Federated Hermes Inc. Reduces Holdings in Pure Storage, Inc. (NYSE:PSTG)

Federated Hermes Inc. decreased its position in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) by 48.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 494,034 shares of the technology company's stock after selling 456,489 shares during the period. Federated Hermes Inc. owned approximately 0.16% of Pure Storage worth $17,617,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in PSTG. Global Retirement Partners LLC bought a new position in Pure Storage during the 3rd quarter worth $28,000. Allspring Global Investments Holdings LLC bought a new position in shares of Pure Storage in the fourth quarter worth $45,000. First Horizon Advisors Inc. increased its position in shares of Pure Storage by 53.3% in the third quarter. First Horizon Advisors Inc. now owns 1,380 shares of the technology company's stock worth $49,000 after purchasing an additional 480 shares during the period. McGlone Suttner Wealth Management Inc. bought a new position in shares of Pure Storage in the fourth quarter worth $67,000. Finally, Fifth Third Bancorp increased its position in shares of Pure Storage by 48.5% in the fourth quarter. Fifth Third Bancorp now owns 2,227 shares of the technology company's stock worth $79,000 after purchasing an additional 727 shares during the period. Institutional investors own 83.42% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently commented on PSTG shares. Wedbush restated an "outperform" rating and issued a $50.00 price target on shares of Pure Storage in a research report on Thursday, February 29th. Morgan Stanley raised their price target on Pure Storage from $43.00 to $48.00 and gave the stock an "overweight" rating in a research report on Thursday, February 29th. Raymond James lowered Pure Storage from a "strong-buy" rating to an "outperform" rating and raised their price objective for the company from $52.00 to $63.00 in a research note on Friday. KeyCorp raised their price objective on Pure Storage from $51.00 to $55.00 and gave the company an "overweight" rating in a research note on Thursday, February 29th. Finally, Barclays raised their price objective on Pure Storage from $42.00 to $51.00 and gave the company an "overweight" rating in a research note on Thursday, February 29th. Three equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $51.63.

Pure Storage Trading Up 2.6 %

Shares of PSTG traded up $1.29 during mid-day trading on Tuesday, reaching $51.80. 2,076,477 shares of the company were exchanged, compared to its average volume of 4,609,154. Pure Storage, Inc. has a 52 week low of $22.14 and a 52 week high of $58.46. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.80 and a current ratio of 1.83. The stock has a market capitalization of $16.83 billion, a PE ratio of 304.72, a PEG ratio of 6.42 and a beta of 1.15. The business has a 50 day simple moving average of $50.32 and a two-hundred day simple moving average of $41.49.

Pure Storage (NYSE:PSTG - Get Free Report) last issued its quarterly earnings data on Wednesday, February 28th. The technology company reported $0.27 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.17 by $0.10. Pure Storage had a return on equity of 12.60% and a net margin of 2.17%. The company had revenue of $789.81 million during the quarter, compared to the consensus estimate of $784.31 million. During the same period last year, the company earned $0.27 earnings per share. The firm's revenue was down 2.5% compared to the same quarter last year. On average, analysts predict that Pure Storage, Inc. will post 0.44 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Roxanne Taylor sold 36,860 shares of the business's stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $53.76, for a total transaction of $1,981,593.60. Following the completion of the sale, the director now owns 18,883 shares in the company, valued at $1,015,150.08. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, insider Ajay Singh sold 37,588 shares of Pure Storage stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $53.54, for a total transaction of $2,012,461.52. Following the transaction, the insider now owns 380,834 shares of the company's stock, valued at $20,389,852.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Roxanne Taylor sold 36,860 shares of Pure Storage stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $53.76, for a total value of $1,981,593.60. Following the transaction, the director now directly owns 18,883 shares in the company, valued at approximately $1,015,150.08. The disclosure for this sale can be found here. Over the last three months, insiders sold 286,581 shares of company stock worth $15,266,704. 6.50% of the stock is owned by corporate insiders.

Pure Storage Company Profile

Pure Storage, Inc, together with its subsidiaries, provides data storage technologies, products, and services in the United States and internationally. The company's Purity software is shared across its products and provides enterprise-class data services, such as data reduction, data protection, and encryption, as well as storage protocols, including block, file, and object.