Fifth Third Bancorp Purchases 1,017 Shares of Pure Storage, Inc. (NYSE:PSTG)

Fifth Third Bancorp lifted its position in shares of Pure Storage, Inc. (NYSE:PSTG) by 27.2% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,758 shares of the technology company’s stock after purchasing an additional 1,017 shares during the quarter. Fifth Third Bancorp’s holdings in Pure Storage were worth $306,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PSTG. Massmutual Trust Co. FSB ADV raised its holdings in Pure Storage by 61.2% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 424 shares of the technology company’s stock worth $27,000 after purchasing an additional 161 shares during the period. Michael S. Ryan Inc. increased its position in Pure Storage by 4.8% during the second quarter. Michael S. Ryan Inc. now owns 4,542 shares of the technology company’s stock valued at $292,000 after acquiring an additional 208 shares during the last quarter. Franklin Resources Inc. raised its position in Pure Storage by 0.4% in the 4th quarter. Franklin Resources Inc. now owns 54,073 shares of the technology company’s stock worth $1,928,000 after purchasing an additional 242 shares during the period. City State Bank raised its holdings in shares of Pure Storage by 175.0% in the second quarter. City State Bank now owns 550 shares of the technology company’s stock worth $35,000 after buying an additional 350 shares during the period. Finally, DecisionPoint Financial LLC lifted its position in shares of Pure Storage by 53.3% during the first quarter. DecisionPoint Financial LLC now owns 1,150 shares of the technology company’s stock worth $61,000 after purchasing an additional 400 shares during the last quarter. 83.42% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PSTG has been the topic of several recent research reports. Lake Street Capital increased their target price on Pure Storage from $48.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. KeyCorp lifted their price target on Pure Storage from $64.00 to $79.00 and gave the stock an “overweight” rating in a report on Thursday, May 30th. Stifel Nicolaus raised their target price on Pure Storage from $46.00 to $65.00 and gave the company a “hold” rating in a report on Thursday, May 30th. Barclays raised their price objective on shares of Pure Storage from $51.00 to $56.00 and gave the stock an “equal weight” rating in a report on Thursday, May 30th. Finally, Piper Sandler initiated coverage on shares of Pure Storage in a research report on Monday, August 19th. They issued a “neutral” rating and a $60.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $68.65.

Pure Storage Trading Up 1.0 %

Shares of Pure Storage stock opened at $61.56 on Friday. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.00 and a quick ratio of 1.96. The firm has a market cap of $20.02 billion, a PE ratio of 219.86, a P/E/G ratio of 6.29 and a beta of 1.11. The stock has a fifty day moving average price of $61.51 and a 200-day moving average price of $56.22. Pure Storage, Inc. has a 1 year low of $31.00 and a 1 year high of $70.41.

Pure Storage (NYSE:PSTG) last announced its quarterly earnings data on Wednesday, May 29th. The technology company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.02. Pure Storage had a return on equity of 15.34% and a net margin of 3.19%. The firm had revenue of $693.48 million for the quarter, compared to analyst estimates of $681.37 million. Equities research analysts anticipate that Pure Storage, Inc. will post 0.47 EPS for the current year.

Insiders Place Their Bets

In related news, Director Mallun Yen sold 4,818 shares of the stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $64.78, for a total transaction of $312,110.04. Following the sale, the director now directly owns 35,498 shares of the company’s stock, valued at approximately $2,299,560.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Pure Storage news, insider John Colgrove sold 100,000 shares of the 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 transaction, the insider now directly owns 900,000 shares in the company, valued at $53,550,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Mallun Yen sold 4,818 shares of the business’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $64.78, for a total value of $312,110.04. Following the transaction, the director now owns 35,498 shares of the company’s stock, valued at $2,299,560.44. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 328,995 shares of company stock worth $19,175,193. 6.00% of the stock is currently owned by company insiders.

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.