Pure Storage, Inc. (NYSE:PSTG) Stock Position Reduced by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company lessened its stake in Pure Storage, Inc. (NYSE:PSTG) by 8.2% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 198,951 shares of the technology company’s stock after selling 17,855 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Pure Storage were worth $9,995,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its stake in shares of Pure Storage by 22.5% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 4,063,776 shares of the technology company’s stock valued at $204,163,000 after buying an additional 747,034 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Pure Storage by 56.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,696,390 shares of the technology company’s stock worth $237,345,000 after purchasing an additional 1,327,873 shares during the last quarter. Blair William & Co. IL raised its holdings in shares of Pure Storage by 0.7% during the 2nd quarter. Blair William & Co. IL now owns 2,357,962 shares of the technology company’s stock valued at $151,405,000 after purchasing an additional 15,747 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of Pure Storage by 12.6% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,234,382 shares of the technology company’s stock valued at $143,470,000 after purchasing an additional 249,761 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Pure Storage by 22.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,303,863 shares of the technology company’s stock valued at $83,728,000 after purchasing an additional 235,356 shares during the last quarter. Hedge funds and other institutional investors own 83.42% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on PSTG shares. Oppenheimer initiated coverage on shares of Pure Storage in a research report on Wednesday, November 13th. They set an “outperform” rating and a $70.00 target price on the stock. Piper Sandler cut their price objective on Pure Storage from $60.00 to $56.00 and set a “neutral” rating on the stock in a research note on Thursday, August 29th. Needham & Company LLC decreased their price objective on shares of Pure Storage from $80.00 to $62.00 and set a “buy” rating for the company in a report on Thursday, August 29th. Guggenheim lifted their target price on shares of Pure Storage from $72.00 to $93.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Finally, Susquehanna restated a “positive” rating and set a $80.00 price target on shares of Pure Storage in a report on Monday, August 26th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $67.95.

Pure Storage Stock Performance

NYSE PSTG opened at $53.51 on Wednesday. The company has a quick ratio of 1.96, a current ratio of 1.99 and a debt-to-equity ratio of 0.07. The company’s 50-day simple moving average is $52.19 and its 200 day simple moving average is $56.72. The stock has a market cap of $17.53 billion, a P/E ratio of 133.77, a PEG ratio of 7.20 and a beta of 1.13. Pure Storage, Inc. has a twelve month low of $31.79 and a twelve month high of $70.41.

Insider Transactions at Pure Storage

In other Pure Storage news, insider John Colgrove sold 100,000 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $49.94, for a total transaction of $4,994,000.00. Following the completion of the transaction, the insider now directly owns 500,000 shares in the company, valued at $24,970,000. This represents a 16.67 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Mona Chu sold 25,000 shares of Pure Storage stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $50.32, for a total value of $1,258,000.00. Following the transaction, the chief accounting officer now directly owns 96,639 shares of the company’s stock, valued at approximately $4,862,874.48. The trade was a 20.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 354,542 shares of company stock valued at $18,599,030. Corporate insiders own 6.00% of the company’s stock.

About Pure Storage

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.