Allstate Corp Takes Position in Pure Storage, Inc. $PSTG

Allstate Corp bought a new stake in shares of Pure Storage, Inc. (NYSE:PSTG) during the 3rd quarter, HoldingsChannel.com reports. The fund bought 11,476 shares of the technology company’s stock, valued at approximately $962,000.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Pure Storage during the second quarter valued at about $225,203,000. Atreides Management LP bought a new position in Pure Storage during the 2nd quarter worth approximately $204,552,000. William Blair Investment Management LLC grew its position in Pure Storage by 112.9% during the 2nd quarter. William Blair Investment Management LLC now owns 4,926,836 shares of the technology company’s stock worth $283,687,000 after acquiring an additional 2,612,300 shares during the last quarter. Federated Hermes Inc. increased its stake in Pure Storage by 1,560.9% in the 2nd quarter. Federated Hermes Inc. now owns 1,343,658 shares of the technology company’s stock worth $77,368,000 after purchasing an additional 1,262,758 shares during the period. Finally, AQR Capital Management LLC lifted its position in Pure Storage by 158.4% in the second quarter. AQR Capital Management LLC now owns 1,938,125 shares of the technology company’s stock valued at $110,473,000 after purchasing an additional 1,188,126 shares during the last quarter. 83.42% of the stock is currently owned by hedge funds and other institutional investors.

Pure Storage Stock Performance

PSTG stock opened at $71.71 on Thursday. Pure Storage, Inc. has a fifty-two week low of $34.51 and a fifty-two week high of $100.59. The company has a market capitalization of $23.68 billion, a price-to-earnings ratio of 188.71, a price-to-earnings-growth ratio of 7.78 and a beta of 1.26. The business’s 50 day moving average price is $73.88 and its two-hundred day moving average price is $74.98.

Pure Storage (NYSE:PSTG) last released its quarterly earnings results on Tuesday, September 9th. The technology company reported $0.44 earnings per share for the quarter. The company had revenue of $763.77 million for the quarter. Pure Storage had a return on equity of 10.60% and a net margin of 3.74%. Sell-side analysts forecast that Pure Storage, Inc. will post 0.44 earnings per share for the current year.

Insider Buying and Selling at Pure Storage

In related news, insider John Colgrove sold 100,000 shares of the stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $71.31, for a total value of $7,131,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Ajay Singh sold 7,178 shares of Pure Storage stock in a transaction dated Tuesday, December 23rd. The shares were sold at an average price of $67.14, for a total transaction of $481,930.92. Following the transaction, the insider directly owned 215,091 shares of the company’s stock, valued at approximately $14,441,209.74. This trade represents a 3.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 207,178 shares of company stock valued at $16,771,931 in the last three months. Insiders own 5.60% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on PSTG. Wall Street Zen upgraded shares of Pure Storage from a “hold” rating to a “buy” rating in a report on Saturday, December 20th. Weiss Ratings reissued a “hold (c)” rating on shares of Pure Storage in a research report on Wednesday, October 8th. Wedbush boosted their price objective on shares of Pure Storage from $90.00 to $100.00 and gave the company an “outperform” rating in a research report on Wednesday, December 3rd. Tigress Financial set a $105.00 price objective on shares of Pure Storage in a research note on Wednesday, December 3rd. Finally, Northland Securities set a $77.00 target price on shares of Pure Storage in a report on Wednesday, December 3rd. Twelve equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Pure Storage has a consensus rating of “Moderate Buy” and a consensus price target of $95.26.

Pure Storage Profile

Pure Storage, Inc (NYSE: PSTG) is a technology company that designs and sells data storage hardware and software for enterprise and cloud environments. The company is best known for its all-flash storage arrays that are engineered to deliver high performance, low latency and simplified management compared with traditional disk-based systems. Its product portfolio includes purpose-built arrays and software aimed at transactional databases, virtualized infrastructures, analytics and large-scale file/object workloads.

Key product and software offerings include the FlashArray family for block storage and FlashBlade for file and object workloads, together with Purity, the company’s storage operating environment.