Hennion & Walsh Asset Management Inc. Increases Position in Pure Storage, Inc. $PSTG

Hennion & Walsh Asset Management Inc. boosted its holdings in shares of Pure Storage, Inc. (NYSE:PSTG) by 23.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 39,475 shares of the technology company’s stock after purchasing an additional 7,616 shares during the quarter. Hennion & Walsh Asset Management Inc.’s holdings in Pure Storage were worth $3,308,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Pure Storage by 0.9% during the 2nd quarter. Vanguard Group Inc. now owns 33,268,006 shares of the technology company’s stock valued at $1,915,572,000 after buying an additional 308,738 shares in the last quarter. Geode Capital Management LLC raised 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 worth $417,830,000 after acquiring an additional 123,320 shares during the period. William Blair Investment Management LLC lifted its holdings 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 purchasing an additional 2,612,300 shares in the last quarter. Norges Bank acquired a new stake in shares of Pure Storage in the second quarter valued at about $225,203,000. Finally, Atreides Management LP acquired a new stake in shares of Pure Storage in the second quarter valued at about $204,552,000. 83.42% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Pure Storage

In other news, 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 transaction of $7,131,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Ajay Singh sold 7,178 shares of Pure Storage stock in a transaction that occurred on Tuesday, December 23rd. The shares were sold at an average price of $67.14, for a total transaction of $481,930.92. Following the sale, the insider directly owned 215,091 shares in the company, valued at approximately $14,441,209.74. The trade was a 3.23% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 307,178 shares of company stock worth $26,020,931 over the last ninety days. 5.60% of the stock is owned by insiders.

Pure Storage Stock Performance

Shares of Pure Storage stock opened at $68.96 on Wednesday. The business’s 50 day moving average price is $78.97 and its 200 day moving average price is $73.93. The company has a market cap of $22.77 billion, a price-to-earnings ratio of 181.47, a PEG ratio of 7.73 and a beta of 1.26. Pure Storage, Inc. has a one year low of $34.51 and a one year high of $100.59.

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

Analysts Set New Price Targets

A number of research analysts recently weighed in on PSTG shares. Wall Street Zen raised shares of Pure Storage from a “hold” rating to a “buy” rating in a research note on Saturday, December 20th. Wells Fargo & Company raised their target price on Pure Storage from $80.00 to $100.00 and gave the company an “overweight” rating in a research report on Friday, September 26th. Wedbush boosted their price target on Pure Storage from $90.00 to $100.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 3rd. Piper Sandler set a $92.00 price objective on Pure Storage and gave the company an “overweight” rating in a research note on Thursday, September 25th. Finally, Oppenheimer began coverage on Pure Storage in a report on Monday, November 17th. They issued an “outperform” rating and a $120.00 price objective on the stock. Thirteen investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Pure Storage currently has a consensus rating of “Moderate Buy” and an average 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.