Thornburg Investment Management Inc. Has $11.73 Million Stake in Pure Storage, Inc. (NYSE:PSTG)

Key Points

• Thornburg Investment Management Inc. reduced its stake in Pure Storage, Inc. by 7.4%, now owning 265,061 shares worth approximately $11.73 million as of the latest SEC filing.
• Several hedge funds made significant adjustments to their positions in Pure Storage, with T. Rowe Price increasing its stake by 5.9%, and Geode Capital Management raising its stake by 25.4% during the last quarter.
• Wall Street analysts have varying opinions on Pure Storage, with 14 analysts rating it as a "buy" while the consensus target price is set at $69.95.

Thornburg Investment Management Inc. decreased its stake in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) by 7.4% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 265,061 shares of the technology company's stock after selling 21,289 shares during the period. Thornburg Investment Management Inc. owned 0.08% of Pure Storage worth $11,734,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Bank Pictet & Cie Europe AG raised its position in shares of Pure Storage by 23.3% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 9,201 shares of the technology company's stock worth $565,000 after buying an additional 1,740 shares during the period. LPL Financial LLC raised its holdings in shares of Pure Storage by 23.4% in the 4th quarter. LPL Financial LLC now owns 96,556 shares of the technology company's stock worth $5,931,000 after purchasing an additional 18,306 shares during the period. Prudential Financial Inc. lifted its stake in shares of Pure Storage by 155.8% in the 4th quarter. Prudential Financial Inc. now owns 89,571 shares of the technology company's stock valued at $5,502,000 after purchasing an additional 54,557 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Pure Storage by 18.5% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 243,185 shares of the technology company's stock valued at $15,620,000 after purchasing an additional 37,906 shares in the last quarter. Finally, Norges Bank acquired a new stake in Pure Storage during the 4th quarter worth approximately $216,690,000. Hedge funds and other institutional investors own 83.42% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PSTG. JPMorgan Chase & Co. lowered their price target on Pure Storage from $75.00 to $70.00 and set an "overweight" rating for the company in a report on Thursday, May 29th. Citigroup upped their price target on Pure Storage from $55.00 to $65.00 and gave the stock a "buy" rating in a report on Friday, May 16th. Wall Street Zen lowered shares of Pure Storage from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. Wedbush reissued an "outperform" rating and set a $70.00 target price on shares of Pure Storage in a research report on Thursday, May 29th. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $66.00 price target (up from $53.00) on shares of Pure Storage in a report on Thursday, May 29th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and fourteen have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $69.95.

Insider Buying and Selling

In other Pure Storage news, Director John Francis Murphy sold 11,234 shares of the company's stock in a transaction dated 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 sale, the director directly owned 21,930 shares of the company's stock, valued at approximately $1,209,000.90. This represents a 33.87% 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, CRO Dan Fitzsimons sold 6,000 shares of the business's stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $51.65, for a total transaction of $309,900.00. Following the sale, the executive owned 75,965 shares in the company, valued at $3,923,592.25. This represents a 7.32% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 547,666 shares of company stock worth $31,887,830. Company insiders own 5.60% of the company's stock.

Pure Storage Stock Up 0.6%

Pure Storage stock traded up $0.34 during midday trading on Thursday, hitting $59.57. The company's stock had a trading volume of 2,662,792 shares, compared to its average volume of 1,967,842. Pure Storage, Inc. has a 12 month low of $34.51 and a 12 month high of $73.67. The company has a market capitalization of $19.47 billion, a PE ratio of 161.00, a price-to-earnings-growth ratio of 5.63 and a beta of 1.06. The stock's 50-day moving average price is $55.50 and its 200-day moving average price is $54.77.

Pure Storage (NYSE:PSTG - Get Free Report) last issued its earnings results 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. 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 3.93% and a return on equity of 13.98%. The firm's revenue for the quarter was up 12.3% compared to the same quarter last year. During the same period last year, the firm posted $0.32 earnings per share. As a group, equities analysts anticipate that Pure Storage, Inc. will post 0.44 EPS for the current year.

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.