US Bancorp DE Has $5.46 Million Stake in Pure Storage, Inc. (NYSE:PSTG)

Key Points

• US Bancorp DE reduced its holdings in Pure Storage, Inc. (NYSE:PSTG) by 4.7%, selling 6,080 shares and bringing their total ownership to 123,321 shares valued at approximately $5.46 million.
• Insiders, including John Colgrove, sold a significant amount of stock recently, with Colgrove selling 198,749 shares for nearly $12 million, resulting in a 28.44% decrease in his ownership.
• Wall Street analysts maintain a positive outlook on PSTG, with 14 analysts issuing buy ratings, contributing to an average target price of approximately $69.95 for the stock.

US Bancorp DE trimmed its position in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) by 4.7% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 123,321 shares of the technology company's stock after selling 6,080 shares during the period. US Bancorp DE's holdings in Pure Storage were worth $5,459,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. McIlrath & Eck LLC bought a new position in shares of Pure Storage in the fourth quarter worth about $25,000. MassMutual Private Wealth & Trust FSB boosted its stake in Pure Storage by 55.9% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 650 shares of the technology company's stock valued at $29,000 after purchasing an additional 233 shares in the last quarter. FNY Investment Advisers LLC boosted its holdings in shares of Pure Storage by 5,233.3% during the 1st quarter. FNY Investment Advisers LLC now owns 800 shares of the technology company's stock worth $35,000 after buying an additional 785 shares during the period. TruNorth Capital Management LLC acquired a new position in shares of Pure Storage during the first quarter worth approximately $38,000. Finally, Nisa Investment Advisors LLC lifted its stake in Pure Storage by 35.6% in the 1st quarter. Nisa Investment Advisors LLC now owns 910 shares of the technology company's stock valued at $40,000 after purchasing an additional 239 shares during the last quarter. Institutional investors and hedge funds own 83.42% of the company's stock.

Pure Storage Stock Performance

Pure Storage stock traded up $0.58 during mid-day trading on Friday, reaching $58.39. The company's stock had a trading volume of 851,945 shares, compared to its average volume of 2,724,061. The firm's fifty day moving average price is $55.62 and its two-hundred day moving average price is $54.50. The company has a market capitalization of $19.08 billion, a P/E ratio of 157.66, a PEG ratio of 5.46 and a beta of 1.07. Pure Storage, Inc. has a 12-month low of $34.51 and a 12-month high of $73.67.

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

Insider Buying and Selling

In other Pure Storage news, Director John Francis Murphy sold 11,234 shares of the business's stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $55.13, for a total transaction of $619,330.42. Following the transaction, the director owned 21,930 shares in the company, valued at approximately $1,209,000.90. The trade was a 33.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CRO Dan Fitzsimons sold 6,000 shares of the company's stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $51.65, for a total transaction of $309,900.00. Following the completion of the transaction, the executive owned 75,965 shares in the company, 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 quarter, insiders sold 547,666 shares of company stock worth $31,887,830. Corporate insiders own 5.60% of the company's stock.

Analyst Ratings Changes

PSTG has been the subject of a number of recent analyst reports. Morgan Stanley lifted their target price on Pure Storage from $40.00 to $62.00 and gave the company an "equal weight" rating in a report on Tuesday, May 20th. Piper Sandler reiterated 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. Needham & Company LLC reissued a "buy" rating and set a $75.00 price objective on shares of Pure Storage in a research note on Friday, June 20th. Citigroup lifted their target price on Pure Storage from $55.00 to $65.00 and gave the stock a "buy" rating in a report on Friday, May 16th. Finally, 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. One 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 a consensus rating of "Moderate Buy" and a consensus price target of $69.95.

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.