Texas Permanent School Fund Corp Cuts Stock Position in Pure Storage, Inc. (NYSE:PSTG)

Texas Permanent School Fund Corp lowered its holdings in Pure Storage, Inc. (NYSE:PSTG) by 14.5% during the 2nd quarter, Holdings Channel reports. The firm owned 222,308 shares of the technology company’s stock after selling 37,636 shares during the period. Texas Permanent School Fund Corp’s holdings in Pure Storage were worth $14,274,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Norges Bank purchased a new position in shares of Pure Storage during the 4th quarter valued at $115,452,000. Bank of New York Mellon Corp raised its stake in shares of Pure Storage by 56.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,696,390 shares of the technology company’s stock valued at $237,345,000 after purchasing an additional 1,327,873 shares during the period. Principal Financial Group Inc. raised its stake in shares of Pure Storage by 4,095.7% during the 1st quarter. Principal Financial Group Inc. now owns 1,121,344 shares of the technology company’s stock valued at $58,299,000 after purchasing an additional 1,094,618 shares during the period. Frontier Capital Management Co. LLC raised its stake in shares of Pure Storage by 835.2% during the 4th quarter. Frontier Capital Management Co. LLC now owns 1,078,454 shares of the technology company’s stock valued at $38,458,000 after purchasing an additional 963,140 shares during the period. Finally, Nikko Asset Management Americas Inc. raised its stake in shares of Pure Storage by 83.9% during the 4th quarter. Nikko Asset Management Americas Inc. now owns 2,068,255 shares of the technology company’s stock valued at $73,733,000 after purchasing an additional 943,850 shares during the period. Hedge funds and other institutional investors own 83.42% of the company’s stock.

Insiders Place Their Bets

In other Pure Storage news, insider John Colgrove sold 100,000 shares of the stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $59.50, for a total value of $5,950,000.00. Following the completion of the sale, the insider now owns 900,000 shares in the company, valued at approximately $53,550,000. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, insider John Colgrove sold 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $59.50, for a total value of $5,950,000.00. Following the completion of the transaction, the insider now owns 900,000 shares in the company, valued at approximately $53,550,000. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO P. Kevan Krysler sold 14,296 shares of the firm’s stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $63.79, for a total value of $911,941.84. Following the completion of the transaction, the chief financial officer now owns 518,623 shares of the company’s stock, valued at approximately $33,082,961.17. The disclosure for this sale can be found here. In the last 90 days, insiders sold 324,177 shares of company stock worth $18,863,083. 6.00% of the stock is currently owned by company insiders.

Pure Storage Trading Up 1.4 %

NYSE PSTG opened at $46.38 on Tuesday. Pure Storage, Inc. has a fifty-two week low of $31.00 and a fifty-two week high of $70.41. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.96 and a current ratio of 1.99. The stock has a 50 day simple moving average of $58.52 and a two-hundred day simple moving average of $57.02. The stock has a market cap of $15.08 billion, a P/E ratio of 165.64, a price-to-earnings-growth ratio of 7.10 and a beta of 1.11.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. TD Cowen decreased their price objective on Pure Storage from $80.00 to $70.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. Citigroup decreased their target price on Pure Storage from $75.00 to $67.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. StockNews.com upgraded Pure Storage from a “hold” rating to a “buy” rating in a research note on Friday, May 17th. Lake Street Capital decreased their target price on Pure Storage from $70.00 to $68.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. Finally, UBS Group decreased their target price on Pure Storage from $47.00 to $45.00 and set a “sell” rating on the stock in a research note on Thursday, August 29th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $66.95.

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.