Bowen Hanes & Co. Inc. Grows Position in Pure Storage, Inc. (NYSE:PSTG)

Bowen Hanes & Co. Inc. boosted its holdings in Pure Storage, Inc. (NYSE:PSTG) by 12.5% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 900,000 shares of the technology company’s stock after buying an additional 100,000 shares during the quarter. Bowen Hanes & Co. Inc.’s holdings in Pure Storage were worth $55,287,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Franklin Resources Inc. grew its holdings in shares of Pure Storage by 210.2% in the third quarter. Franklin Resources Inc. now owns 2,553,402 shares of the technology company’s stock worth $137,628,000 after acquiring an additional 1,730,123 shares during the period. Raymond James Financial Inc. purchased a new position in Pure Storage in the fourth quarter worth about $70,971,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its stake in shares of Pure Storage by 22.5% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 4,063,776 shares of the technology company’s stock valued at $204,163,000 after purchasing an additional 747,034 shares during the period. State Street Corp increased its position in shares of Pure Storage by 6.5% during the 3rd quarter. State Street Corp now owns 10,262,666 shares of the technology company’s stock valued at $515,596,000 after purchasing an additional 626,427 shares during the last quarter. Finally, World Investment Advisors LLC bought a new position in shares of Pure Storage in the 3rd quarter worth approximately $20,470,000. Institutional investors own 83.42% of the company’s stock.

Pure Storage Price Performance

Shares of PSTG opened at $48.21 on Thursday. The business’s 50 day simple moving average is $63.40 and its 200-day simple moving average is $57.51. Pure Storage, Inc. has a 1 year low of $44.76 and a 1 year high of $73.67. The stock has a market capitalization of $15.73 billion, a price-to-earnings ratio of 126.86, a price-to-earnings-growth ratio of 5.12 and a beta of 1.09.

Insider Activity at Pure Storage

In other news, insider Ajay Singh sold 19,972 shares of the business’s stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $61.58, for a total transaction of $1,229,875.76. Following the transaction, the insider now owns 262,144 shares of the company’s stock, valued at approximately $16,142,827.52. The trade was a 7.08 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CRO Dan Fitzsimons sold 8,895 shares of the stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $64.11, for a total value of $570,258.45. Following the sale, the executive now owns 72,927 shares in the company, valued at $4,675,349.97. The trade was a 10.87 % decrease in their position. The disclosure for this sale can be found here. 6.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

PSTG has been the subject of a number of research reports. William Blair reaffirmed an “outperform” rating on shares of Pure Storage in a report on Thursday, November 14th. Bank of America reduced their price objective on Pure Storage from $77.00 to $73.00 and set a “neutral” rating for the company in a research note on Thursday, February 27th. Needham & Company LLC reiterated a “buy” rating and set a $75.00 target price on shares of Pure Storage in a research report on Thursday, February 27th. JPMorgan Chase & Co. boosted their price target on Pure Storage from $60.00 to $75.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. Finally, Barclays raised their price objective on Pure Storage from $56.00 to $61.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $73.20.

About Pure Storage

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.