Arizona State Retirement System Raises Holdings in Pure Storage, Inc. (NYSE:PSTG)

Posted by Defense World Staff on May 10th, 2023

Arizona State Retirement System grew its position in shares of Pure Storage, Inc. (NYSE:PSTG – Get Rating) by 3.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 79,354 shares of the technology company’s stock after purchasing an additional 2,293 shares during the period. Arizona State Retirement System’s holdings in Pure Storage were worth $2,124,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Ellevest Inc. lifted its holdings in shares of Pure Storage by 50.4% in the 3rd quarter. Ellevest Inc. now owns 994 shares of the technology company’s stock valued at $27,000 after acquiring an additional 333 shares during the last quarter. Altshuler Shaham Ltd bought a new position in shares of Pure Storage in the 3rd quarter valued at about $31,000. Parkside Financial Bank & Trust bought a new position in shares of Pure Storage in the 1st quarter valued at about $33,000. Accurate Wealth Management LLC bought a new position in shares of Pure Storage in the 4th quarter valued at about $39,000. Finally, AdvisorNet Financial Inc lifted its holdings in shares of Pure Storage by 280.5% in the 4th quarter. AdvisorNet Financial Inc now owns 1,560 shares of the technology company’s stock valued at $42,000 after acquiring an additional 1,150 shares during the last quarter. Hedge funds and other institutional investors own 84.96% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on PSTG shares. Wedbush raised shares of Pure Storage from a “neutral” rating to an “outperform” rating and set a $34.00 price target for the company in a report on Thursday, April 6th. Wells Fargo & Company decreased their price objective on shares of Pure Storage from $40.00 to $37.00 and set an “overweight” rating for the company in a research note on Thursday, March 2nd. Morgan Stanley decreased their price objective on shares of Pure Storage from $37.00 to $34.00 and set an “overweight” rating for the company in a research note on Thursday, March 2nd. Raymond James raised their price objective on shares of Pure Storage from $40.00 to $43.00 and gave the stock a “strong-buy” rating in a research note on Thursday, March 2nd. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Pure Storage from $40.00 to $35.00 and set an “overweight” rating for the company in a research note on Thursday, March 2nd. Three research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Pure Storage presently has an average rating of “Moderate Buy” and a consensus price target of $36.58.

Pure Storage Stock Up 1.6 %

Shares of PSTG stock opened at $23.11 on Wednesday. The firm has a market cap of $7.12 billion, a price-to-earnings ratio of 110.05, a PEG ratio of 12.78 and a beta of 1.22. The company’s 50 day moving average is $24.30 and its 200 day moving average is $27.35. Pure Storage, Inc. has a 52-week low of $21.90 and a 52-week high of $32.45.

Pure Storage (NYSE:PSTG – Get Rating) last issued 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. Pure Storage had a net margin of 2.65% and a return on equity of 16.59%. The company had revenue of $810.21 million for the quarter, compared to analyst estimates of $811.30 million. Analysts anticipate that Pure Storage, Inc. will post 0.19 EPS for the current fiscal year.

Insiders Place Their Bets

In other Pure Storage news, Director Roxanne Taylor sold 19,155 shares of Pure Storage stock in a transaction on Thursday, April 13th. The shares were sold at an average price of $26.08, for a total value of $499,562.40. Following the transaction, the director now directly owns 63,416 shares of the company’s stock, valued at $1,653,889.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CRO Dan Fitzsimons sold 28,481 shares of the business’s stock in a transaction on Tuesday, March 21st. The shares were sold at an average price of $24.49, for a total transaction of $697,499.69. Following the sale, the executive now directly owns 192,530 shares of the company’s stock, valued at $4,715,059.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Roxanne Taylor sold 19,155 shares of the business’s stock in a transaction on Thursday, April 13th. The shares were sold at an average price of $26.08, for a total transaction of $499,562.40. Following the sale, the director now directly owns 63,416 shares in the company, valued at $1,653,889.28. The disclosure for this sale can be found here. Corporate insiders own 6.80% of the company’s stock.

About Pure Storage

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Pure Storage, Inc engages in the business of delivering innovative and disruptive data storage, products, and services that enable customers to maximize the value of data. The firm is also involved in the provision of data storage and management with a mission to redefine the storage experience by simplifying how people consume and interact with data.