Fmr LLC Increases Stock Position in Pure Storage, Inc. (NYSE:PSTG)

Fmr LLC lifted its holdings in shares of Pure Storage, Inc. (NYSE:PSTG) by 0.8% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 49,153,797 shares of the technology company’s stock after purchasing an additional 368,643 shares during the period. Fmr LLC owned 0.15% of Pure Storage worth $2,469,487,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Massmutual Trust Co. FSB ADV lifted its holdings in Pure Storage by 61.2% in the second quarter. Massmutual Trust Co. FSB ADV now owns 424 shares of the technology company’s stock valued at $27,000 after acquiring an additional 161 shares during the period. Larson Financial Group LLC lifted its stake in shares of Pure Storage by 242.9% in the second quarter. Larson Financial Group LLC now owns 432 shares of the technology company’s stock valued at $28,000 after purchasing an additional 306 shares during the period. ORG Wealth Partners LLC purchased a new stake in Pure Storage during the third quarter worth about $31,000. FSC Wealth Advisors LLC acquired a new position in Pure Storage during the second quarter worth about $33,000. Finally, City State Bank increased its holdings in Pure Storage by 175.0% in the second quarter. City State Bank now owns 550 shares of the technology company’s stock valued at $35,000 after buying an additional 350 shares in the last quarter. 83.42% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Pure Storage news, insider John Colgrove sold 100,000 shares of the stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $49.94, for a total value of $4,994,000.00. Following the completion of the sale, the insider now owns 500,000 shares of the company’s stock, valued at $24,970,000. This trade represents a 16.67 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mona Chu sold 20,647 shares of the business’s stock in a transaction on Monday, October 7th. The stock was sold at an average price of $51.50, for a total transaction of $1,063,320.50. Following the transaction, the chief accounting officer now directly owns 75,992 shares in the company, valued at approximately $3,913,588. The trade was a 21.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 354,542 shares of company stock valued at $18,599,030. Company insiders own 6.00% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on PSTG shares. Oppenheimer started coverage on Pure Storage in a report on Wednesday, November 13th. They issued an “outperform” rating and a $70.00 price target on the stock. Wedbush reissued an “outperform” rating and issued a $80.00 price objective on shares of Pure Storage in a research note on Monday, August 26th. Citigroup cut their target price on shares of Pure Storage from $67.00 to $63.00 and set a “buy” rating for the company in a research report on Tuesday, November 19th. UBS Group dropped their price objective on shares of Pure Storage from $47.00 to $45.00 and set a “sell” rating for the company in a research note on Thursday, August 29th. Finally, Piper Sandler reduced their target price on Pure Storage from $60.00 to $56.00 and set a “neutral” rating on the stock in a research note on Thursday, August 29th. 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 stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $67.95.

Pure Storage Trading Up 4.0 %

Shares of PSTG opened at $53.75 on Tuesday. Pure Storage, Inc. has a twelve month low of $31.00 and a twelve month high of $70.41. The firm has a market capitalization of $17.61 billion, a P/E ratio of 134.38, a price-to-earnings-growth ratio of 7.01 and a beta of 1.10. The company has a current ratio of 1.99, a quick ratio of 1.96 and a debt-to-equity ratio of 0.07. The stock’s fifty day simple moving average is $51.79 and its 200 day simple moving average is $56.88.

Pure Storage (NYSE:PSTG) last released its quarterly earnings data on Wednesday, August 28th. The technology company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.10. Pure Storage had a return on equity of 17.41% and a net margin of 4.53%. The business had revenue of $763.77 million for the quarter, compared to analyst estimates of $756.59 million. On average, equities research analysts forecast that Pure Storage, Inc. will post 0.42 earnings per share for the current year.

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.