Scissortail Wealth Management LLC Makes New Investment in Pure Storage, Inc. (NYSE:PSTG)

Scissortail Wealth Management LLC bought a new position in shares of Pure Storage, Inc. (NYSE:PSTG) in the 4th quarter, HoldingsChannel.com reports. The fund bought 18,630 shares of the technology company’s stock, valued at approximately $664,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Avior Wealth Management LLC increased its stake in Pure Storage by 31.2% during the fourth quarter. Avior Wealth Management LLC now owns 8,837 shares of the technology company’s stock worth $315,000 after acquiring an additional 2,100 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Pure Storage by 23.3% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 90,577 shares of the technology company’s stock worth $3,230,000 after acquiring an additional 17,111 shares during the last quarter. Cookson Peirce & Co. Inc. boosted its position in shares of Pure Storage by 4.5% during the fourth quarter. Cookson Peirce & Co. Inc. now owns 583,802 shares of the technology company’s stock worth $20,818,000 after buying an additional 24,921 shares during the period. Mackenzie Financial Corp boosted its position in shares of Pure Storage by 13.2% during the fourth quarter. Mackenzie Financial Corp now owns 533,530 shares of the technology company’s stock worth $19,026,000 after buying an additional 62,274 shares during the period. Finally, MBM Wealth Consultants LLC boosted its position in shares of Pure Storage by 17.2% during the fourth quarter. MBM Wealth Consultants LLC now owns 13,744 shares of the technology company’s stock worth $490,000 after buying an additional 2,015 shares during the period. Institutional investors and hedge funds own 83.42% of the company’s stock.

Insider Activity at Pure Storage

In related news, Director Roxanne Taylor sold 36,860 shares of the business’s stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $53.76, for a total value of $1,981,593.60. Following the transaction, the director now owns 18,883 shares in the company, valued at approximately $1,015,150.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Pure Storage news, insider Ajay Singh sold 37,588 shares of Pure Storage stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $53.54, for a total value of $2,012,461.52. Following the sale, the insider now owns 380,834 shares of the company’s stock, valued at approximately $20,389,852.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Roxanne Taylor sold 36,860 shares of Pure Storage stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $53.76, for a total value of $1,981,593.60. Following the completion of the sale, the director now directly owns 18,883 shares in the company, valued at approximately $1,015,150.08. The disclosure for this sale can be found here. 6.50% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

PSTG has been the subject of several research analyst reports. Needham & Company LLC restated a “buy” rating and set a $66.00 price target on shares of Pure Storage in a research report on Thursday, April 11th. Citigroup initiated coverage on Pure Storage in a research report on Friday, March 15th. They set a “buy” rating and a $65.00 price target for the company. Morgan Stanley raised their price target on Pure Storage from $43.00 to $48.00 and gave the stock an “overweight” rating in a research report on Thursday, February 29th. TD Cowen raised their price target on Pure Storage from $42.00 to $60.00 and gave the stock an “outperform” rating in a research report on Thursday, February 29th. Finally, Wedbush restated an “outperform” rating and set a $50.00 price target on shares of Pure Storage in a research report on Thursday, February 29th. Three research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $50.53.

Pure Storage Stock Performance

Shares of PSTG traded up $1.01 during midday trading on Wednesday, reaching $53.31. 3,654,101 shares of the stock were exchanged, compared to its average volume of 2,804,948. The business’s 50-day moving average price is $49.58 and its 200 day moving average price is $40.92. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.83 and a quick ratio of 1.80. Pure Storage, Inc. has a twelve month low of $22.14 and a twelve month high of $58.46. The company has a market capitalization of $17.32 billion, a price-to-earnings ratio of 313.61, a PEG ratio of 6.79 and a beta of 1.15.

Pure Storage (NYSE:PSTG) last posted its earnings results on Wednesday, February 28th. The technology company reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.10. The business had revenue of $789.81 million for the quarter, compared to analysts’ expectations of $784.31 million. Pure Storage had a return on equity of 12.60% and a net margin of 2.17%. The business’s revenue was down 2.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.27 earnings per share. On average, sell-side analysts expect that Pure Storage, Inc. will post 0.44 EPS for the current fiscal year.

About Pure Storage

Pure Storage, Inc, together with its subsidiaries, provides data storage technologies, products, and services in the United States and internationally. The company's Purity software is shared across its products and provides enterprise-class data services, such as data reduction, data protection, and encryption, as well as storage protocols, including block, file, and object.