Pure Storage, Inc. (NYSE:PSTG) Shares Sold by Independent Advisor Alliance

Independent Advisor Alliance cut its holdings in shares of Pure Storage, Inc. (NYSE:PSTG) by 10.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,031 shares of the technology company’s stock after selling 468 shares during the period. Independent Advisor Alliance’s holdings in Pure Storage were worth $203,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Massmutual Trust Co. FSB ADV boosted its position in shares of Pure Storage by 61.2% during the second quarter. Massmutual Trust Co. FSB ADV now owns 424 shares of the technology company’s stock worth $27,000 after buying an additional 161 shares during the period. Nvwm LLC lifted its position in Pure Storage by 23.3% in the third quarter. Nvwm LLC now owns 1,027 shares of the technology company’s stock worth $52,000 after purchasing an additional 194 shares during the period. Harbour Investments Inc. lifted its position in Pure Storage by 3.0% in the second quarter. Harbour Investments Inc. now owns 6,912 shares of the technology company’s stock worth $444,000 after purchasing an additional 202 shares during the period. Larson Financial Group LLC lifted its position in Pure Storage by 49.1% in the third quarter. Larson Financial Group LLC now owns 644 shares of the technology company’s stock worth $32,000 after purchasing an additional 212 shares during the period. Finally, Venturi Wealth Management LLC lifted its position in Pure Storage by 40.9% in the third quarter. Venturi Wealth Management LLC now owns 754 shares of the technology company’s stock worth $38,000 after purchasing an additional 219 shares during the period. 83.42% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on PSTG shares. Northland Securities restated a “market perform” rating and issued a $59.00 target price (down from $68.00) on shares of Pure Storage in a research report on Thursday, August 29th. Raymond James cut their target price on Pure Storage from $73.00 to $70.00 and set an “outperform” rating for the company in a research report on Thursday, August 29th. William Blair restated an “outperform” rating on shares of Pure Storage in a research report on Thursday, November 14th. Oppenheimer assumed coverage on Pure Storage in a research report on Wednesday, November 13th. They issued an “outperform” rating and a $70.00 target price for the company. Finally, Stifel Nicolaus dropped their price target on Pure Storage from $65.00 to $60.00 and set a “hold” rating on the stock in a report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat.com, Pure Storage presently has an average rating of “Moderate Buy” and an average target price of $67.95.

Insider Transactions at Pure Storage

In related news, CAO Mona Chu sold 25,000 shares of the company’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $50.32, for a total value of $1,258,000.00. Following the completion of the sale, the chief accounting officer now directly owns 96,639 shares in the company, valued at approximately $4,862,874.48. This represents a 20.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider John Colgrove sold 100,000 shares of the company’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $57.32, for a total transaction of $5,732,000.00. Following the completion of the sale, the insider now owns 300,000 shares of the company’s stock, valued at $17,196,000. This represents a 25.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 354,542 shares of company stock valued at $18,599,030. 6.00% of the stock is owned by insiders.

Pure Storage Price Performance

Shares of NYSE:PSTG opened at $52.99 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 quick ratio of 1.96, a current ratio of 1.99 and a debt-to-equity ratio of 0.07. The company has a market cap of $17.36 billion, a P/E ratio of 132.48, a price-to-earnings-growth ratio of 7.18 and a beta of 1.10. The company’s fifty day moving average is $52.06 and its two-hundred day moving average is $56.82.

Pure Storage (NYSE:PSTG) last posted its quarterly earnings results on Wednesday, August 28th. The technology company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.10. Pure Storage had a net margin of 4.53% and a return on equity of 17.41%. The business had revenue of $763.77 million for the quarter, compared to the consensus estimate of $756.59 million. Equities analysts expect that Pure Storage, Inc. will post 0.42 earnings per share for the current fiscal year.

About Pure Storage

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.