Swedbank AB Raises Stock Holdings in Pure Storage, Inc. $PSTG

Swedbank AB raised its position in shares of Pure Storage, Inc. (NYSE:PSTG) by 16.4% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 154,754 shares of the technology company’s stock after purchasing an additional 21,824 shares during the quarter. Swedbank AB’s holdings in Pure Storage were worth $12,970,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of PSTG. Mechanics Financial Corp acquired a new position in Pure Storage in the 2nd quarter worth approximately $25,000. True Wealth Design LLC boosted its holdings in shares of Pure Storage by 402.8% in the 2nd quarter. True Wealth Design LLC now owns 548 shares of the technology company’s stock valued at $32,000 after acquiring an additional 439 shares during the last quarter. SouthState Corp boosted its holdings in shares of Pure Storage by 474.8% in the 2nd quarter. SouthState Corp now owns 592 shares of the technology company’s stock valued at $34,000 after acquiring an additional 489 shares during the last quarter. REAP Financial Group LLC increased its stake in shares of Pure Storage by 49.0% in the second quarter. REAP Financial Group LLC now owns 611 shares of the technology company’s stock worth $35,000 after acquiring an additional 201 shares during the period. Finally, Ramirez Asset Management Inc. raised its holdings in shares of Pure Storage by 40.0% during the second quarter. Ramirez Asset Management Inc. now owns 700 shares of the technology company’s stock worth $40,000 after purchasing an additional 200 shares during the last quarter. 83.42% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Pure Storage

In other news, insider Ajay Singh sold 7,178 shares of the firm’s stock in a transaction that occurred on Tuesday, December 23rd. The stock was sold at an average price of $67.14, for a total value of $481,930.92. Following the transaction, the insider owned 215,091 shares in the company, valued at $14,441,209.74. This trade represents a 3.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider John Colgrove sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, December 8th. The stock was sold at an average price of $71.31, for a total value of $7,131,000.00. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 316,269 shares of company stock valued at $26,792,848. 5.60% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have commented on PSTG. Tigress Financial set a $105.00 price target on shares of Pure Storage in a report on Wednesday, December 3rd. Oppenheimer assumed coverage on Pure Storage in a report on Monday, November 17th. They issued an “outperform” rating and a $120.00 price objective for the company. Wall Street Zen upgraded Pure Storage from a “hold” rating to a “buy” rating in a research report on Saturday, December 20th. Guggenheim boosted their price target on Pure Storage from $93.00 to $105.00 and gave the company a “buy” rating in a report on Friday, September 26th. Finally, TD Cowen raised their price objective on shares of Pure Storage from $85.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, December 3rd. Thirteen analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $95.26.

Pure Storage Price Performance

Shares of PSTG stock opened at $69.39 on Friday. Pure Storage, Inc. has a 1-year low of $34.51 and a 1-year high of $100.59. The company has a market cap of $22.91 billion, a price-to-earnings ratio of 182.61, a PEG ratio of 7.48 and a beta of 1.27. The stock has a 50 day simple moving average of $82.40 and a 200-day simple moving average of $72.90.

Pure Storage (NYSE:PSTG) last issued its quarterly earnings results on Tuesday, September 9th. The technology company reported $0.44 EPS for the quarter. The company had revenue of $763.77 million during the quarter. Pure Storage had a net margin of 3.74% and a return on equity of 10.60%. Analysts anticipate that Pure Storage, Inc. will post 0.44 earnings per share for the current fiscal year.

About Pure Storage

Pure Storage, Inc (NYSE: PSTG) is a technology company that designs and sells data storage hardware and software for enterprise and cloud environments. The company is best known for its all-flash storage arrays that are engineered to deliver high performance, low latency and simplified management compared with traditional disk-based systems. Its product portfolio includes purpose-built arrays and software aimed at transactional databases, virtualized infrastructures, analytics and large-scale file/object workloads.

Key product and software offerings include the FlashArray family for block storage and FlashBlade for file and object workloads, together with Purity, the company’s storage operating environment.