Fidelity Management & Research Co recently announced the acquisition of new stake in Pure Storage Inc (NYSE:PSTG). The institutional investor has increased its shareholding in the Technology company by 2.09% to 46.33 million shares with purchase of 0.95 million shares. This fresh investment now brings its stake to 14.85% valued currently at $1.54 billion. In addition, BlackRock Fund Advisors raised its holdings by 94229.0 to 11.64 million shares. And BNP Paribas Asset Management USA, has lifted its position by 2.67% or 0.12 million shares – to 4.67 million shares.
With over 6.97 million Pure Storage Inc (PSTG) shares trading Monday and a closing price of $37.44 on the day, the dollar volume was approximately $261.1 million. The shares have shown a negative half year performance of -1.84% and its price on 01/08/24 gained nearly 4.32%. Currently, there are 304.08M common shares owned by the public and among those 296.08M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 20 analysts who have offered their price forecasts for PSTG have a consensus price objective of $42.11. The analysts have set the share’s price value over the next 12 months at a high of $58.00 and a low of $35.00. The average price target is 11.09% above its recent price level and a downside to the estimated low will see the stock lose -6.97% over that period. But an upside of 35.45% will see the stock hit the forecast high price target while median target price for the stock is $41.00.
Insiders at the company have transacted a total of 43 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 14 of these insider trades were purchases, accounting for 1,164,559 shares. Insider sales of the common stock occurred on 29 occasions, with total insider shares sold totaling 750,829 shares.
The top 3 mutual fund holders in Pure Storage Inc are Fidelity Growth Company Fund, Vanguard Total Stock Market ETF, and Vanguard Small Cap Index Fund. Fidelity Growth Company Fund owns 14.21 million shares of the company’s stock, all valued at over $473.49 million. The company bought an additional 69219.0 shares recently to bring their total holdings to about 4.56% of the shares outstanding. Vanguard Total Stock Market ETF bought 11808.0 shares to see its total holdings expand to 9.16 million shares valued at over $305.26 million and representing 2.94% of the shares outstanding. Vanguard Small Cap Index Fund bought 31779.0 shares to bring its total holdings to over 7.57 million shares at a value of $252.06 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.43% of the shares outstanding.
Shares of Pure Storage Inc (NYSE: PSTG) opened at $36.06, up $0.17 from a prior closing price of $35.89. However, the script later moved the day high at 37.44, up 4.32%. The company’s stock has a 5-day price change of 4.99% and 5.91% over the past three months. PSTG shares are trading 4.99% year to date (YTD), with the 12-month market performance up to 43.83% higher. It has a 12-month low price of $22.14 and touched a high of $40.50 over the same period. PSTG has an average intraday trading volume of 4.08 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 5.67%, 6.32%, and 12.75% respectively.
Institutional ownership of Pure Storage Inc (NYSE: PSTG) shares accounts for 83.13% of the company’s 304.08M shares outstanding. Mutual fund holders own 44.04%, while other institutional holders and individual stakeholders account for 9.44% and 40.33% respectively.
It has a market capitalization of $11.83B and a beta (3y monthly) value of 1.10. The stock’s trailing 12-month PE ratio is 198.10, while the earnings-per-share (ttm) stands at $0.19. The company has a PEG of 23.92 and a Quick Ratio of 1.72 with the debt-to-equity ratio at 0.24. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.55% over the week and 2.78% over the month.
Analysts forecast that Pure Storage Inc (PSTG) will achieve an EPS of $0.44 for the current quarter, $0.2 for the next quarter and $1.53 for 2025. The lowest estimate earnings-per-share for the quarter is $0.38 while analysts give the company a high EPS estimate of $0.48. Comparatively, EPS for the current quarter was $0.53 a year ago. Earnings per share for the fiscal year are expected to decrease by -3.48%, and 11.85% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 20 brokerage firm advisors rate Pure Storage Inc (PSTG) as a “Strong Buy” at a consensus score of 1.25. Specifically, 17 Wall Street analysts polled rate the stock as a buy, while 2 of the 20 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the PSTG, a number of firms have released research notes about the stock. Guggenheim stated their Buy rating for the stock in a research note on December 07, 2023, with the firm’s price target at $48.
