California Public Employees Retirement System Sells 42,522 Shares of Pure Storage, Inc. (NYSE:PSTG)

Posted by on May 14th, 2023

California Public Employees Retirement System lessened its holdings in Pure Storage, Inc. (NYSE:PSTG – Get Rating) by 6.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 604,120 shares of the technology company’s stock after selling 42,522 shares during the period. California Public Employees Retirement System owned 0.20% of Pure Storage worth $16,166,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in PSTG. Marshall Wace LLP grew its holdings in Pure Storage by 92.1% in the 3rd quarter. Marshall Wace LLP now owns 2,909,720 shares of the technology company’s stock valued at $79,638,000 after buying an additional 1,394,660 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in Pure Storage by 2,342.8% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,256,478 shares of the technology company’s stock valued at $34,390,000 after buying an additional 1,205,042 shares in the last quarter. Prudential Financial Inc. grew its holdings in shares of Pure Storage by 130.8% during the 3rd quarter. Prudential Financial Inc. now owns 1,691,350 shares of the technology company’s stock worth $46,292,000 after purchasing an additional 958,570 shares in the last quarter. Pacer Advisors Inc. grew its holdings in shares of Pure Storage by 468,135.8% during the 4th quarter. Pacer Advisors Inc. now owns 941,154 shares of the technology company’s stock worth $25,185,000 after purchasing an additional 940,953 shares in the last quarter. Finally, Bowen Hanes & Co. Inc. acquired a new stake in shares of Pure Storage during the 3rd quarter worth $22,580,000. Institutional investors own 84.96% of the company’s stock.

Wall Street Analyst Weigh In

PSTG has been the topic of several analyst reports. KeyCorp reduced their target price on Pure Storage from $39.00 to $35.00 and set an “overweight” rating on the stock in a report on Thursday, March 2nd. TD Cowen reduced their target price on Pure Storage from $37.00 to $31.00 and set an “outperform” rating on the stock in a report on Thursday, March 2nd. Lake Street Capital reduced their target price on Pure Storage from $38.00 to $32.00 in a report on Thursday, March 2nd. Barclays reduced their target price on Pure Storage from $42.00 to $37.00 and set an “overweight” rating on the stock in a report on Thursday, March 2nd. Finally, Wells Fargo & Company reduced their target price on Pure Storage from $40.00 to $37.00 and set an “overweight” rating on the stock in a report on Thursday, March 2nd. Three investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Pure Storage presently has an average rating of “Moderate Buy” and an average target price of $36.58.

Insider Activity at Pure Storage

In related news, CRO Dan Fitzsimons sold 28,481 shares of Pure Storage stock in a transaction that occurred on Tuesday, March 21st. The stock was sold at an average price of $24.49, for a total transaction of $697,499.69. Following the transaction, the executive now owns 192,530 shares of the company’s stock, valued at $4,715,059.70. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CRO Dan Fitzsimons sold 28,481 shares of Pure Storage stock in a transaction that occurred on Tuesday, March 21st. The stock was sold at an average price of $24.49, for a total transaction of $697,499.69. Following the transaction, the executive now owns 192,530 shares of the company’s stock, valued at $4,715,059.70. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Roxanne Taylor sold 19,155 shares of Pure Storage stock in a transaction that occurred 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 in the company, valued at approximately $1,653,889.28. The disclosure for this sale can be found here. 6.80% of the stock is owned by insiders.

Pure Storage Trading Up 1.3 %

Pure Storage stock opened at $23.24 on Friday. Pure Storage, Inc. has a 12 month low of $21.90 and a 12 month high of $32.45. The stock has a 50-day moving average price of $24.13 and a two-hundred day moving average price of $27.24. The company has a market capitalization of $7.16 billion, a PE ratio of 110.67, a P/E/G ratio of 12.78 and a beta of 1.22.

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

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.

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Institutional Ownership by Quarter for Pure Storage (NYSE:PSTG)

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