Vanguard Group Inc. Grows Position in Pure Storage, Inc. $PSTG

Vanguard Group Inc. raised its position in Pure Storage, Inc. (NYSE:PSTG) by 1.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 33,891,025 shares of the technology company’s stock after buying an additional 623,019 shares during the quarter. Vanguard Group Inc. owned approximately 10.31% of Pure Storage worth $2,840,407,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Integrated Wealth Concepts LLC acquired a new stake in Pure Storage during the 1st quarter worth $541,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Pure Storage by 129.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,742 shares of the technology company’s stock worth $387,000 after buying an additional 4,926 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Pure Storage by 109.7% during the first quarter. Goldman Sachs Group Inc. now owns 1,137,939 shares of the technology company’s stock worth $50,377,000 after buying an additional 595,307 shares during the last quarter. Empowered Funds LLC increased its position in Pure Storage by 4.2% in the 1st quarter. Empowered Funds LLC now owns 4,790 shares of the technology company’s stock valued at $212,000 after acquiring an additional 194 shares during the period. Finally, Sequoia Financial Advisors LLC purchased a new stake in Pure Storage during the 2nd quarter valued at approximately $235,000. 83.42% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Pure Storage

In other news, insider John Colgrove sold 100,000 shares of the business’s stock in a transaction on Monday, December 8th. The stock was sold at an average price of $71.31, for a total value of $7,131,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ajay Singh sold 7,178 shares of the company’s stock in a transaction on Tuesday, December 23rd. The shares were sold at an average price of $67.14, for a total value of $481,930.92. Following the completion of the sale, the insider owned 215,091 shares in the company, valued at $14,441,209.74. This represents a 3.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 5.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Oppenheimer initiated coverage on Pure Storage in a report on Monday, November 17th. They issued an “outperform” rating and a $120.00 target price on the stock. Needham & Company LLC restated a “buy” rating and issued a $100.00 price objective on shares of Pure Storage in a research report on Wednesday, December 3rd. Citigroup dropped their target price on Pure Storage from $105.00 to $90.00 and set a “buy” rating on the stock in a research report on Tuesday. TD Cowen reissued a “buy” rating on shares of Pure Storage in a report on Wednesday, December 3rd. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Pure Storage in a research note on Thursday, January 22nd. Twelve analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Pure Storage presently has an average rating of “Moderate Buy” and an average price target of $94.47.

Pure Storage Stock Performance

PSTG opened at $72.69 on Thursday. The company has a market cap of $24.00 billion, a price-to-earnings ratio of 191.29, a PEG ratio of 5.67 and a beta of 1.27. Pure Storage, Inc. has a one year low of $34.51 and a one year high of $100.59. The business’s fifty day moving average is $70.38 and its two-hundred day moving average is $77.02.

Pure Storage (NYSE:PSTG) last released its quarterly earnings results on Tuesday, December 2nd. The technology company reported $0.58 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.58. The business had revenue of $964.45 million during the quarter, compared to the consensus estimate of $955.60 million. Pure Storage had a return on equity of 10.60% and a net margin of 3.74%.The business’s revenue was up 16.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.50 EPS. On average, analysts predict that Pure Storage, Inc. will post 0.44 EPS for the current fiscal year.

Pure Storage Company 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.