Zacks Investment Management Buys 51,023 Shares of Pure Storage, Inc. (NYSE:PSTG)

Zacks Investment Management lifted its stake in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) by 13.2% in the third quarter, according to its most recent filing with the SEC. The fund owned 437,691 shares of the technology company's stock after acquiring an additional 51,023 shares during the period. Zacks Investment Management owned approximately 0.13% of Pure Storage worth $21,990,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its holdings in shares of Pure Storage by 56.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,696,390 shares of the technology company's stock valued at $237,345,000 after purchasing an additional 1,327,873 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in shares of Pure Storage by 22.5% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 4,063,776 shares of the technology company's stock valued at $204,163,000 after purchasing an additional 747,034 shares during the period. State Street Corp grew its holdings in shares of Pure Storage by 6.5% in the third quarter. State Street Corp now owns 10,262,666 shares of the technology company's stock worth $515,596,000 after purchasing an additional 626,427 shares during the last quarter. FMR LLC increased its stake in shares of Pure Storage by 0.8% in the third quarter. FMR LLC now owns 49,153,797 shares of the technology company's stock worth $2,469,487,000 after buying an additional 368,643 shares during the period. Finally, Erste Asset Management GmbH bought a new stake in Pure Storage during the 3rd quarter valued at $15,857,000. 83.42% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CRO Dan Fitzsimons sold 8,895 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $50.67, for a total transaction of $450,709.65. Following the transaction, the executive now directly owns 94,446 shares of the company's stock, valued at $4,785,578.82. This represents a 8.61 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider John Colgrove sold 100,000 shares of the stock in a transaction dated Thursday, September 19th. The shares were 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 in the company, valued at approximately $24,970,000. This represents a 16.67 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 454,542 shares of company stock worth $25,154,030 over the last three months. 6.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Wedbush restated an "outperform" rating and issued a $80.00 price objective on shares of Pure Storage in a research report on Monday, August 26th. JPMorgan Chase & Co. boosted their price target on Pure Storage from $60.00 to $75.00 and gave the company an "overweight" rating in a report on Wednesday. Northland Securities reiterated a "market perform" rating and issued a $63.00 price objective (up from $59.00) on shares of Pure Storage in a research report on Wednesday. Susquehanna reissued a "positive" rating and set a $80.00 target price on shares of Pure Storage in a research note on Monday, August 26th. Finally, Lake Street Capital raised their price target on Pure Storage from $68.00 to $70.00 and gave the stock a "buy" rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $72.10.

Pure Storage Stock Up 3.8 %

PSTG stock traded up $2.36 on Friday, reaching $64.92. 4,825,818 shares of the company traded hands, compared to its average volume of 3,396,470. The firm has a fifty day simple moving average of $53.04 and a 200-day simple moving average of $56.81. The company has a market cap of $21.27 billion, a P/E ratio of 170.84, a price-to-earnings-growth ratio of 8.87 and a beta of 1.13. Pure Storage, Inc. has a one year low of $31.90 and a one year 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 1.96.

Pure Storage 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.