Pure Storage, Inc. (NYSE:PSTG) Shares Sold by Federated Hermes Inc.

Federated Hermes Inc. cut its holdings in Pure Storage, Inc. (NYSE:PSTG) by 91.1% during the fourth quarter, HoldingsChannel reports. The fund owned 68,222 shares of the technology company’s stock after selling 702,631 shares during the period. Federated Hermes Inc.’s holdings in Pure Storage were worth $4,191,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Norges Bank acquired a new position in Pure Storage in the 4th quarter valued at about $216,690,000. Artisan Partners Limited Partnership acquired a new stake in Pure Storage during the fourth quarter worth approximately $210,906,000. William Blair Investment Management LLC raised its stake in Pure Storage by 1,725.3% during the 4th quarter. William Blair Investment Management LLC now owns 2,525,208 shares of the technology company’s stock worth $155,124,000 after acquiring an additional 2,386,864 shares in the last quarter. Franklin Resources Inc. lifted its holdings in shares of Pure Storage by 210.2% in the 3rd quarter. Franklin Resources Inc. now owns 2,553,402 shares of the technology company’s stock valued at $137,628,000 after purchasing an additional 1,730,123 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in Pure Storage by 25.4% in the fourth quarter. Geode Capital Management LLC now owns 6,748,553 shares of the technology company’s stock valued at $413,982,000 after buying an additional 1,366,458 shares during the last quarter. 83.42% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $75.00 target price on shares of Pure Storage in a report on Thursday, February 27th. UBS Group raised their target price on Pure Storage from $47.00 to $50.00 and gave the company a “sell” rating in a report on Thursday, February 27th. Morgan Stanley upped their price target on Pure Storage from $62.00 to $72.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Piper Sandler lowered their price objective on shares of Pure Storage from $76.00 to $53.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 8th. Finally, Citigroup dropped their price target on Pure Storage from $80.00 to $77.00 and set a “buy” rating for the company in a research report on Thursday, February 27th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $72.05.

Pure Storage Stock Performance

PSTG stock opened at $41.03 on Friday. Pure Storage, Inc. has a 1 year low of $34.51 and a 1 year high of $73.67. The stock has a 50-day simple moving average of $53.63 and a 200-day simple moving average of $56.73. The firm has a market cap of $13.38 billion, a P/E ratio of 107.98, a price-to-earnings-growth ratio of 5.12 and a beta of 1.08.

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.