Morgan Stanley increased their target price on shares of Pure Storage from $40.00 to $62.00 and gave the company an "equal weight" rating in a research report on Tuesday, May 20th. Needham & Company LLC reissued a "buy" rating and set a $75.00 target price on shares of Pure Storage in a research report on Thursday, February 27th. Finally, Piper Sandler decreased their target price on shares of Pure Storage from $76.00 to $53.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $70.70.

Insider Activity at Pure Storage

In other Pure Storage news, insider John Colgrove sold 100,000 shares of Pure Storage stock in a transaction on Monday, May 12th. The shares were sold at an average price of $52.01, for a total transaction of $5,201,000.00. Following the transaction, the insider now directly owns 801,959 shares of the company's stock, valued at $41,709,887.59. The trade was a 11.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CRO Dan Fitzsimons sold 6,977 shares of Pure Storage stock in a transaction on Monday, April 21st. The stock was 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 ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 107,849 shares of company stock valued at $5,531,346. 5.60% of the stock is owned by company insiders.

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.