Eagle Asset Management Inc. Lowers Stock Holdings in Pure Storage, Inc. (NYSE:PSTG)

Eagle Asset Management Inc. reduced its position in Pure Storage, Inc. (NYSE:PSTG - Free Report) by 38.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 756,363 shares of the technology company's stock after selling 474,269 shares during the period. Eagle Asset Management Inc. owned 0.23% of Pure Storage worth $40,019,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. Massmutual Trust Co. FSB ADV grew its holdings in shares of Pure Storage by 61.2% in the second quarter. Massmutual Trust Co. FSB ADV now owns 424 shares of the technology company's stock valued at $27,000 after purchasing an additional 161 shares in the last quarter. Larson Financial Group LLC increased its holdings in shares of Pure Storage by 242.9% in the 2nd quarter. Larson Financial Group LLC now owns 432 shares of the technology company's stock worth $28,000 after buying an additional 306 shares during the last quarter. ORG Wealth Partners LLC purchased a new stake in shares of Pure Storage during the 3rd quarter valued at about $31,000. FSC Wealth Advisors LLC bought a new position in shares of Pure Storage in the 2nd quarter valued at about $33,000. Finally, City State Bank grew its position in Pure Storage by 175.0% in the second quarter. City State Bank now owns 550 shares of the technology company's stock worth $35,000 after acquiring an additional 350 shares in the last quarter. Hedge funds and other institutional investors own 83.42% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on PSTG. Susquehanna restated a "positive" rating and issued a $80.00 target price on shares of Pure Storage in a report on Monday, August 26th. Lake Street Capital dropped their target price on Pure Storage from $70.00 to $68.00 and set a "buy" rating for the company in a research report on Thursday, August 29th. TD Cowen reduced their price target on Pure Storage from $80.00 to $70.00 and set a "buy" rating on the stock in a report on Thursday, August 29th. Piper Sandler decreased their price target on Pure Storage from $60.00 to $56.00 and set a "neutral" rating for the company in a research note on Thursday, August 29th. Finally, Wedbush reaffirmed an "outperform" rating and issued a $80.00 price objective on shares of Pure Storage in a research report on Monday, August 26th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $67.95.

Pure Storage Stock Performance

PSTG stock traded up $0.10 during trading on Friday, reaching $51.66. The company had a trading volume of 2,432,066 shares, compared to its average volume of 2,645,373. The company has a market cap of $16.93 billion, a price-to-earnings ratio of 129.15, a price-to-earnings-growth ratio of 7.00 and a beta of 1.10. Pure Storage, Inc. has a twelve month low of $31.00 and a twelve month high of $70.41. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.96 and a current ratio of 1.99. The firm has a 50-day simple moving average of $51.70 and a 200-day simple moving average of $56.84.

Pure Storage (NYSE:PSTG - Get Free Report) last announced its quarterly earnings data on Wednesday, August 28th. The technology company reported $0.20 earnings per share for the quarter, beating analysts' consensus estimates of $0.10 by $0.10. The firm had revenue of $763.77 million for the quarter, compared to analyst estimates of $756.59 million. Pure Storage had a net margin of 4.53% and a return on equity of 17.41%. As a group, sell-side analysts expect that Pure Storage, Inc. will post 0.42 earnings per share for the current year.

Insider Activity

In other Pure Storage news, CAO Mona Chu sold 25,000 shares of the stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $50.32, for a total transaction of $1,258,000.00. Following the sale, the chief accounting officer now directly owns 96,639 shares of the company's stock, valued at approximately $4,862,874.48. This trade represents a 20.55 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider John Colgrove sold 100,000 shares of the firm's stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $49.94, for a total value of $4,994,000.00. Following the sale, the insider now directly owns 500,000 shares in the company, valued at approximately $24,970,000. This trade represents a 16.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 354,542 shares of company stock valued at $18,599,030. Company insiders own 6.00% of the company's stock.

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.