Forsta AP Fonden Makes New $3.73 Million Investment in Pure Storage, Inc. (NYSE:PSTG)

Forsta AP Fonden acquired a new stake in Pure Storage, Inc. (NYSE:PSTG) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 58,100 shares of the technology company’s stock, valued at approximately $3,731,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in Pure Storage by 1.6% in the first quarter. Vanguard Group Inc. now owns 31,789,480 shares of the technology company’s stock valued at $1,652,735,000 after purchasing an additional 495,183 shares during the last quarter. First Trust Advisors LP raised its holdings in Pure Storage by 4.2% during the 4th quarter. First Trust Advisors LP now owns 4,028,716 shares of the technology company’s stock valued at $143,664,000 after buying an additional 160,877 shares during the last quarter. Bank of New York Mellon Corp boosted its position in 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 valued at $237,345,000 after buying an additional 1,327,873 shares during the period. Norges Bank bought a new stake in Pure Storage in the 4th quarter worth $115,452,000. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Pure Storage by 12.6% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,234,382 shares of the technology company’s stock valued at $143,470,000 after acquiring an additional 249,761 shares during the period. Institutional investors own 83.42% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on PSTG. Northland Securities reissued a “market perform” rating and issued a $59.00 target price (down from $68.00) on shares of Pure Storage in a research note on Thursday, August 29th. 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 report on Thursday, August 29th. TD Cowen decreased their target price on Pure Storage from $80.00 to $70.00 and set a “buy” rating for the company in a report on Thursday, August 29th. JPMorgan Chase & Co. lifted their price target on shares of Pure Storage from $50.00 to $75.00 and gave the company an “overweight” rating in a report on Thursday, May 30th. Finally, Susquehanna restated a “positive” rating and issued a $80.00 price objective on shares of Pure Storage in a report on Monday, August 26th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $66.95.

Insider Activity

In related news, CFO P. Kevan Krysler sold 14,296 shares of the company’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $63.79, for a total value of $911,941.84. Following the transaction, the chief financial officer now directly owns 518,623 shares of the company’s stock, valued at approximately $33,082,961.17. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO P. Kevan Krysler sold 14,296 shares of the company’s stock in a transaction on Friday, July 5th. The stock was sold at an average price of $63.79, for a total transaction of $911,941.84. Following the transaction, the chief financial officer now directly owns 518,623 shares of the company’s stock, valued at $33,082,961.17. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider John Colgrove sold 100,000 shares of Pure Storage stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $61.76, for a total value of $6,176,000.00. Following the completion of the sale, the insider now owns 700,000 shares of the company’s stock, valued at $43,232,000. The disclosure for this sale can be found here. Insiders have sold a total of 324,177 shares of company stock worth $18,863,083 over the last 90 days. 6.00% of the stock is currently owned by insiders.

Pure Storage Stock Up 1.3 %

NYSE:PSTG opened at $48.90 on Monday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.96 and a current ratio of 1.99. The firm has a market cap of $15.90 billion, a P/E ratio of 174.64, a P/E/G ratio of 7.40 and a beta of 1.11. Pure Storage, Inc. has a fifty-two week low of $31.00 and a fifty-two week high of $70.41. The firm has a 50-day simple moving average of $57.26 and a two-hundred day simple moving average of $57.21.

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.