Mitsubishi UFJ Trust & Banking Corp Reduces Stake in Pure Storage, Inc. (NYSE:PSTG)

Mitsubishi UFJ Trust & Banking Corp lessened its holdings in shares of Pure Storage, Inc. (NYSE:PSTG) by 3.1% during the 4th quarter, Holdings Channel.com reports. The fund owned 137,568 shares of the technology company’s stock after selling 4,377 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in Pure Storage were worth $8,451,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in PSTG. William Blair Investment Management LLC raised its holdings in Pure Storage by 1,725.3% during the fourth quarter. William Blair Investment Management LLC now owns 2,525,208 shares of the technology company’s stock worth $155,124,000 after purchasing an additional 2,386,864 shares in the last quarter. Franklin Resources Inc. lifted its position in Pure Storage by 210.2% in the third quarter. Franklin Resources Inc. now owns 2,553,402 shares of the technology company’s stock valued at $137,628,000 after acquiring an additional 1,730,123 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Pure Storage in the fourth quarter valued at $70,971,000. American Century Companies Inc. grew its holdings in shares of Pure Storage by 262.4% during the fourth quarter. American Century Companies Inc. now owns 893,410 shares of the technology company’s stock worth $54,882,000 after purchasing an additional 646,875 shares during the last quarter. Finally, State Street Corp increased its position in shares of Pure Storage by 6.5% during 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 in the last quarter. Hedge funds and other institutional investors own 83.42% of the company’s stock.

Pure Storage Stock Performance

Shares of NYSE PSTG opened at $46.00 on Friday. Pure Storage, Inc. has a one year low of $44.76 and a one year high of $73.67. The firm has a market capitalization of $15.01 billion, a P/E ratio of 121.04, a PEG ratio of 5.12 and a beta of 1.09. The company’s fifty day moving average is $60.09 and its two-hundred day moving average is $57.43.

Wall Street Analysts Forecast Growth

PSTG has been the subject of a number of research analyst reports. Piper Sandler raised Pure Storage from a “neutral” rating to an “overweight” rating and upped their target price for the company from $56.00 to $76.00 in a research report on Wednesday, December 4th. TD Cowen increased their price objective on Pure Storage from $70.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Citigroup lowered their target price on shares of Pure Storage from $80.00 to $77.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. UBS Group upped their price target on shares of Pure Storage from $47.00 to $50.00 and gave the company a “sell” rating in a research report on Thursday, February 27th. Finally, Evercore ISI raised their price objective on shares of Pure Storage from $70.00 to $75.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $73.20.

Insider Activity at Pure Storage

In related news, insider Ajay Singh sold 19,972 shares of the firm’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 value of $1,229,875.76. Following the completion of the transaction, the insider now directly owns 262,144 shares of the company’s stock, valued at $16,142,827.52. This trade represents a 7.08 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 6.00% of the company’s stock.

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.