Connor Clark & Lunn Investment Management Ltd. Has $58.83 Million Stock Holdings in Pure Storage, Inc. (NYSE:PSTG)

Connor Clark & Lunn Investment Management Ltd. trimmed its stake in shares of Pure Storage, Inc. (NYSE:PSTG) by 21.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 957,699 shares of the technology company’s stock after selling 269,237 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Pure Storage were worth $58,831,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in PSTG. Truvestments Capital LLC boosted its holdings in shares of Pure Storage by 3.0% in the 4th quarter. Truvestments Capital LLC now owns 8,436 shares of the technology company’s stock worth $518,000 after acquiring an additional 249 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of Pure Storage by 157.4% in the 4th quarter. EverSource Wealth Advisors LLC now owns 713 shares of the technology company’s stock worth $44,000 after acquiring an additional 436 shares in the last quarter. Prosperity Wealth Management Inc. acquired a new position in shares of Pure Storage in the 4th quarter worth approximately $479,000. Citizens Financial Group Inc. RI boosted its holdings in shares of Pure Storage by 2.8% in the 4th quarter. Citizens Financial Group Inc. RI now owns 29,220 shares of the technology company’s stock worth $1,795,000 after acquiring an additional 789 shares in the last quarter. Finally, Independent Advisor Alliance boosted its holdings in shares of Pure Storage by 32.2% in the 4th quarter. Independent Advisor Alliance now owns 5,327 shares of the technology company’s stock worth $327,000 after acquiring an additional 1,296 shares in the last quarter. 83.42% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PSTG. William Blair reissued an “outperform” rating on shares of Pure Storage in a report on Thursday, November 14th. Morgan Stanley boosted their target price on Pure Storage from $62.00 to $72.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Barclays upped their price objective on Pure Storage from $56.00 to $61.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 4th. Needham & Company LLC reaffirmed a “buy” rating and set a $75.00 price objective on shares of Pure Storage in a report on Thursday, February 27th. Finally, Evercore ISI upped their price objective on Pure Storage from $70.00 to $75.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. One equities research 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’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $73.20.

Pure Storage Stock Down 0.9 %

PSTG opened at $48.21 on Thursday. Pure Storage, Inc. has a 12 month low of $44.76 and a 12 month high of $73.67. The company has a fifty day simple moving average of $63.40 and a 200 day simple moving average of $57.51. The stock has a market cap of $15.73 billion, a P/E ratio of 126.86, a P/E/G ratio of 5.12 and a beta of 1.09.

Insider Activity at Pure Storage

In related news, CRO Dan Fitzsimons sold 8,895 shares of the company’s stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $64.11, for a total value of $570,258.45. Following the completion of the transaction, the executive now directly owns 72,927 shares of the company’s stock, valued at approximately $4,675,349.97. This represents a 10.87 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Ajay Singh sold 19,972 shares of the company’s stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $61.58, for a total transaction of $1,229,875.76. Following the completion of the transaction, the insider now directly owns 262,144 shares of the company’s stock, valued at approximately $16,142,827.52. The trade was a 7.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.00% of the stock is owned by corporate insiders.

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.