National Bank of Canada FI Decreases Stock Position in Pure Storage, Inc. (NYSE:PSTG)

Posted by Defense World Staff on Jun 27th, 2023

National Bank of Canada FI cut its holdings in Pure Storage, Inc. (NYSE:PSTG – Get Rating) by 57.2% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 249,631 shares of the technology company’s stock after selling 333,030 shares during the period. National Bank of Canada FI’s holdings in Pure Storage were worth $6,368,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. boosted its stake in shares of Pure Storage by 121.7% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 21,660 shares of the technology company’s stock worth $765,000 after purchasing an additional 11,891 shares during the last quarter. Private Advisor Group LLC acquired a new stake in shares of Pure Storage during the 1st quarter worth about $233,000. MetLife Investment Management LLC acquired a new stake in shares of Pure Storage during the 1st quarter worth about $596,000. Synovus Financial Corp boosted its stake in shares of Pure Storage by 1.7% during the 1st quarter. Synovus Financial Corp now owns 43,894 shares of the technology company’s stock worth $1,547,000 after purchasing an additional 744 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Pure Storage by 0.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,035,914 shares of the technology company’s stock worth $36,582,000 after purchasing an additional 6,756 shares during the last quarter. 81.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Pure Storage news, insider Ajay Singh sold 37,084 shares of Pure Storage stock in a transaction on Tuesday, June 13th. The shares were sold at an average price of $36.42, for a total value of $1,350,599.28. Following the completion of the transaction, the insider now owns 414,393 shares of the company’s stock, valued at $15,092,193.06. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, 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 completion of the transaction, the director now owns 63,416 shares of the company’s stock, valued at $1,653,889.28. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Ajay Singh sold 37,084 shares of the business’s stock in a transaction on Tuesday, June 13th. The shares were sold at an average price of $36.42, for a total transaction of $1,350,599.28. Following the transaction, the insider now directly owns 414,393 shares of the company’s stock, valued at approximately $15,092,193.06. The disclosure for this sale can be found here. Over the last quarter, insiders sold 151,549 shares of company stock worth $5,325,722. Insiders own 6.50% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on PSTG. JPMorgan Chase & Co. decreased their target price on shares of Pure Storage from $40.00 to $35.00 and set an “overweight” rating on the stock in a research report on Thursday, March 2nd. Deutsche Bank Aktiengesellschaft raised their target price on shares of Pure Storage from $36.00 to $42.00 in a research report on Friday, June 16th. Morgan Stanley raised their target price on shares of Pure Storage from $34.00 to $42.00 in a research report on Friday, June 16th. UBS Group decreased their target price on shares of Pure Storage from $33.00 to $31.00 and set a “neutral” rating on the stock in a research report on Thursday, March 2nd. Finally, Credit Suisse Group raised their target price on shares of Pure Storage from $40.00 to $42.00 in a research report on Friday, June 2nd. Two research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $39.89.

Pure Storage Stock Down 0.8 %

Shares of NYSE:PSTG opened at $35.57 on Tuesday. The company has a current ratio of 1.69, a quick ratio of 1.64 and a debt-to-equity ratio of 0.11. The company has a fifty day simple moving average of $28.38 and a 200 day simple moving average of $27.51. The firm has a market cap of $10.94 billion, a PE ratio of 1,186.06, a price-to-earnings-growth ratio of 8.56 and a beta of 1.21. Pure Storage, Inc. has a 12-month low of $22.14 and a 12-month high of $38.36.

Pure Storage (NYSE:PSTG – Get Rating) last issued its quarterly earnings results on Wednesday, May 31st. The technology company reported ($0.17) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.04. The business had revenue of $589.31 million during the quarter, compared to analyst estimates of $560.83 million. Pure Storage had a net margin of 0.63% and a return on equity of 9.03%. On average, equities research analysts anticipate that Pure Storage, Inc. will post 0.28 EPS for the current fiscal year.

About Pure Storage

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Pure Storage, Inc, together with its subsidiaries, provides data storage technologies, products, and services in the United States and internationally. The company's Purity software is shared across its products and provides enterprise-class data services, such as data reduction, data protection, and encryption, as well as storage protocols, including block, file, and object.