Pure Storage, Inc. (NYSE:PSTG) Shares Bought by Raiffeisen Bank International AG

Key Points

• Raiffeisen Bank International AG increased its stake in Pure Storage, Inc. by 21%, owning approximately 656,935 shares valued at around $30.2 million as of the latest SEC filing.
• Several institutional investors have modified their holdings in Pure Storage, with notable increases including a 5,233.3% boost by FNY Investment Advisers LLC during the first quarter.
• Analyst price targets for Pure Storage vary, with recommendations ranging from $57 by Barclays to $75 by Needham & Company, indicating a general consensus of a "Moderate Buy" rating.

Raiffeisen Bank International AG increased its position in Pure Storage, Inc. (NYSE:PSTG - Free Report) by 21.0% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 656,935 shares of the technology company's stock after purchasing an additional 113,956 shares during the quarter. Raiffeisen Bank International AG owned approximately 0.20% of Pure Storage worth $30,219,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in PSTG. 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 valued at $442,736,000 after acquiring an additional 401,035 shares during the last quarter. Geode Capital Management LLC grew its holdings 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 valued at $413,982,000 after purchasing an additional 1,366,458 shares during the period. Champlain Investment Partners LLC grew its holdings in 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 purchasing an additional 174,449 shares during the period. Invesco Ltd. grew its holdings in 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 purchasing an additional 657,175 shares during the period. Finally, Blair William & Co. IL grew its holdings in Pure Storage by 2.8% during the first quarter. Blair William & Co. IL now owns 3,541,445 shares of the technology company's stock valued at $156,780,000 after purchasing an additional 96,731 shares during the period. Hedge funds and other institutional investors own 83.42% of the company's stock.

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 that occurred on Thursday, June 5th. The shares were sold at an average price of $55.13, for a total transaction of $619,330.42. Following the completion of the transaction, the director directly owned 21,930 shares of the company's stock, valued at $1,209,000.90. This trade represents a 33.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Ajay Singh sold 22,601 shares of the firm's stock in a transaction that occurred on 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 directly owned 261,465 shares of the company's stock, valued at approximately $14,498,234.25. This trade represents a 7.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 547,666 shares of company stock valued at $31,887,830. Company insiders own 5.60% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Piper Sandler reissued an "overweight" rating and set a $66.00 price target (up previously from $53.00) on shares of Pure Storage in a report on Thursday, May 29th. Wedbush reaffirmed an "outperform" rating and issued a $70.00 price objective on shares of Pure Storage in a research note on Thursday, May 29th. Barclays dropped their price objective on Pure Storage from $61.00 to $57.00 and set an "equal weight" rating for the company in a research note on Thursday, May 29th. Evercore ISI upped their price objective on Pure Storage from $60.00 to $70.00 and gave the stock an "outperform" rating in a research note on Friday, May 23rd. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $75.00 price objective on shares of Pure Storage in a research note on Friday, June 20th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $69.95.

Pure Storage Stock Performance

NYSE PSTG traded up $0.07 during trading hours on Thursday, hitting $57.50. The company had a trading volume of 489,482 shares, compared to its average volume of 2,729,394. Pure Storage, Inc. has a 1-year low of $34.51 and a 1-year high of $73.67. The company has a market cap of $18.79 billion, a PE ratio of 155.43, a price-to-earnings-growth ratio of 5.32 and a beta of 1.07. The business has a 50 day moving average of $55.62 and a 200-day moving average of $54.50.

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