Pure Storage, Inc. $PSTG Shares Bought by Federated Hermes Inc.

Federated Hermes Inc. raised its stake in Pure Storage, Inc. (NYSE:PSTG) by 1,560.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,343,658 shares of the technology company’s stock after purchasing an additional 1,262,758 shares during the quarter. Federated Hermes Inc. owned 0.41% of Pure Storage worth $77,368,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of PSTG. StoneX Group Inc. purchased a new position in Pure Storage in the 2nd quarter valued at $965,000. Brown Advisory Inc. boosted its holdings in shares of Pure Storage by 22.5% in the second quarter. Brown Advisory Inc. now owns 199,418 shares of the technology company’s stock valued at $11,482,000 after acquiring an additional 36,565 shares in the last quarter. Marshall Wace LLP acquired a new position in shares of Pure Storage during the second quarter worth about $28,819,000. Guggenheim Capital LLC raised its holdings in Pure Storage by 59.6% during the second quarter. Guggenheim Capital LLC now owns 22,436 shares of the technology company’s stock worth $1,292,000 after purchasing an additional 8,380 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in Pure Storage by 261.1% in the second quarter. EverSource Wealth Advisors LLC now owns 3,203 shares of the technology company’s stock valued at $184,000 after purchasing an additional 2,316 shares during the period. Hedge funds and other institutional investors own 83.42% of the company’s stock.

Insider Buying and Selling

In other Pure Storage news, insider John Colgrove sold 100,000 shares of the stock in a transaction on Monday, November 10th. The stock was sold at an average price of $91.59, for a total transaction of $9,159,000.00. Following the sale, the insider owned 100,000 shares in the company, valued at approximately $9,159,000. This represents a 50.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Mona Chu sold 9,091 shares of the business’s stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $84.91, for a total value of $771,916.81. Following the completion of the transaction, the chief accounting officer directly owned 107,353 shares of the company’s stock, valued at approximately $9,115,343.23. This trade represents a 7.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 327,311 shares of company stock worth $29,498,100 in the last quarter. Corporate insiders own 5.60% of the company’s stock.

Analyst Ratings Changes

PSTG has been the subject of a number of analyst reports. Wells Fargo & Company increased their target price on Pure Storage from $80.00 to $100.00 and gave the stock an “overweight” rating in a research note on Friday, September 26th. Wall Street Zen cut Pure Storage from a “buy” rating to a “hold” rating in a research report on Saturday. Raymond James Financial boosted their target price on shares of Pure Storage from $88.00 to $99.00 and gave the stock an “outperform” rating in a research report on Friday, October 17th. Bank of America increased their price target on shares of Pure Storage from $76.00 to $80.00 and gave the company a “neutral” rating in a report on Thursday, August 28th. Finally, UBS Group raised their price objective on shares of Pure Storage from $55.00 to $60.00 and gave the company a “sell” rating in a research note on Wednesday. Thirteen research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Pure Storage currently has an average rating of “Moderate Buy” and an average price target of $95.26.

Pure Storage Stock Down 2.5%

Pure Storage stock opened at $70.37 on Monday. The firm’s 50-day simple moving average is $88.43 and its 200 day simple moving average is $71.61. Pure Storage, Inc. has a 52 week low of $34.51 and a 52 week high of $100.59. The firm has a market capitalization of $23.13 billion, a PE ratio of 185.18, a P/E/G ratio of 7.87 and a beta of 1.28.

Pure Storage (NYSE:PSTG) last announced its earnings results on Tuesday, September 9th. The technology company reported $0.44 earnings per share (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%. On average, research analysts expect that Pure Storage, Inc. will post 0.44 EPS for the current fiscal year.

About Pure Storage

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.