Pure Storage, Inc. (NYSE:PSTG) Shares Bought by Federated Hermes Inc.

Federated Hermes Inc. grew its stake in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) by 18.6% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 80,900 shares of the technology company's stock after acquiring an additional 12,678 shares during the period. Federated Hermes Inc.'s holdings in Pure Storage were worth $3,581,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. LPL Financial LLC increased its position in Pure Storage by 22.6% during the first quarter. LPL Financial LLC now owns 118,368 shares of the technology company's stock worth $5,240,000 after acquiring an additional 21,812 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Pure Storage by 72.7% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 120,363 shares of the technology company's stock worth $5,328,000 after purchasing an additional 50,651 shares during the period. ARK Investment Management LLC raised its position in shares of Pure Storage by 49.8% during the first quarter. ARK Investment Management LLC now owns 299,787 shares of the technology company's stock valued at $13,272,000 after buying an additional 99,638 shares during the last quarter. HB Wealth Management LLC lifted its stake in shares of Pure Storage by 4.8% in the first quarter. HB Wealth Management LLC now owns 9,249 shares of the technology company's stock valued at $409,000 after buying an additional 420 shares during the period. Finally, TD Asset Management Inc grew its position in Pure Storage by 28.4% during the first quarter. TD Asset Management Inc now owns 732,462 shares of the technology company's stock worth $32,426,000 after buying an additional 161,832 shares in the last quarter. 83.42% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on PSTG shares. Wedbush reiterated an "outperform" rating and issued a $70.00 price target on shares of Pure Storage in a research report on Thursday, May 29th. Wall Street Zen lowered shares of Pure Storage from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. Citigroup upped their target price on shares of Pure Storage from $55.00 to $65.00 and gave the company a "buy" rating in a research note on Friday, May 16th. Evercore ISI boosted their price objective on Pure Storage from $60.00 to $70.00 and gave the company an "outperform" rating in a research report on Friday, May 23rd. Finally, Piper Sandler restated an "overweight" rating and issued a $66.00 price target (up from $53.00) on shares of Pure Storage in a research note on Thursday, May 29th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, Pure Storage presently has an average rating of "Moderate Buy" and an average price target of $69.95.

Pure Storage Stock Performance

Shares of PSTG stock traded up $1.43 during mid-day trading on Wednesday, reaching $57.40. 1,807,750 shares of the company's stock traded hands, compared to its average volume of 2,744,859. Pure Storage, Inc. has a 12 month low of $34.51 and a 12 month high of $73.67. The firm has a market capitalization of $18.76 billion, a PE ratio of 155.15, a price-to-earnings-growth ratio of 5.35 and a beta of 1.07. The firm has a 50 day moving average price of $55.57 and a two-hundred day moving average price of $54.48.

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

Insider Buying and Selling at Pure Storage

In other news, Director John Francis Murphy sold 11,234 shares of the firm's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $55.13, for a total value of $619,330.42. Following the completion of the sale, the director owned 21,930 shares in the company, valued at approximately $1,209,000.90. This trade represents a 33.87% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO Dan Fitzsimons sold 6,000 shares of Pure Storage stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $51.65, for a total value of $309,900.00. Following the sale, the executive owned 75,965 shares of the company's stock, valued at approximately $3,923,592.25. This trade represents a 7.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 547,666 shares of company stock valued at $31,887,830. 5.60% of the stock is owned by company insiders.

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.