KLP Kapitalforvaltning AS Grows Stock Holdings in Pure Storage, Inc. $PSTG

KLP Kapitalforvaltning AS grew its position in shares of Pure Storage, Inc. (NYSE:PSTG) by 47.3% in the 3rd quarter, HoldingsChannel reports. The firm owned 158,100 shares of the technology company’s stock after acquiring an additional 50,800 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in Pure Storage were worth $13,250,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of PSTG. Norges Bank purchased a new position in shares of Pure Storage during the 2nd quarter valued at about $225,203,000. Atreides Management LP bought a new position in Pure Storage during the second quarter valued at approximately $204,552,000. William Blair Investment Management LLC grew its position in Pure Storage by 112.9% during the second quarter. William Blair Investment Management LLC now owns 4,926,836 shares of the technology company’s stock valued at $283,687,000 after acquiring an additional 2,612,300 shares during the last quarter. Federated Hermes Inc. raised its stake in shares of Pure Storage by 1,560.9% during the second quarter. Federated Hermes Inc. now owns 1,343,658 shares of the technology company’s stock worth $77,368,000 after acquiring an additional 1,262,758 shares in the last quarter. Finally, AQR Capital Management LLC lifted its holdings in shares of Pure Storage by 158.4% in the 2nd quarter. AQR Capital Management LLC now owns 1,938,125 shares of the technology company’s stock worth $110,473,000 after acquiring an additional 1,188,126 shares during the last quarter. 83.42% of the stock is currently owned by institutional investors.

Pure Storage Price Performance

PSTG opened at $65.75 on Friday. The business has a 50 day simple moving average of $77.77 and a two-hundred day simple moving average of $73.84. The firm has a market capitalization of $21.71 billion, a price-to-earnings ratio of 173.03, a PEG ratio of 7.61 and a beta of 1.26. Pure Storage, Inc. has a one year low of $34.51 and a one year high of $100.59.

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

Insider Buying and Selling at Pure Storage

In related news, insider John Colgrove sold 100,000 shares of the stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $71.31, for a total value of $7,131,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Ajay Singh sold 7,178 shares of the firm’s stock in a transaction dated Tuesday, December 23rd. The stock was sold at an average price of $67.14, for a total transaction of $481,930.92. Following the completion of the sale, the insider owned 215,091 shares of the company’s stock, valued at $14,441,209.74. This trade represents a 3.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 307,178 shares of company stock worth $26,020,931. 5.60% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on PSTG shares. Tigress Financial set a $105.00 target price on shares of Pure Storage in a research report on Wednesday, December 3rd. Lake Street Capital increased their target price on Pure Storage from $80.00 to $92.00 and gave the company a “buy” rating in a report on Wednesday, December 3rd. JPMorgan Chase & Co. reduced their price target on Pure Storage from $110.00 to $105.00 and set an “overweight” rating on the stock in a research report on Wednesday, December 3rd. Wall Street Zen raised Pure Storage from a “hold” rating to a “buy” rating in a research note on Saturday, December 20th. Finally, Evercore ISI reiterated an “outperform” rating on shares of Pure Storage in a research report on Wednesday, December 3rd. Thirteen analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Pure Storage presently has a consensus rating of “Moderate Buy” and a consensus price target of $95.26.

Pure Storage Profile

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.