abrdn plc Acquires 89,293 Shares of Pure Storage, Inc. (NYSE:PSTG)

abrdn plc raised its position in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) by 1,604.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 94,858 shares of the technology company's stock after buying an additional 89,293 shares during the period. abrdn plc's holdings in Pure Storage were worth $4,766,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also bought and sold shares of the business. State of Alaska Department of Revenue lifted its stake in shares of Pure Storage by 7.3% during the third quarter. State of Alaska Department of Revenue now owns 35,670 shares of the technology company's stock valued at $1,792,000 after acquiring an additional 2,435 shares during the period. Forsta AP Fonden increased its holdings in Pure Storage by 16.2% in the third quarter. Forsta AP Fonden now owns 67,500 shares of the technology company's stock valued at $3,391,000 after purchasing an additional 9,400 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in Pure Storage by 363.9% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,553 shares of the technology company's stock valued at $275,000 after buying an additional 4,356 shares during the period. Legacy Wealth Asset Management LLC boosted its holdings in Pure Storage by 5.0% during the third quarter. Legacy Wealth Asset Management LLC now owns 6,426 shares of the technology company's stock worth $323,000 after buying an additional 308 shares during the last quarter. Finally, Impact Partnership Wealth LLC acquired a new position in shares of Pure Storage during the 3rd quarter worth about $365,000. 83.42% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Lake Street Capital decreased their price objective on shares of Pure Storage from $70.00 to $68.00 and set a "buy" rating for the company in a report on Thursday, August 29th. Piper Sandler lowered their price objective on shares of Pure Storage from $60.00 to $56.00 and set a "neutral" rating for the company in a research report on Thursday, August 29th. Raymond James cut their price objective on Pure Storage from $73.00 to $70.00 and set an "outperform" rating on the stock in a report on Thursday, August 29th. UBS Group reduced their price target on shares of Pure Storage from $47.00 to $45.00 and set a "sell" rating for the company in a report on Thursday, August 29th. Finally, Citigroup reduced their target price on shares of Pure Storage from $75.00 to $67.00 and set a "buy" rating for the company in a research note on Thursday, August 29th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, Pure Storage currently has a consensus rating of "Moderate Buy" and an average price target of $68.05.

Insiders Place Their Bets

In other news, insider John Colgrove sold 100,000 shares of Pure Storage 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 completion of the transaction, the insider now directly owns 500,000 shares of the company's stock, valued at approximately $24,970,000. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider John Colgrove sold 100,000 shares of the stock in a transaction on 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 completion of the sale, the insider now directly owns 500,000 shares of the company's stock, valued at approximately $24,970,000. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Mona Chu sold 25,000 shares of Pure Storage stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $50.32, for a total value of $1,258,000.00. Following the sale, the chief accounting officer now owns 96,639 shares in the company, valued at $4,862,874.48. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 454,542 shares of company stock valued at $24,775,030. 6.00% of the stock is currently owned by company insiders.

Pure Storage Price Performance

PSTG stock traded down $1.23 during mid-day trading on Monday, hitting $49.72. The stock had a trading volume of 2,399,376 shares, compared to its average volume of 3,687,975. The firm has a fifty day simple moving average of $51.40 and a 200 day simple moving average of $56.95. Pure Storage, Inc. has a 52 week low of $31.00 and a 52 week high of $70.41. The company has a current ratio of 1.99, a quick ratio of 1.96 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $16.29 billion, a P/E ratio of 124.30, a P/E/G ratio of 7.85 and a beta of 1.10.

Pure Storage (NYSE:PSTG - Get Free Report) last issued its earnings results on Wednesday, August 28th. The technology company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.10 by $0.10. Pure Storage had a return on equity of 17.41% and a net margin of 4.53%. The firm had revenue of $763.77 million during the quarter, compared to the consensus estimate of $756.59 million. As a group, research analysts forecast that Pure Storage, Inc. will post 0.43 EPS for the current year.

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.