Bank of Nova Scotia Has $846,000 Stake in Pure Storage, Inc. (NYSE:PSTG)

Bank of Nova Scotia trimmed its stake in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) by 30.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,767 shares of the technology company's stock after selling 6,090 shares during the quarter. Bank of Nova Scotia's holdings in Pure Storage were worth $846,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Krane Funds Advisors LLC bought a new stake in shares of Pure Storage in the 4th quarter worth $324,000. Invesco Ltd. raised its position in Pure Storage by 18.8% in the fourth quarter. Invesco Ltd. now owns 4,162,081 shares of the technology company's stock worth $255,677,000 after acquiring an additional 657,175 shares in the last quarter. Peapack Gladstone Financial Corp lifted its holdings in Pure Storage by 2.7% in the 4th quarter. Peapack Gladstone Financial Corp now owns 5,775 shares of the technology company's stock valued at $355,000 after acquiring an additional 150 shares during the last quarter. MIG Capital LLC bought a new position in shares of Pure Storage during the 4th quarter valued at about $332,000. Finally, Envestnet Asset Management Inc. grew its stake in shares of Pure Storage by 20.6% in the 4th quarter. Envestnet Asset Management Inc. now owns 264,096 shares of the technology company's stock worth $16,223,000 after purchasing an additional 45,152 shares during the last quarter. Institutional investors own 83.42% of the company's stock.

Pure Storage Stock Up 1.3 %

PSTG stock traded up $0.53 during trading hours on Friday, hitting $41.79. The company's stock had a trading volume of 2,606,810 shares, compared to its average volume of 3,131,416. The company has a market capitalization of $13.62 billion, a PE ratio of 109.97, a price-to-earnings-growth ratio of 5.12 and a beta of 1.08. Pure Storage, Inc. has a 12 month low of $34.51 and a 12 month high of $73.67. The stock has a 50 day moving average price of $50.84 and a two-hundred day moving average price of $56.41.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Piper Sandler decreased their price target on shares of Pure Storage from $76.00 to $53.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Bank of America cut their target price on Pure Storage from $77.00 to $73.00 and set a "neutral" rating on the stock in a research report on Thursday, February 27th. Citigroup reduced their target price on Pure Storage from $77.00 to $55.00 and set a "buy" rating for the company in a report on Monday, April 14th. UBS Group upped their price objective on shares of Pure Storage from $47.00 to $50.00 and gave the company a "sell" rating in a research note on Thursday, February 27th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $75.00 target price on shares of Pure Storage in a research report on Thursday, February 27th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, Pure Storage currently has an average rating of "Moderate Buy" and an average price target of $70.95.

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.