Migdal Insurance & Financial Holdings Ltd. Cuts Stock Holdings in Pure Storage, Inc. (NYSE:PSTG)

Migdal Insurance & Financial Holdings Ltd. lessened its stake in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) by 45.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 197,500 shares of the technology company's stock after selling 167,500 shares during the period. Migdal Insurance & Financial Holdings Ltd. owned approximately 0.06% of Pure Storage worth $8,743,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. McIlrath & Eck LLC acquired a new stake in shares of Pure Storage during the fourth quarter worth about $25,000. Crowley Wealth Management Inc. acquired a new stake in Pure Storage during the 4th quarter valued at approximately $31,000. MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Pure Storage by 55.9% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 650 shares of the technology company's stock valued at $29,000 after acquiring an additional 233 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Pure Storage by 157.4% in the fourth quarter. EverSource Wealth Advisors LLC now owns 713 shares of the technology company's stock worth $44,000 after acquiring an additional 436 shares during the period. Finally, FNY Investment Advisers LLC increased its stake in shares of Pure Storage by 5,233.3% in the first quarter. FNY Investment Advisers LLC now owns 800 shares of the technology company's stock worth $35,000 after acquiring an additional 785 shares during the period. Institutional investors and hedge funds own 83.42% of the company's stock.

Pure Storage Stock Performance

Shares of Pure Storage stock traded up $0.91 during trading hours on Friday, hitting $58.16. The company's stock had a trading volume of 1,615,652 shares, compared to its average volume of 2,912,009. The stock has a market cap of $19.01 billion, a price-to-earnings ratio of 157.19, a P/E/G ratio of 5.42 and a beta of 1.06. Pure Storage, Inc. has a twelve month low of $34.51 and a twelve month high of $73.67. The firm has a fifty day moving average of $54.95 and a 200-day moving average of $55.11.

Pure Storage (NYSE:PSTG - Get Free Report) last announced its earnings results on Wednesday, May 28th. The technology company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.04. The company had revenue of $778.49 million during the quarter, compared to analyst estimates of $770.03 million. Pure Storage had a net margin of 3.93% and a return on equity of 13.98%. Pure Storage's revenue was up 12.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.32 earnings per share. On average, sell-side analysts expect that Pure Storage, Inc. will post 0.44 earnings per share for the current fiscal year.

Insider Activity at Pure Storage

In related news, insider Ajay Singh sold 22,601 shares of the stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $55.45, for a total transaction of $1,253,225.45. Following the transaction, the insider owned 261,465 shares of the company's stock, valued at approximately $14,498,234.25. This represents a 7.96% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John Francis Murphy sold 6,959 shares of Pure Storage stock in a transaction dated Friday, July 11th. The shares were sold at an average price of $56.17, for a total value of $390,887.03. Following the completion of the transaction, the director directly owned 19,706 shares of the company's stock, valued at approximately $1,106,886.02. This represents a 26.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 154,643 shares of company stock worth $8,104,689 over the last quarter. Company insiders own 5.60% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PSTG. Piper Sandler reissued an "overweight" rating and issued a $66.00 price objective (up previously from $53.00) on shares of Pure Storage in a report on Thursday, May 29th. Citigroup boosted their price target on Pure Storage from $55.00 to $65.00 and gave the company a "buy" rating in a report on Friday, May 16th. 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. Needham & Company LLC reiterated a "buy" rating and issued a $75.00 target price on shares of Pure Storage in a research note on Friday, June 20th. Finally, Morgan Stanley increased their price target on shares of Pure Storage from $40.00 to $62.00 and gave the stock an "equal weight" rating in a report on Tuesday, May 20th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat.com, Pure Storage has an average rating of "Moderate Buy" and an average target price of $69.95.

Pure Storage 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.