Sumitomo Mitsui Trust Group Inc. Has $148.85 Million Stake in Pure Storage, Inc. $PSTG

Sumitomo Mitsui Trust Group Inc. reduced its holdings in Pure Storage, Inc. (NYSE:PSTG) by 8.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,776,087 shares of the technology company’s stock after selling 171,229 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.54% of Pure Storage worth $148,854,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of PSTG. Creekside Partners bought a new stake in Pure Storage during the 3rd quarter worth approximately $246,000. MGO One Seven LLC boosted its holdings in shares of Pure Storage by 12.6% in the third quarter. MGO One Seven LLC now owns 8,005 shares of the technology company’s stock valued at $671,000 after buying an additional 893 shares during the period. Meeder Asset Management Inc. acquired a new position in shares of Pure Storage in the third quarter valued at approximately $757,000. Citizens Financial Group Inc. RI boosted its stake in Pure Storage by 2.4% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 30,146 shares of the technology company’s stock worth $2,527,000 after purchasing an additional 717 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in Pure Storage by 0.3% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 43,756 shares of the technology company’s stock worth $3,667,000 after purchasing an additional 152 shares in the last quarter. Institutional investors own 83.42% of the company’s stock.

Pure Storage Stock Performance

NYSE:PSTG opened at $72.38 on Tuesday. Pure Storage, Inc. has a 52 week low of $34.51 and a 52 week high of $100.59. The firm’s 50-day simple moving average is $76.61 and its 200 day simple moving average is $74.32. The firm has a market cap of $23.90 billion, a price-to-earnings ratio of 190.47, a P/E/G ratio of 7.44 and a beta of 1.26.

Pure Storage (NYSE:PSTG) last posted its quarterly earnings data on Tuesday, September 9th. The technology company reported $0.44 earnings per share (EPS) for the quarter. Pure Storage had a net margin of 3.74% and a return on equity of 10.60%. The firm had revenue of $763.77 million during the quarter. Sell-side analysts anticipate that Pure Storage, Inc. will post 0.44 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. UBS Group lifted their target price on Pure Storage from $55.00 to $60.00 and gave the company a “sell” rating in a research report on Wednesday, December 3rd. Citigroup dropped their price target on Pure Storage from $110.00 to $105.00 and set a “buy” rating on the stock in a research note on Wednesday, December 3rd. Evercore ISI restated an “outperform” rating on shares of Pure Storage in a research note on Wednesday, December 3rd. Guggenheim upped their price target on shares of Pure Storage from $93.00 to $105.00 and gave the company a “buy” rating in a research note on Friday, September 26th. Finally, Lake Street Capital increased their price target on shares of Pure Storage from $80.00 to $92.00 and gave the company a “buy” rating in a report on Wednesday, December 3rd. Thirteen 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $95.26.

Insider Buying and Selling

In related news, 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 value of $481,930.92. Following the transaction, the insider directly owned 215,091 shares of the company’s stock, valued at $14,441,209.74. This trade represents a 3.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider John Colgrove sold 100,000 shares of the company’s stock in a transaction on Monday, December 8th. The stock was sold at an average price of $71.31, for a total value of $7,131,000.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 207,178 shares of company stock worth $16,771,931 over the last three months. 5.60% of the stock is currently owned by insiders.

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.