Federated Hermes Inc. Boosts Position in Pure Storage, Inc. (NYSE:PSTG)

Federated Hermes Inc. raised its stake in shares of Pure Storage, Inc. (NYSE:PSTG) by 265.3% in the second quarter, Holdings Channel reports. The institutional investor owned 156,431 shares of the technology company’s stock after buying an additional 113,603 shares during the quarter. Federated Hermes Inc.’s holdings in Pure Storage were worth $10,044,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Massmutual Trust Co. FSB ADV grew its holdings in Pure Storage by 61.2% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 424 shares of the technology company’s stock valued at $27,000 after buying an additional 161 shares in the last quarter. Larson Financial Group LLC grew its holdings in shares of Pure Storage by 242.9% during the second quarter. Larson Financial Group LLC now owns 432 shares of the technology company’s stock worth $28,000 after purchasing an additional 306 shares in the last quarter. Banque Cantonale Vaudoise purchased a new position in shares of Pure Storage during the first quarter worth about $25,000. FSC Wealth Advisors LLC purchased a new position in shares of Pure Storage during the second quarter worth about $33,000. Finally, Fidelis Capital Partners LLC purchased a new position in shares of Pure Storage during the first quarter worth about $27,000. Hedge funds and other institutional investors own 83.42% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on PSTG shares. Northland Capmk lowered Pure Storage from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 30th. Lake Street Capital cut their price objective on Pure Storage from $70.00 to $68.00 and set a “buy” rating for the company in a report on Thursday, August 29th. Citigroup cut their price objective on Pure Storage from $75.00 to $67.00 and set a “buy” rating for the company in a report on Thursday, August 29th. Wedbush reaffirmed an “outperform” rating and issued a $80.00 target price on shares of Pure Storage in a research note on Monday, August 26th. Finally, Guggenheim reaffirmed a “buy” rating and issued a $72.00 target price on shares of Pure Storage in a research note on Tuesday, June 25th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $66.95.

Insider Buying and Selling at Pure Storage

In related news, CRO Dan Fitzsimons sold 9,881 shares of the company’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $59.32, for a total transaction of $586,140.92. Following the completion of the transaction, the executive now owns 115,601 shares in the company, valued at $6,857,451.32. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, CRO Dan Fitzsimons sold 9,881 shares of the company’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $59.32, for a total transaction of $586,140.92. Following the completion of the transaction, the executive now owns 115,601 shares in the company, valued at $6,857,451.32. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO P. Kevan Krysler sold 14,296 shares of the company’s stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $63.79, for a total value of $911,941.84. Following the transaction, the chief financial officer now owns 518,623 shares of the company’s stock, valued at approximately $33,082,961.17. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 324,177 shares of company stock worth $18,863,083. 6.00% of the stock is currently owned by insiders.

Pure Storage Stock Performance

Shares of PSTG stock opened at $49.80 on Wednesday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.96 and a current ratio of 1.99. Pure Storage, Inc. has a fifty-two week low of $31.00 and a fifty-two week high of $70.41. The stock has a 50 day moving average price of $56.62 and a two-hundred day moving average price of $57.15. The company has a market capitalization of $16.20 billion, a P/E ratio of 177.86, a PEG ratio of 7.49 and a beta of 1.11.

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.