Pure Storage, Inc. (NYSE:PSTG) Shares Acquired by Abacus FCF Advisors LLC

Abacus FCF Advisors LLC lifted its holdings in shares of Pure Storage, Inc. (NYSE:PSTG) by 170.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 175,422 shares of the technology company’s stock after acquiring an additional 110,614 shares during the quarter. Abacus FCF Advisors LLC owned about 0.05% of Pure Storage worth $7,766,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. McIlrath & Eck LLC purchased a new stake in Pure Storage during the 4th quarter worth $25,000. MassMutual Private Wealth & Trust FSB increased its stake in Pure Storage by 55.9% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 650 shares of the technology company’s stock worth $29,000 after buying an additional 233 shares during the period. Crowley Wealth Management Inc. purchased a new stake in Pure Storage during the 4th quarter worth $31,000. EverSource Wealth Advisors LLC increased its stake in Pure Storage by 157.4% during the 4th quarter. EverSource Wealth Advisors LLC now owns 713 shares of the technology company’s stock worth $44,000 after buying an additional 436 shares during the period. Finally, Smartleaf Asset Management LLC increased its stake in Pure Storage by 180.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 740 shares of the technology company’s stock worth $46,000 after buying an additional 476 shares during the period. Institutional investors and hedge funds own 83.42% of the company’s stock.

Pure Storage Stock Performance

NYSE PSTG opened at $55.55 on Tuesday. Pure Storage, Inc. has a one year low of $34.51 and a one year high of $73.67. The company has a 50-day simple moving average of $48.35 and a 200-day simple moving average of $56.20. The firm has a market capitalization of $18.11 billion, a PE ratio of 146.17, a price-to-earnings-growth ratio of 5.12 and a beta of 1.05.

Pure Storage (NYSE:PSTG) last posted its quarterly earnings results on Wednesday, May 28th. The technology company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.25 by $0.04. Pure Storage had a net margin of 4.22% and a return on equity of 16.06%. The business had revenue of $778.49 million during the quarter, compared to analyst estimates of $770.03 million. During the same period in the previous year, the business posted $0.32 EPS. The company’s quarterly revenue was up 12.3% on a year-over-year basis. Equities analysts forecast that Pure Storage, Inc. will post 0.44 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on PSTG shares. Wedbush reaffirmed an “outperform” rating and set a $70.00 price target on shares of Pure Storage in a research note on Thursday, May 29th. Needham & Company LLC reaffirmed a “buy” rating and set a $75.00 price target on shares of Pure Storage in a research note on Thursday, May 29th. Evercore ISI lifted their price target on shares of Pure Storage from $60.00 to $70.00 and gave the stock an “outperform” rating in a research note on Friday, May 23rd. Bank of America dropped their price target on shares of Pure Storage from $77.00 to $73.00 and set a “neutral” rating on the stock in a research note on Thursday, February 27th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Pure Storage from $75.00 to $70.00 and set an “overweight” rating for the company in a research report on Thursday, May 29th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $69.95.

Insider Activity

In other Pure Storage news, Director John Francis Murphy sold 11,234 shares of the business’s stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $55.13, for a total transaction of $619,330.42. Following the completion of the transaction, the director now directly owns 21,930 shares of the company’s stock, valued at $1,209,000.90. The trade was a 33.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CRO Dan Fitzsimons sold 6,977 shares of the business’s stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $40.91, for a total transaction of $285,429.07. Following the transaction, the executive now directly owns 90,223 shares of the company’s stock, valued at $3,691,022.93. The trade was a 7.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 119,083 shares of company stock valued at $6,150,676. Company insiders own 5.60% of the company’s stock.

Pure Storage Profile

Pure Storage, Inc engages in the provision of data storage and management technologies, products, and services in the United States and internationally. Its Purity software is shared across its products and provides enterprise-class data services, such as always-on data reduction, data protection, and encryption, as well as storage protocols, including block, file, and object.