Retirement Systems of Alabama Trims Stock Holdings in Pure Storage, Inc. (NYSE:PSTG)

Retirement Systems of Alabama decreased its position in Pure Storage, Inc. (NYSE:PSTG) by 0.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 375,328 shares of the technology company’s stock after selling 1,842 shares during the quarter. Retirement Systems of Alabama’s holdings in Pure Storage were worth $18,856,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. FMR LLC increased its stake in shares of Pure Storage by 0.8% in the 3rd quarter. FMR LLC now owns 49,153,797 shares of the technology company’s stock worth $2,469,487,000 after acquiring an additional 368,643 shares in the last quarter. State Street Corp grew its holdings in Pure Storage by 6.5% in the third quarter. State Street Corp now owns 10,262,666 shares of the technology company’s stock worth $515,596,000 after purchasing an additional 626,427 shares during the period. Disciplined Growth Investors Inc. MN increased its stake in shares of Pure Storage by 3.2% during the third quarter. Disciplined Growth Investors Inc. MN now owns 5,684,218 shares of the technology company’s stock valued at $285,575,000 after purchasing an additional 177,559 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Pure Storage by 4.3% during the third quarter. Geode Capital Management LLC now owns 5,382,095 shares of the technology company’s stock valued at $269,798,000 after purchasing an additional 219,971 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its position 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 worth $204,163,000 after purchasing an additional 747,034 shares in the last quarter. Hedge funds and other institutional investors own 83.42% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on PSTG. Needham & Company LLC raised their price objective on Pure Storage from $62.00 to $75.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Raymond James reduced their price target on Pure Storage from $73.00 to $70.00 and set an “outperform” rating for the company in a report on Thursday, August 29th. Barclays upped their price target on shares of Pure Storage from $56.00 to $61.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 4th. Piper Sandler upgraded shares of Pure Storage from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $56.00 to $76.00 in a research note on Wednesday, December 4th. Finally, Citigroup lifted their target price on shares of Pure Storage from $63.00 to $75.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat, Pure Storage has a consensus rating of “Moderate Buy” and an average price target of $72.10.

Pure Storage Stock Up 1.9 %

PSTG opened at $63.70 on Friday. The firm’s 50 day simple moving average is $54.29 and its two-hundred day simple moving average is $56.89. The company has a market capitalization of $20.87 billion, a PE ratio of 167.64, a PEG ratio of 7.48 and a beta of 1.13. Pure Storage, Inc. has a 1-year low of $34.32 and a 1-year high of $70.41. The company has a current ratio of 1.77, a quick ratio of 1.74 and a debt-to-equity ratio of 0.07.

Insiders Place Their Bets

In other Pure Storage news, insider John Colgrove sold 100,000 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $65.55, for a total transaction of $6,555,000.00. Following the sale, the insider now directly owns 7,316,722 shares of the company’s stock, valued at $479,611,127.10. This trade represents a 1.35 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mona Chu sold 20,647 shares of the company’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $51.50, for a total value of $1,063,320.50. Following the completion of the transaction, the chief accounting officer now directly owns 75,992 shares of the company’s stock, valued at approximately $3,913,588. This trade represents a 21.37 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 454,542 shares of company stock worth $25,154,030. Company insiders own 6.00% of the company’s stock.

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.