DekaBank Deutsche Girozentrale Makes New $2.57 Million Investment in Pure Storage, Inc. (NYSE:PSTG)

Posted by Defense World Staff on Apr 21st, 2023

DekaBank Deutsche Girozentrale bought a new position in Pure Storage, Inc. (NYSE:PSTG – Get Rating) in the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 96,500 shares of the technology company’s stock, valued at approximately $2,571,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Ellevest Inc. increased its stake in shares of Pure Storage by 50.4% in the 3rd quarter. Ellevest Inc. now owns 994 shares of the technology company’s stock worth $27,000 after acquiring an additional 333 shares during the last quarter. LPL Financial LLC increased its stake in shares of Pure Storage by 0.3% in the 2nd quarter. LPL Financial LLC now owns 120,438 shares of the technology company’s stock worth $3,096,000 after acquiring an additional 357 shares during the last quarter. Advisors Asset Management Inc. increased its stake in shares of Pure Storage by 15.8% in the 3rd quarter. Advisors Asset Management Inc. now owns 2,782 shares of the technology company’s stock worth $76,000 after acquiring an additional 379 shares during the last quarter. Synovus Financial Corp increased its stake in shares of Pure Storage by 1.0% in the 3rd quarter. Synovus Financial Corp now owns 44,077 shares of the technology company’s stock worth $1,208,000 after acquiring an additional 434 shares during the last quarter. Finally, Advisory Research Inc. increased its stake in shares of Pure Storage by 2.1% in the 3rd quarter. Advisory Research Inc. now owns 22,277 shares of the technology company’s stock worth $610,000 after acquiring an additional 452 shares during the last quarter. 84.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Credit Suisse Group reissued an “outperform” rating and set a $40.00 price objective on shares of Pure Storage in a research report on Thursday, March 2nd. Deutsche Bank Aktiengesellschaft cut their price objective on Pure Storage from $38.00 to $32.00 and set a “buy” rating for the company in a research report on Thursday, March 2nd. UBS Group cut their price objective on Pure Storage from $33.00 to $31.00 and set a “neutral” rating for the company in a research report on Thursday, March 2nd. Morgan Stanley cut their price objective on Pure Storage from $37.00 to $34.00 and set an “overweight” rating for the company in a research report on Thursday, March 2nd. Finally, Barclays cut their price objective on Pure Storage from $42.00 to $37.00 and set an “overweight” rating for the company in a research report on Thursday, March 2nd. Two equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Pure Storage has a consensus rating of “Moderate Buy” and an average target price of $36.58.

Insider Buying and Selling

In related news, Director Roxanne Taylor sold 19,155 shares of the business’s stock in a transaction that occurred on Thursday, April 13th. The stock was sold at an average price of $26.08, for a total transaction of $499,562.40. Following the completion of the sale, the director now owns 63,416 shares in the company, valued at $1,653,889.28. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, Director Roxanne Taylor sold 19,155 shares of the business’s stock in a transaction that occurred on Thursday, April 13th. The stock was sold at an average price of $26.08, for a total transaction of $499,562.40. Following the completion of the sale, the director now owns 63,416 shares in the company, valued at $1,653,889.28. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CRO Dan Fitzsimons sold 28,481 shares of the business’s stock in a transaction that occurred on Tuesday, March 21st. The stock was sold at an average price of $24.49, for a total value of $697,499.69. Following the sale, the executive now owns 192,530 shares of the company’s stock, valued at approximately $4,715,059.70. The disclosure for this sale can be found here. 6.80% of the stock is owned by company insiders.

Pure Storage Stock Performance

Shares of PSTG opened at $23.86 on Friday. The stock has a 50-day simple moving average of $26.20 and a 200-day simple moving average of $27.81. The stock has a market capitalization of $7.35 billion, a PE ratio of 113.62, a PEG ratio of 14.64 and a beta of 1.22. Pure Storage, Inc. has a 1 year low of $21.90 and a 1 year high of $32.45.

Pure Storage (NYSE:PSTG – Get Rating) last announced its quarterly earnings data on Wednesday, March 1st. The technology company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.17. The business had revenue of $810.21 million during the quarter, compared to analysts’ expectations of $811.30 million. Pure Storage had a return on equity of 16.59% and a net margin of 2.65%. Analysts predict that Pure Storage, Inc. will post 0.19 EPS for the current year.

Pure Storage Profile

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Pure Storage, Inc engages in the provision of flash-based storage solutions. Its technology replaces storage systems designed for mechanical disks with all-flash systems optimized end-to-end for solid-state memory. The company was founded by John Hayes and John Colgrove in October 2009 and is headquartered in Mountain View, CA.