California State Teachers Retirement System Reduces Stock Holdings in Pure Storage, Inc. (NYSE:PSTG)

California State Teachers Retirement System lowered its stake in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) by 2.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 481,366 shares of the technology company's stock after selling 12,118 shares during the quarter. California State Teachers Retirement System owned about 0.15% of Pure Storage worth $29,570,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. World Investment Advisors increased its position in shares of Pure Storage by 1.6% during the fourth quarter. World Investment Advisors now owns 9,635 shares of the technology company's stock valued at $592,000 after buying an additional 150 shares during the period. Peapack Gladstone Financial Corp boosted its stake in Pure Storage by 2.7% during the fourth quarter. Peapack Gladstone Financial Corp now owns 5,775 shares of the technology company's stock worth $355,000 after acquiring an additional 150 shares in the last quarter. HighPoint Advisor Group LLC boosted its stake in Pure Storage by 2.7% during the fourth quarter. HighPoint Advisor Group LLC now owns 5,885 shares of the technology company's stock worth $396,000 after acquiring an additional 157 shares in the last quarter. Parallel Advisors LLC boosted its stake in Pure Storage by 1.4% during the fourth quarter. Parallel Advisors LLC now owns 13,271 shares of the technology company's stock worth $815,000 after acquiring an additional 186 shares in the last quarter. Finally, KBC Group NV boosted its stake in Pure Storage by 0.6% during the fourth quarter. KBC Group NV now owns 39,523 shares of the technology company's stock worth $2,428,000 after acquiring an additional 246 shares in the last quarter. Hedge funds and other institutional investors own 83.42% of the company's stock.

Pure Storage Stock Performance

Shares of PSTG traded down $0.13 during trading hours on Friday, hitting $53.51. The stock had a trading volume of 5,960,451 shares, compared to its average volume of 3,086,173. The firm has a 50-day moving average price of $47.40 and a 200 day moving average price of $55.92. Pure Storage, Inc. has a fifty-two week low of $34.51 and a fifty-two week high of $73.67. The firm has a market capitalization of $17.45 billion, a price-to-earnings ratio of 140.82, a PEG ratio of 5.12 and a beta of 1.05.

Pure Storage (NYSE:PSTG - Get Free Report) last posted its 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. The firm had revenue of $778.49 million during the quarter, compared to analysts' expectations of $770.03 million. Pure Storage had a net margin of 4.22% and a return on equity of 16.06%. The business's revenue was up 12.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.32 EPS. As a group, analysts predict that Pure Storage, Inc. will post 0.44 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CRO Dan Fitzsimons sold 872 shares of the company's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $51.51, for a total transaction of $44,916.72. Following the completion of the sale, the executive now owns 89,351 shares of the company's stock, valued at $4,602,470.01. This represents a 0.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John Colgrove sold 100,000 shares of the company's stock in a transaction 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 sale, the insider now directly owns 801,959 shares of the company's stock, valued at $41,709,887.59. The trade was a 11.09% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 107,849 shares of company stock worth $5,531,346. Company insiders own 5.60% of the company's stock.

Wall Street Analysts Forecast Growth

PSTG has been the topic of several research reports. Citigroup boosted their price objective on shares of Pure Storage from $55.00 to $65.00 and gave the stock a "buy" rating in a research note on Friday, May 16th. Piper Sandler reissued an "overweight" rating and set a $66.00 price objective (up from $53.00) on shares of Pure Storage in a report on Thursday. Wall Street Zen cut shares of Pure Storage from a "buy" rating to a "hold" rating in a report on Thursday, February 27th. Wedbush restated an "outperform" rating and set a $70.00 target price on shares of Pure Storage in a research report on Thursday. Finally, Evercore ISI upped their target price on shares of Pure Storage from $60.00 to $70.00 and gave the stock an "outperform" rating in a research report on Friday, May 23rd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $70.40.

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.