Federated Hermes Inc. Has $17.62 Million Stock Holdings in Pure Storage, Inc. (NYSE:PSTG)

Federated Hermes Inc. reduced its holdings in Pure Storage, Inc. (NYSE:PSTG) by 48.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 494,034 shares of the technology company’s stock after selling 456,489 shares during the period. Federated Hermes Inc. owned approximately 0.16% of Pure Storage worth $17,617,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Global Retirement Partners LLC bought a new stake in shares of Pure Storage in the 3rd quarter worth approximately $28,000. Allspring Global Investments Holdings LLC bought a new stake in Pure Storage in the 4th quarter valued at $45,000. First Horizon Advisors Inc. raised its stake in shares of Pure Storage by 53.3% in the 3rd quarter. First Horizon Advisors Inc. now owns 1,380 shares of the technology company’s stock valued at $49,000 after buying an additional 480 shares in the last quarter. McGlone Suttner Wealth Management Inc. bought a new position in shares of Pure Storage during the 4th quarter worth about $67,000. Finally, Fifth Third Bancorp increased its stake in Pure Storage by 48.5% in the fourth quarter. Fifth Third Bancorp now owns 2,227 shares of the technology company’s stock valued at $79,000 after acquiring an additional 727 shares during the period. 83.42% of the stock is owned by institutional investors.

Pure Storage Stock Performance

Shares of NYSE:PSTG opened at $50.52 on Tuesday. The stock has a market capitalization of $16.41 billion, a P/E ratio of 297.19, a P/E/G ratio of 6.42 and a beta of 1.15. The company has a current ratio of 1.83, a quick ratio of 1.80 and a debt-to-equity ratio of 0.08. Pure Storage, Inc. has a 1-year low of $22.14 and a 1-year high of $58.46. The business has a 50-day moving average price of $50.14 and a two-hundred day moving average price of $41.38.

Pure Storage (NYSE:PSTG) last issued its earnings results on Wednesday, February 28th. The technology company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.17 by $0.10. Pure Storage had a net margin of 2.17% and a return on equity of 12.60%. The company had revenue of $789.81 million during the quarter, compared to analysts’ expectations of $784.31 million. During the same quarter in the previous year, the company posted $0.27 EPS. The business’s revenue for the quarter was down 2.5% compared to the same quarter last year. Equities analysts predict that Pure Storage, Inc. will post 0.44 earnings per share for the current year.

Insider Transactions at Pure Storage

In related news, Director Roxanne Taylor sold 36,860 shares of the business’s stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $53.76, for a total transaction of $1,981,593.60. Following the completion of the transaction, the director now owns 18,883 shares in the company, valued at $1,015,150.08. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Pure Storage news, Director Roxanne Taylor sold 36,860 shares of the business’s stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $53.76, for a total value of $1,981,593.60. Following the completion of the transaction, the director now directly owns 18,883 shares of the company’s stock, valued at $1,015,150.08. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Ajay Singh sold 37,588 shares of the firm’s stock in a transaction dated Friday, April 5th. The stock was sold at an average price of $53.54, for a total value of $2,012,461.52. Following the sale, the insider now directly owns 380,834 shares in the company, valued at approximately $20,389,852.36. The disclosure for this sale can be found here. In the last ninety days, insiders sold 286,581 shares of company stock worth $15,266,704. 6.50% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

PSTG has been the topic of a number of recent research reports. Needham & Company LLC reaffirmed a “buy” rating and set a $66.00 price objective on shares of Pure Storage in a report on Thursday, April 11th. Evercore ISI upped their price target on Pure Storage from $41.00 to $48.00 and gave the company an “outperform” rating in a research report on Friday, February 23rd. JPMorgan Chase & Co. upped their target price on shares of Pure Storage from $45.00 to $50.00 and gave the stock an “overweight” rating in a report on Thursday, February 29th. KeyCorp boosted their price target on shares of Pure Storage from $51.00 to $55.00 and gave the company an “overweight” rating in a research report on Thursday, February 29th. Finally, Citigroup began coverage on shares of Pure Storage in a report on Friday, March 15th. They set a “buy” rating and a $65.00 price objective for the company. Three analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Pure Storage presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.63.

Pure Storage Profile

Pure Storage, Inc, together with its subsidiaries, provides data storage technologies, products, and services in the United States and internationally. The company's Purity software is shared across its products and provides enterprise-class data services, such as data reduction, data protection, and encryption, as well as storage protocols, including block, file, and object.