Bank of Nova Scotia Lowers Stock Position in Pure Storage, Inc. (NYSE:PSTG)

Bank of Nova Scotia decreased its holdings in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) by 30.7% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 13,767 shares of the technology company's stock after selling 6,090 shares during the period. Bank of Nova Scotia's holdings in Pure Storage were worth $846,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Krane Funds Advisors LLC purchased a new position in Pure Storage during the 4th quarter worth $324,000. Invesco Ltd. boosted its stake in Pure Storage by 18.8% in the 4th quarter. Invesco Ltd. now owns 4,162,081 shares of the technology company's stock worth $255,677,000 after purchasing an additional 657,175 shares in the last quarter. Peapack Gladstone Financial Corp grew its position in Pure Storage by 2.7% during the 4th quarter. Peapack Gladstone Financial Corp now owns 5,775 shares of the technology company's stock worth $355,000 after purchasing an additional 150 shares during the last quarter. MIG Capital LLC purchased a new position in shares of Pure Storage in the fourth quarter worth $332,000. Finally, Envestnet Asset Management Inc. grew its holdings in shares of Pure Storage by 20.6% during the fourth quarter. Envestnet Asset Management Inc. now owns 264,096 shares of the technology company's stock valued at $16,223,000 after buying an additional 45,152 shares during the last quarter. 83.42% of the stock is currently owned by institutional investors.

Pure Storage Trading Up 1.3 %

PSTG stock traded up $0.53 during trading on Friday, hitting $41.79. 2,606,810 shares of the company's stock were exchanged, compared to its average volume of 3,127,334. Pure Storage, Inc. has a 52-week low of $34.51 and a 52-week high of $73.67. The business has a 50-day moving average price of $51.36 and a two-hundred day moving average price of $56.46. The stock has a market capitalization of $13.62 billion, a price-to-earnings ratio of 109.97, a PEG ratio of 5.12 and a beta of 1.08.

Analysts Set New Price Targets

PSTG has been the topic of several research analyst reports. Bank of America dropped their price target on Pure Storage from $77.00 to $73.00 and set a "neutral" rating on the stock in a research note on Thursday, February 27th. StockNews.com cut shares of Pure Storage from a "buy" rating to a "hold" rating in a research note on Thursday, February 27th. Needham & Company LLC restated a "buy" rating and set a $75.00 target price on shares of Pure Storage in a research report on Thursday, February 27th. Citigroup dropped their price target 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. Finally, Piper Sandler reduced their price target on shares of Pure Storage from $76.00 to $53.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat.com, Pure Storage currently has a consensus rating of "Moderate Buy" and an average target price of $70.95.

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.