Fidelity Management & Research Co has recently announced that it has increased stake in Pure Storage Inc. (NYSE:PSTG) by 2.64%. After grabbing 36.28 million shares, the institutional investor is now in possession of 0.93 million shares of the Technology Company. The new investment brought the stake of investor firm to 12.14% having worth around $1.12 billion. Moreover, The Vanguard Group, Inc. increased its share by 0.32 million to have a control over 27.32 million shares. And BlackRock Fund Advisors raised its holdings to 0.35 million shares by acquiring 10.61 million shares or 3.55% of the stake.
Pure Storage Inc. (PSTG) concluded trading on 11/17/22 at a closing price of $30.49, with 3.18 million shares of worth about $96.92 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 21.14% during that period and on Thursday the price saw a gain of about 0.03%. Currently the company’s common shares owned by public are about 297.48M shares, out of which, 281.06M shares are available for trading.
A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 21 analysts are covering the PSTG stock and their offered price forecasts bring an average price target of $38.71. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $47.00 and could fall to a lowest price of $30.50. The stock’s current price level is 21.44% above of average price target set by the analysts, while a rise to estimated low would result in gain of 0.03% for the stock. However, touching the estimated high of $47.00 would mean a gain of 35.13% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 37 times over the past 12 months. They bought 1,438,823 shares in 15 of the transactions. In 22 selling transactions, insiders dumped 689,928 shares.
Fidelity Growth Company Fund, Vanguard Total Stock Market Index, and Vanguard Small Cap Index Fund are the top 3 mutual funds which are holding stakes in Pure Storage Inc. Fidelity Growth Company Fund is currently holding 11.54 million shares of worth totaling $356.2 million. The company recently came buying 68900.0 shares which brought its stake up to 3.86% of the company’s outstanding shares. Vanguard Total Stock Market Index bought 36939.0 shares, after which its hold over company’s outstanding shares expand to 2.83%, leaving 8.46 million shares with the mutual fund that have a worth of about $261.11 million. Vanguard Small Cap Index Fund, after selling 7.14 million shares, have now control over 2.39% of the stake in the company. It holds 52455.0 shares of worth $220.35 million.
Pure Storage Inc. (NYSE: PSTG) started trading at $29.90, below -$0.58 from concluding price of the previous day. However, the stock later moved at a day high price of 30.51, or with a gain of 0.03%. Stock saw a price change of -1.49% in past 5 days and over the past one month there was a price change of 11.03%. Year-to-date (YTD), PSTG shares are showing a performance of -6.33% which increased to 10.03% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $21.90 but also hit the highest price of $36.71 during that period. The average intraday trading volume for Pure Storage Inc. shares is 3.66 million. The stock is currently trading 0.86% above its 20-day simple moving average (SMA20), while that difference is up 5.65% for SMA50 and it goes to 6.77% higher than SMA200.
Fidelity Management & Research Co acquired 36.28 million shares of Pure Storage Inc. having value of about $1.12 billion. Data submitted at the U.S SEC by Fidelity Management & Research Co revealed that the firm now holds 0.93 million shares in the company valued at close to $28427808.85, or have control over 2.64% stake in the company. Pure Storage Inc. (NYSE: PSTG) currently have 297.48M outstanding shares and institutions hold larger chunk of about 85.00% of that. Holding of mutual funds in the company is about 43.18% while other institutional holders and individual stake holders have control over 9.82% and 41.21% of the stake respectively.
The stock has a current market capitalization of $9.16B and its 3Y-monthly beta is at 1.31. It has posted earnings per share of -$0.05 in the same period. It has Quick Ratio of 1.30 while making debt-to-equity ratio of 0.76. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for PSTG, volatility over the week remained 3.86% while standing at 3.51% over the month.
Analysts are in expectations that Pure Storage Inc. (PSTG) stock would likely to be making an EPS of $0.25 in the current quarter, while forecast for next quarter EPS is $0.34 and it is $1.31 for next year. For the current quarter EPS, analysts have given the company a lowest target $0.22 which is $0.29 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $0.22 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 52.40% while it is estimated to increase by 12.08% in next year. EPS is likely to grow at an annualized rate of 31.76% for next 5-years, compared to annual growth of 15.10% made by the stock over the past 5-years.
Analysts at 21 brokerage firms have issued recommendations for the Pure Storage Inc. (PSTG)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.10. Out of those 21 Wall Street analysts, 15 recommended a “Buy” rating, while 4 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Morgan Stanley on October 31, 2022 offering an Overweight rating for the stock and assigned a target price range of between $35 and $37 to it. Coverage by Credit Suisse stated Pure Storage Inc. (PSTG) stock as an Outperform in their note to investors on August 17, 2022, suggesting a price target of $36 for the stock. On May 20, 2022, BofA Securities Downgrade their recommendations, while on April 05, 2022, UBS Initiated their ratings for the stock with a price target of $36. Stock get an Overweight rating from Wells Fargo on March 03, 2022.