Hsbc Holdings PLC Increases Holdings in Pure Storage, Inc. (NYSE:PSTG)

Hsbc Holdings PLC boosted its position in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) by 88.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 228,374 shares of the technology company's stock after acquiring an additional 107,009 shares during the quarter. Hsbc Holdings PLC owned 0.07% of Pure Storage worth $14,095,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. Sugar Maple Asset Management LLC acquired a new position in Pure Storage during the 4th quarter worth $29,000. Compass Financial Services Inc acquired a new position in shares of Pure Storage during the fourth quarter worth about $29,000. Crowley Wealth Management Inc. purchased a new stake in shares of Pure Storage during the fourth quarter worth approximately $31,000. Berbice Capital Management LLC purchased a new stake in shares of Pure Storage during the fourth quarter worth approximately $37,000. Finally, Financial Life Planners purchased a new position in Pure Storage in the fourth quarter worth approximately $44,000. 83.42% of the stock is owned by institutional investors and hedge funds.

Pure Storage Stock Performance

NYSE:PSTG traded up $1.38 during mid-day trading on Friday, reaching $47.84. The stock had a trading volume of 1,507,888 shares, compared to its average volume of 3,093,184. The business has a 50 day simple moving average of $46.70 and a 200 day simple moving average of $55.92. Pure Storage, Inc. has a twelve month low of $34.51 and a twelve month high of $73.67. The firm has a market capitalization of $15.60 billion, a price-to-earnings ratio of 125.90, a PEG ratio of 5.12 and a beta of 1.08.

Insider Activity

In other Pure Storage news, CRO Dan Fitzsimons sold 6,977 shares of the firm's stock in a transaction on Monday, April 21st. The stock was sold at an average price of $40.91, for a total value of $285,429.07. Following the completion of the sale, the executive now owns 90,223 shares of the company's stock, valued at approximately $3,691,022.93. This trade represents a 7.18 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 6.00% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Citigroup dropped their price objective on shares of Pure Storage from $77.00 to $55.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Needham & Company LLC restated a "buy" rating and issued a $75.00 price target on shares of Pure Storage in a research note on Thursday, February 27th. Piper Sandler lowered their price objective on Pure Storage from $76.00 to $53.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. StockNews.com lowered Pure Storage from a "buy" rating to a "hold" rating in a research report on Thursday, February 27th. Finally, Evercore ISI decreased their target price on Pure Storage from $75.00 to $60.00 and set an "outperform" rating for the company in a research note on Monday. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $70.20.

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.