Norges Bank Purchases New Position in Pure Storage, Inc. $PSTG

Norges Bank purchased a new stake in Pure Storage, Inc. (NYSE:PSTG) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 3,911,124 shares of the technology company’s stock, valued at approximately $225,203,000.

Several other hedge funds also recently modified their holdings of the company. Avantax Advisory Services Inc. boosted its holdings in shares of Pure Storage by 8.4% in the 1st quarter. Avantax Advisory Services Inc. now owns 9,187 shares of the technology company’s stock worth $407,000 after acquiring an additional 712 shares in the last quarter. Cetera Investment Advisers increased its holdings in Pure Storage by 12.1% during the 1st quarter. Cetera Investment Advisers now owns 82,146 shares of the technology company’s stock valued at $3,637,000 after purchasing an additional 8,878 shares in the last quarter. LPL Financial LLC raised its position in Pure Storage by 22.6% in the 1st quarter. LPL Financial LLC now owns 118,368 shares of the technology company’s stock valued at $5,240,000 after purchasing an additional 21,812 shares during the last quarter. Federated Hermes Inc. boosted its stake in Pure Storage by 18.6% in the first quarter. Federated Hermes Inc. now owns 80,900 shares of the technology company’s stock worth $3,581,000 after purchasing an additional 12,678 shares in the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd grew its holdings in shares of Pure Storage by 78.4% during the first quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 16,518 shares of the technology company’s stock worth $731,000 after purchasing an additional 7,258 shares during the last quarter. Institutional investors and hedge funds own 83.42% of the company’s stock.

Pure Storage Trading Down 0.4%

Shares of NYSE PSTG opened at $88.56 on Tuesday. Pure Storage, Inc. has a 1 year low of $34.51 and a 1 year high of $100.59. The firm’s 50-day moving average is $89.08 and its 200-day moving average is $71.04. The firm has a market capitalization of $29.11 billion, a PE ratio of 216.02, a price-to-earnings-growth ratio of 8.99 and a beta of 1.24.

Pure Storage (NYSE:PSTG) last announced its quarterly earnings data on Tuesday, September 9th. The technology company reported $0.44 earnings per share for the quarter. Pure Storage had a net margin of 4.15% and a return on equity of 11.34%. The business had revenue of $763.77 million for the quarter. As a group, equities research analysts anticipate that Pure Storage, Inc. will post 0.44 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently issued reports on PSTG. Weiss Ratings reiterated a “hold (c)” rating on shares of Pure Storage in a research report on Wednesday, October 8th. Guggenheim boosted their target price on shares of Pure Storage from $93.00 to $105.00 and gave the stock a “buy” rating in a research note on Friday, September 26th. Barclays upped their target price on shares of Pure Storage from $57.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Friday, August 29th. Raymond James Financial increased their price target 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. Finally, Wedbush boosted their price objective on shares of Pure Storage from $70.00 to $80.00 and gave the stock an “outperform” rating in a research report on Thursday, August 28th. Thirteen equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $92.61.

Insiders Place Their Bets

In other Pure Storage news, CAO Mona Chu sold 9,091 shares of the stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $84.91, for a total value of $771,916.81. Following the transaction, the chief accounting officer owned 107,353 shares of the company’s stock, valued at approximately $9,115,343.23. This represents a 7.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider John Colgrove sold 100,000 shares of the firm’s stock in a transaction dated Thursday, September 18th. The stock was sold at an average price of $87.33, for a total value of $8,733,000.00. Following the transaction, the insider owned 300,000 shares in the company, valued at approximately $26,199,000. This trade represents a 25.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 330,311 shares of company stock worth $29,728,890 over the last three months. Insiders own 5.60% of the company’s stock.

Pure Storage Company Profile

Pure Storage, Inc engages in the provision of data storage and management technologies, products, and services in the United States and internationally. Its Purity software is shared across its products and provides enterprise-class data services, such as always-on data reduction, data protection, and encryption, as well as storage protocols, including block, file, and object.