Sumitomo Mitsui Trust Group Inc. Has $148.85 Million Position in Pure Storage, Inc. $PSTG

Sumitomo Mitsui Trust Group Inc. lessened its holdings in Pure Storage, Inc. (NYSE:PSTG) by 8.8% in the third quarter, Holdings Channel reports. The institutional investor owned 1,776,087 shares of the technology company’s stock after selling 171,229 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Pure Storage were worth $148,854,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in shares of Pure Storage by 0.9% in the second quarter. Vanguard Group Inc. now owns 33,268,006 shares of the technology company’s stock worth $1,915,572,000 after acquiring an additional 308,738 shares during the period. Geode Capital Management LLC boosted its position in Pure Storage by 1.7% during the second quarter. Geode Capital Management LLC now owns 7,273,696 shares of the technology company’s stock valued at $417,830,000 after acquiring an additional 123,320 shares during the last quarter. William Blair Investment Management LLC boosted its position in Pure Storage by 112.9% during the second quarter. William Blair Investment Management LLC now owns 4,926,836 shares of the technology company’s stock valued at $283,687,000 after acquiring an additional 2,612,300 shares during the last quarter. Norges Bank acquired a new stake in Pure Storage during the 2nd quarter worth about $225,203,000. Finally, Atreides Management LP bought a new position in shares of Pure Storage in the 2nd quarter worth about $204,552,000. 83.42% of the stock is owned by institutional investors.

Pure Storage Stock Up 8.1%

Shares of NYSE:PSTG opened at $72.38 on Tuesday. Pure Storage, Inc. has a twelve month low of $34.51 and a twelve month high of $100.59. The stock’s 50 day moving average is $76.61 and its 200-day moving average is $74.32. The firm has a market capitalization of $23.90 billion, a price-to-earnings ratio of 190.47, a PEG ratio of 7.44 and a beta of 1.26.

Pure Storage (NYSE:PSTG) last announced its quarterly earnings results on Tuesday, September 9th. The technology company reported $0.44 EPS for the quarter. Pure Storage had a net margin of 3.74% and a return on equity of 10.60%. The business had revenue of $763.77 million during the quarter. Equities research analysts anticipate that Pure Storage, Inc. will post 0.44 earnings per share for the current fiscal year.

Insider Activity

In other Pure Storage news, insider Ajay Singh sold 7,178 shares of the business’s stock in a transaction that occurred on Tuesday, December 23rd. The stock was sold at an average price of $67.14, for a total transaction of $481,930.92. Following the completion of the sale, the insider directly owned 215,091 shares of the company’s stock, valued at approximately $14,441,209.74. The trade was a 3.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider John Colgrove sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, December 8th. The shares were sold at an average price of $71.31, for a total value of $7,131,000.00. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 207,178 shares of company stock valued at $16,771,931. 5.60% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Oppenheimer started coverage on Pure Storage in a research note on Monday, November 17th. They issued an “outperform” rating and a $120.00 price objective on the stock. Barclays lifted their target price on Pure Storage from $70.00 to $77.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 3rd. Tigress Financial set a $105.00 price target on Pure Storage in a report on Wednesday, December 3rd. Evercore ISI reaffirmed an “outperform” rating on shares of Pure Storage in a research report on Wednesday, December 3rd. Finally, Raymond James Financial lifted their price objective on shares of Pure Storage from $88.00 to $99.00 and gave the company an “outperform” rating in a research note on Friday, October 17th. Thirteen investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $95.26.

About Pure Storage

Pure Storage, Inc (NYSE: PSTG) is a technology company that designs and sells data storage hardware and software for enterprise and cloud environments. The company is best known for its all-flash storage arrays that are engineered to deliver high performance, low latency and simplified management compared with traditional disk-based systems. Its product portfolio includes purpose-built arrays and software aimed at transactional databases, virtualized infrastructures, analytics and large-scale file/object workloads.

Key product and software offerings include the FlashArray family for block storage and FlashBlade for file and object workloads, together with Purity, the company’s storage operating environment.