Covestor Ltd Has $50,000 Holdings in Pure Storage, Inc. (NYSE:PSTG)

Covestor Ltd boosted its holdings in Pure Storage, Inc. (NYSE:PSTG) by 175.3% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 991 shares of the technology company’s stock after acquiring an additional 631 shares during the quarter. Covestor Ltd’s holdings in Pure Storage were worth $50,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in PSTG. Vanguard Group Inc. lifted its position in shares of Pure Storage by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 31,789,480 shares of the technology company’s stock worth $1,652,735,000 after buying an additional 495,183 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Pure Storage by 56.1% during the second quarter. Bank of New York Mellon Corp now owns 3,696,390 shares of the technology company’s stock worth $237,345,000 after acquiring an additional 1,327,873 shares during the period. Blair William & Co. IL boosted its position in Pure Storage by 0.7% in the second quarter. Blair William & Co. IL now owns 2,357,962 shares of the technology company’s stock worth $151,405,000 after purchasing an additional 15,747 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its stake in Pure Storage by 12.6% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,234,382 shares of the technology company’s stock valued at $143,470,000 after purchasing an additional 249,761 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in shares of Pure Storage by 22.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,303,863 shares of the technology company’s stock valued at $83,728,000 after purchasing an additional 235,356 shares during the last quarter. Institutional investors and hedge funds own 83.42% of the company’s stock.

Insider Activity at Pure Storage

In other news, insider John Colgrove sold 100,000 shares of the company’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $61.76, for a total value of $6,176,000.00. Following the completion of the transaction, the insider now directly owns 700,000 shares in the company, valued at approximately $43,232,000. This represents a 12.50 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Mona Chu sold 20,647 shares of the firm’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $51.50, for a total value of $1,063,320.50. Following the transaction, the chief accounting officer now directly owns 75,992 shares in the company, valued at approximately $3,913,588. This represents a 21.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 454,542 shares of company stock valued at $24,775,030 over the last 90 days. 6.00% of the stock is owned by insiders.

Pure Storage Stock Performance

Shares of PSTG opened at $49.81 on Friday. Pure Storage, Inc. has a 12-month low of $31.00 and a 12-month high of $70.41. The company has a current ratio of 1.99, a quick ratio of 1.96 and a debt-to-equity ratio of 0.07. The company has a market cap of $16.32 billion, a PE ratio of 124.58, a price-to-earnings-growth ratio of 7.86 and a beta of 1.10. The stock has a 50-day moving average price of $51.31 and a 200-day moving average price of $56.95.

Pure Storage (NYSE:PSTG) last released its quarterly earnings results on Wednesday, August 28th. The technology company reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.10. The business had revenue of $763.77 million during the quarter, compared to analysts’ expectations of $756.59 million. Pure Storage had a net margin of 4.53% and a return on equity of 17.41%. As a group, equities analysts forecast that Pure Storage, Inc. will post 0.43 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Citigroup reduced their price target on shares of Pure Storage from $75.00 to $67.00 and set a “buy” rating for the company in a research report on Thursday, August 29th. Evercore ISI decreased their price target on shares of Pure Storage from $75.00 to $70.00 and set an “outperform” rating for the company in a research note on Thursday, August 29th. UBS Group dropped their price objective on Pure Storage from $47.00 to $45.00 and set a “sell” rating on the stock in a research note on Thursday, August 29th. William Blair reissued an “outperform” rating on shares of Pure Storage in a research report on Thursday. Finally, Piper Sandler dropped their price target on Pure Storage from $60.00 to $56.00 and set a “neutral” rating on the stock in a research report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $68.15.

Pure Storage Company 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.