Federated Hermes Inc. Raises Stake in Pure Storage, Inc. (NYSE:PSTG)

Federated Hermes Inc. lifted its stake in 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 SEC. The fund owned 80,900 shares of the technology company's stock after acquiring an additional 12,678 shares during the quarter. Federated Hermes Inc.'s holdings in Pure Storage were worth $3,581,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in PSTG. D.A. Davidson & CO. lifted its holdings in Pure Storage by 7.7% during the 1st quarter. D.A. Davidson & CO. now owns 7,000 shares of the technology company's stock worth $310,000 after buying an additional 500 shares in the last quarter. Fifth Third Bancorp raised its stake in shares of Pure Storage by 11.3% in the first quarter. Fifth Third Bancorp now owns 5,339 shares of the technology company's stock valued at $236,000 after acquiring an additional 542 shares in the last quarter. Oppenheimer & Co. Inc. boosted its holdings in Pure Storage by 8.4% in the first quarter. Oppenheimer & Co. Inc. now owns 7,327 shares of the technology company's stock valued at $324,000 after purchasing an additional 570 shares during the period. Asset Management One Co. Ltd. grew its stake in Pure Storage by 4.0% during the 1st quarter. Asset Management One Co. Ltd. now owns 121,895 shares of the technology company's stock worth $5,396,000 after purchasing an additional 4,687 shares in the last quarter. Finally, Kestra Private Wealth Services LLC increased its holdings in Pure Storage by 9.6% during the 1st quarter. Kestra Private Wealth Services LLC now owns 7,042 shares of the technology company's stock worth $312,000 after purchasing an additional 616 shares during the period. Hedge funds and other institutional investors own 83.42% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Morgan Stanley lifted their price objective on Pure Storage from $40.00 to $62.00 and gave the company an "equal weight" rating in a research note on Tuesday, May 20th. Piper Sandler reaffirmed an "overweight" rating and set a $66.00 price objective (up from $53.00) on shares of Pure Storage in a research report on Thursday, May 29th. JPMorgan Chase & Co. cut their price target on Pure Storage from $75.00 to $70.00 and set an "overweight" rating on the stock in a research note on Thursday, May 29th. Wedbush reaffirmed an "outperform" rating and set a $70.00 price objective on shares of Pure Storage in a research report on Thursday, May 29th. Finally, Needham & Company LLC reissued a "buy" rating and set a $75.00 target price on shares of Pure Storage in a research report on Friday, June 20th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $69.95.

Insider Activity at Pure Storage

In other Pure Storage news, insider Ajay Singh sold 22,601 shares of the firm's stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $55.45, for a total transaction of $1,253,225.45. Following the completion of the transaction, the insider directly owned 261,465 shares in the company, valued at approximately $14,498,234.25. This trade represents a 7.96% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider John Colgrove sold 198,749 shares of Pure Storage stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $60.32, for a total value of $11,988,539.68. Following the transaction, the insider owned 500,000 shares of the company's stock, valued at $30,160,000. This represents a 28.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 547,666 shares of company stock worth $31,887,830 in the last ninety days. Corporate insiders own 5.60% of the company's stock.

Pure Storage Stock Performance

NYSE:PSTG traded up $0.69 during mid-day trading on Friday, reaching $58.50. The stock had a trading volume of 719,701 shares, compared to its average volume of 2,723,102. Pure Storage, Inc. has a twelve month low of $34.51 and a twelve month high of $73.67. The business has a 50 day simple moving average of $55.62 and a 200 day simple moving average of $54.50. The firm has a market capitalization of $19.12 billion, a price-to-earnings ratio of 158.21, a PEG ratio of 5.46 and a beta of 1.07.

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

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.