Pure Storage, Inc. (NYSE:PSTG) Shares Acquired by Royal Bank of Canada

Royal Bank of Canada boosted its holdings in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) by 50.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,118,679 shares of the technology company's stock after acquiring an additional 373,505 shares during the period. Royal Bank of Canada owned about 0.34% of Pure Storage worth $68,721,000 at the end of the most recent reporting period.

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

Analysts Set New Price Targets

PSTG has been the subject of several recent analyst reports. Bank of America lowered their target price 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. Citigroup raised 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 Pure Storage from a "buy" rating to a "hold" rating in a report on Thursday, February 27th. Evercore ISI upped their target price on Pure Storage from $60.00 to $70.00 and gave the company an "outperform" rating in a research report on Friday. Finally, Morgan Stanley increased their target price on Pure Storage from $40.00 to $62.00 and gave the company an "equal weight" rating in a research note on Tuesday, May 20th. One equities research 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 data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $70.70.

Insider Buying and Selling

In other Pure Storage news, insider John Colgrove sold 100,000 shares of the firm's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $52.01, for a total value of $5,201,000.00. Following the sale, the insider now directly owns 801,959 shares in the company, valued at approximately $41,709,887.59. This trade represents a 11.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CRO Dan Fitzsimons sold 872 shares of the stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $51.51, for a total transaction of $44,916.72. Following the completion of the sale, the executive now directly owns 89,351 shares in the company, valued at approximately $4,602,470.01. This trade represents a 0.97% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 107,849 shares of company stock worth $5,531,346 over the last quarter. 5.60% of the stock is owned by company insiders.

Pure Storage Stock Performance

Shares of NYSE PSTG traded down $0.57 during midday trading on Monday, hitting $55.49. The company's stock had a trading volume of 2,770,050 shares, compared to its average volume of 3,085,157. Pure Storage, Inc. has a 1-year low of $34.51 and a 1-year high of $73.67. The firm's fifty day moving average price is $47.12 and its 200-day moving average price is $55.88. The firm has a market cap of $18.09 billion, a P/E ratio of 146.02, a P/E/G ratio of 5.12 and a beta of 1.05.

Pure Storage Company 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.