Truist Financial Corp Raises Holdings in Pure Storage, Inc. (NYSE:PSTG)

Truist Financial Corp increased its position in Pure Storage, Inc. (NYSE:PSTG) by 19.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,561 shares of the technology company’s stock after buying an additional 2,028 shares during the period. Truist Financial Corp’s holdings in Pure Storage were worth $807,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wellington Management Group LLP boosted its position in shares of Pure Storage by 0.3% during the 4th quarter. Wellington Management Group LLP now owns 548,430 shares of the technology company’s stock valued at $19,557,000 after acquiring an additional 1,893 shares during the last quarter. Vanguard Group Inc. lifted its position in Pure Storage by 1.8% during the fourth quarter. Vanguard Group Inc. now owns 31,294,297 shares of the technology company’s stock valued at $1,115,955,000 after purchasing an additional 567,358 shares during the last quarter. Moody National Bank Trust Division purchased a new position in shares of Pure Storage in the 1st quarter worth $373,000. Los Angeles Capital Management LLC increased its holdings in shares of Pure Storage by 1,518.6% in the 1st quarter. Los Angeles Capital Management LLC now owns 102,248 shares of the technology company’s stock worth $5,316,000 after buying an additional 95,931 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in shares of Pure Storage by 197.4% during the 1st quarter. GAMMA Investing LLC now owns 928 shares of the technology company’s stock valued at $48,000 after buying an additional 616 shares in the last quarter. 83.42% of the stock is owned by institutional investors.

Pure Storage Price Performance

Shares of PSTG stock opened at $53.89 on Tuesday. Pure Storage, Inc. has a twelve month low of $31.00 and a twelve month high of $70.41. The company has a current ratio of 1.99, a quick ratio of 1.96 and a debt-to-equity ratio of 0.07. The stock has a fifty day simple moving average of $53.12 and a two-hundred day simple moving average of $56.88. The stock has a market capitalization of $17.53 billion, a price-to-earnings ratio of 192.46, a P/E/G ratio of 8.33 and a beta of 1.11.

Pure Storage (NYSE:PSTG) last released its quarterly earnings data on Wednesday, August 28th. The technology company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.10. Pure Storage had a net margin of 4.53% and a return on equity of 17.41%. The company had revenue of $763.77 million during the quarter, compared to analyst estimates of $756.59 million. On average, analysts predict that Pure Storage, Inc. will post 0.43 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have weighed in on PSTG shares. Stifel Nicolaus reduced their price objective on Pure Storage from $65.00 to $60.00 and set a “hold” rating on the stock in a research note on Thursday, August 29th. Guggenheim restated a “buy” rating and set a $72.00 price target on shares of Pure Storage in a report on Tuesday, June 25th. Lake Street Capital dropped their price objective on shares of Pure Storage from $70.00 to $68.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Susquehanna reissued a “positive” rating and issued a $80.00 target price on shares of Pure Storage in a research note on Monday, August 26th. Finally, Citigroup lowered their target price on shares of Pure Storage from $75.00 to $67.00 and set a “buy” rating for the company in a report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $66.95.

Insider Activity

In related news, insider John Colgrove sold 100,000 shares of the business’s stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $59.50, for a total value of $5,950,000.00. Following the completion of the transaction, the insider now owns 900,000 shares of the company’s stock, valued at $53,550,000. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CAO Mona Chu sold 25,000 shares of the stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $50.32, for a total transaction of $1,258,000.00. Following the completion of the sale, the chief accounting officer now owns 96,639 shares of the company’s stock, valued at $4,862,874.48. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider John Colgrove sold 100,000 shares of Pure Storage stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $59.50, for a total transaction of $5,950,000.00. Following the completion of the transaction, the insider now directly owns 900,000 shares in the company, valued at $53,550,000. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 564,423 shares of company stock worth $30,818,171. Corporate insiders own 6.00% of the company’s stock.

Pure Storage 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.