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

Federated Hermes Inc. cut its holdings in Pure Storage, Inc. (NYSE:PSTG - Free Report) by 91.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 68,222 shares of the technology company's stock after selling 702,631 shares during the period. Federated Hermes Inc.'s holdings in Pure Storage were worth $4,191,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. Sycomore Asset Management grew its holdings in Pure Storage by 57.8% during the 4th quarter. Sycomore Asset Management now owns 187,874 shares of the technology company's stock valued at $11,541,000 after purchasing an additional 68,840 shares during the last quarter. Asio Capital LLC bought a new stake in shares of Pure Storage during the 4th quarter worth approximately $264,000. Oak Thistle LLC purchased a new position in Pure Storage during the 4th quarter valued at $1,196,000. Franklin Resources Inc. grew its position in Pure Storage by 210.2% in the 3rd quarter. Franklin Resources Inc. now owns 2,553,402 shares of the technology company's stock valued at $137,628,000 after acquiring an additional 1,730,123 shares during the last quarter. Finally, Victory Capital Management Inc. increased its stake in Pure Storage by 23.5% in the fourth quarter. Victory Capital Management Inc. now owns 284,649 shares of the technology company's stock worth $17,486,000 after purchasing an additional 54,256 shares during the period. 83.42% of the stock is currently owned by hedge funds and other institutional investors.

Pure Storage Stock Performance

Shares of NYSE PSTG traded up $0.53 during mid-day trading on Friday, hitting $41.79. The stock had a trading volume of 2,606,810 shares, compared to its average volume of 3,127,334. The company has a 50 day moving average of $51.36 and a two-hundred day moving average of $56.46. Pure Storage, Inc. has a twelve month low of $34.51 and a twelve month high of $73.67. The firm has a market cap of $13.62 billion, a PE ratio of 109.97, a PEG ratio of 5.12 and a beta of 1.08.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on PSTG shares. UBS Group upped their price target on shares of Pure Storage from $47.00 to $50.00 and gave the stock a "sell" rating in a report on Thursday, February 27th. Piper Sandler reduced their target price on shares of Pure Storage from $76.00 to $53.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Needham & Company LLC reiterated a "buy" rating and issued a $75.00 price target on shares of Pure Storage in a report on Thursday, February 27th. Citigroup reduced their price objective on Pure Storage from $77.00 to $55.00 and set a "buy" rating on the stock in a report on Monday. Finally, StockNews.com lowered shares of Pure Storage from a "buy" rating to a "hold" rating in a research note on Thursday, February 27th. One research 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. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $70.95.

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.