5 Best Tech Stocks to Buy According to Peter Algert’s Algert Global

2. Pure Storage, Inc. (NYSE:PSTG)

Algert Global’s Stake Value: $6,475,000

Percentage of Algert Global’s 13F Portfolio: 0.48%

Number of Hedge Fund Holders: 33

Pure Storage, Inc. (NYSE:PSTG) is a technology company focused on providing data storage technologies, products, and services. Its portfolio of products and services support structured and unstructured data, across any data workloads in hybrid and public cloud environments, and test and development, analytics, disaster recovery (DR), and backup and recovery.

Algert Global owns 251,854 shares of Pure Storage, Inc. (NYSE:PSTG), making up 0.48% of the hedge fund’s 13F Portfolio. Its stake shrunk by 5% in Q2 2022, compared to the previous quarter, and increased by 151% since the beginning of this year.

In the last week of August, Pure Storage, Inc. (NYSE:PSTG), released the financial results for its quarter ended August 7, 2022. It delivered a strong quarterly financial performance with 30% y-o-y revenue increase to $647 million, and a net income of $11 million, for the quarter. It reported a normalized EPS of $0.32, beating the consensus by $0.10.

Following the earnings release, several analysts raised their price targets on Pure Storage, Inc. (NYSE:PSTG), including Morgan Stanley analyst raising target from $33 to $35, Barclays raising target from $39 to $42, and Northland analyst from $44 to $47.

As of Q2 2022, 33 of the hedge funds tracked by Insider Monkey held shares of Pure Storage, Inc. (NYSE:PSTG), valued at $961 million. Its largest shareholder was Two Sigma Advisors with ownership of 5.2 million shares valued at $134 million.