Principal Financial Group Inc. Has $36.22 Million Stock Holdings in Pure Storage, Inc. (NYSE:PSTG)

Principal Financial Group Inc. trimmed its position in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) by 29.3% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 721,020 shares of the technology company's stock after selling 298,671 shares during the quarter. Principal Financial Group Inc. owned approximately 0.22% of Pure Storage worth $36,224,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Franklin Resources Inc. lifted its position in shares of Pure Storage by 210.2% in the third 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 in the last quarter. Tidal Investments LLC raised its position in shares of Pure Storage by 2.0% in the third quarter. Tidal Investments LLC now owns 69,711 shares of the technology company's stock valued at $3,502,000 after buying an additional 1,343 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in Pure Storage in the 3rd quarter worth approximately $119,000. World Investment Advisors LLC acquired a new position in Pure Storage in the 3rd quarter valued at $477,000. Finally, Sanctuary Advisors LLC lifted its stake in shares of Pure Storage by 15.1% during the 3rd quarter. Sanctuary Advisors LLC now owns 17,709 shares of the technology company's stock worth $915,000 after purchasing an additional 2,317 shares during the period. Hedge funds and other institutional investors own 83.42% of the company's stock.

Pure Storage Stock Performance

NYSE:PSTG traded up $0.95 during midday trading on Tuesday, reaching $64.75. 1,184,729 shares of the company traded hands, compared to its average volume of 3,667,279. Pure Storage, Inc. has a twelve month low of $34.32 and a twelve month high of $70.41. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.77 and a quick ratio of 1.74. The company has a fifty day moving average price of $55.66 and a 200 day moving average price of $56.94. The firm has a market capitalization of $21.12 billion, a price-to-earnings ratio of 170.40, a price-to-earnings-growth ratio of 7.69 and a beta of 1.13.

Insider Activity

In other Pure Storage news, insider John Colgrove sold 100,000 shares of the firm's stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $57.32, for a total transaction of $5,732,000.00. Following the transaction, the insider now owns 300,000 shares of the company's stock, valued at approximately $17,196,000. This trade represents a 25.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Mona Chu sold 25,000 shares of the stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $50.32, for a total transaction of $1,258,000.00. Following the completion of the transaction, the chief accounting officer now owns 96,639 shares of the company's stock, valued at $4,862,874.48. This trade represents a 20.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 353,958 shares of company stock valued at $20,225,932. 6.00% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on PSTG. Susquehanna reissued a "positive" rating and set a $80.00 price objective on shares of Pure Storage in a research note on Monday, August 26th. Wells Fargo & Company raised their target price on shares of Pure Storage from $75.00 to $80.00 and gave the company an "overweight" rating in a research note on Wednesday, December 4th. Piper Sandler upgraded Pure Storage from a "neutral" rating to an "overweight" rating and increased their price target for the company from $56.00 to $76.00 in a report on Wednesday, December 4th. Raymond James reduced their price objective on Pure Storage from $73.00 to $70.00 and set an "outperform" rating on the stock in a research note on Thursday, August 29th. Finally, Evercore ISI raised their target price on Pure Storage from $70.00 to $75.00 and gave the company an "outperform" rating in a report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, six have issued a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $72.70.

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.