Congress Asset Management Co. Has $72.82 Million Stake in Pure Storage, Inc. (NYSE:PSTG)

Congress Asset Management Co. cut its position in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) by 15.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,644,902 shares of the technology company's stock after selling 311,442 shares during the period. Congress Asset Management Co. owned 0.50% of Pure Storage worth $72,820,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Pure Storage by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 33,443,732 shares of the technology company's stock valued at $2,054,448,000 after purchasing an additional 615,931 shares in the last quarter. T. Rowe Price Investment Management Inc. increased its position in Pure Storage by 5.9% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 7,207,162 shares of the technology company's stock worth $442,736,000 after purchasing an additional 401,035 shares during the last quarter. Geode Capital Management LLC increased its position in Pure Storage by 25.4% during the fourth quarter. Geode Capital Management LLC now owns 6,748,553 shares of the technology company's stock worth $413,982,000 after purchasing an additional 1,366,458 shares during the last quarter. Champlain Investment Partners LLC increased its position in shares of Pure Storage by 3.0% during the fourth quarter. Champlain Investment Partners LLC now owns 5,921,392 shares of the technology company's stock valued at $363,751,000 after acquiring an additional 174,449 shares during the last quarter. Finally, Invesco Ltd. increased its position in shares of Pure Storage by 18.8% during the fourth quarter. Invesco Ltd. now owns 4,162,081 shares of the technology company's stock valued at $255,677,000 after acquiring an additional 657,175 shares during the last quarter. 83.42% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Pure Storage news, insider John Colgrove sold 100,000 shares of the company's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $52.01, for a total transaction of $5,201,000.00. Following the completion of the sale, the insider now owns 801,959 shares of the company's stock, valued at $41,709,887.59. This represents a 11.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CRO Dan Fitzsimons sold 6,977 shares of the company's stock in a transaction that occurred on Monday, April 21st. The stock was sold at an average price of $40.91, for a total value of $285,429.07. Following the sale, the executive now directly owns 90,223 shares of the company's stock, valued at $3,691,022.93. The trade was a 7.18% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 107,849 shares of company stock worth $5,531,346. 5.60% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have recently commented on PSTG. JPMorgan Chase & Co. lowered their price objective on shares of Pure Storage from $75.00 to $70.00 and set an "overweight" rating for the company in a research note on Thursday, May 29th. Piper Sandler reiterated an "overweight" rating and issued a $66.00 price target (up previously from $53.00) on shares of Pure Storage in a research report on Thursday, May 29th. Barclays dropped their price objective on shares of Pure Storage from $61.00 to $57.00 and set an "equal weight" rating on the stock in a research note on Thursday, May 29th. Wedbush reaffirmed an "outperform" rating and set a $70.00 price target on shares of Pure Storage in a research note on Thursday, May 29th. Finally, Morgan Stanley increased their price objective on shares of Pure Storage from $40.00 to $62.00 and gave the company an "equal weight" rating in a research note on Tuesday, May 20th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $69.95.

Pure Storage Stock Performance

Shares of PSTG stock traded up $0.69 during mid-day trading on Friday, reaching $55.29. 1,995,192 shares of the company were exchanged, compared to its average volume of 2,986,665. The business's 50 day simple moving average is $48.16 and its 200 day simple moving average is $56.14. Pure Storage, Inc. has a fifty-two week low of $34.51 and a fifty-two week high of $73.67. The company has a market capitalization of $18.02 billion, a P/E ratio of 145.50, a P/E/G ratio of 5.12 and a beta of 1.05.

Pure Storage (NYSE:PSTG - Get Free Report) last announced its quarterly earnings results on Wednesday, May 28th. The technology company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.04. Pure Storage had a net margin of 4.22% and a return on equity of 16.06%. The company had revenue of $778.49 million during the quarter, compared to the consensus estimate of $770.03 million. During the same quarter in the previous year, the company posted $0.32 earnings per share. The company's revenue for the quarter was up 12.3% compared to the same quarter last year. On average, analysts forecast that Pure Storage, Inc. will post 0.44 EPS for the current year.

Pure Storage Company Profile

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.