Vanguard Group Inc. Acquires 997,067 Shares of Pure Storage, Inc. (PSTG)
Vanguard Group Inc. raised its position in Pure Storage, Inc. (NYSE:PSTG) by 21.8% during the first quarter, Holdings Channel reports. The fund owned 5,570,051 shares of the technology company’s stock after buying an additional 997,067 shares during the period. Vanguard Group Inc.’s holdings in Pure Storage were worth $54,753,000 as of its most recent SEC filing.
Other institutional investors have also modified their holdings of the company. First Trust Advisors LP acquired a new position in shares of Pure Storage during the first quarter worth approximately $135,000. American National Insurance Co. TX acquired a new position in shares of Pure Storage during the first quarter worth approximately $150,000. Thompson Investment Management Inc. boosted its position in shares of Pure Storage by 40.5% in the first quarter. Thompson Investment Management Inc. now owns 19,875 shares of the technology company’s stock worth $195,000 after buying an additional 5,725 shares during the last quarter. Fox Run Management L.L.C. boosted its position in shares of Pure Storage by 8.2% in the first quarter. Fox Run Management L.L.C. now owns 21,000 shares of the technology company’s stock worth $206,000 after buying an additional 1,600 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its position in shares of Pure Storage by 32.7% in the first quarter. Ameriprise Financial Inc. now owns 26,350 shares of the technology company’s stock worth $259,000 after buying an additional 6,500 shares during the last quarter. 34.45% of the stock is owned by institutional investors and hedge funds.
Shares of Pure Storage, Inc. (NYSE PSTG) traded down 0.94% during midday trading on Wednesday, reaching $12.66. 171,508 shares of the company were exchanged. Pure Storage, Inc. has a 52 week low of $9.12 and a 52 week high of $15.14. The firm’s market capitalization is $2.64 billion. The firm has a 50-day moving average of $13.04 and a 200 day moving average of $11.62.
Pure Storage (NYSE:PSTG) last announced its earnings results on Wednesday, May 24th. The technology company reported ($0.14) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.22) by $0.08. The company had revenue of $182.60 million during the quarter, compared to analyst estimates of $176.13 million. Pure Storage had a negative net margin of 31.62% and a negative return on equity of 44.04%. Pure Storage’s revenue was up 30.5% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.22) earnings per share. On average, equities research analysts expect that Pure Storage, Inc. will post ($0.27) EPS for the current year.
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A number of equities analysts have commented on the stock. Vetr raised shares of Pure Storage from a “buy” rating to a “strong-buy” rating and set a $15.00 price objective for the company in a research note on Tuesday, May 30th. Robert W. Baird reissued a “hold” rating on shares of Pure Storage in a research note on Thursday, May 25th. Wells Fargo & Company reissued an “outperform” rating and issued a $12.00 price objective on shares of Pure Storage in a research note on Thursday, May 25th. BidaskClub cut shares of Pure Storage from a “hold” rating to a “sell” rating in a research note on Tuesday, August 1st. Finally, Susquehanna Bancshares Inc reissued a “positive” rating and issued a $16.00 price objective (up from $15.00) on shares of Pure Storage in a research note on Friday, May 26th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $15.61.
In other Pure Storage news, Director Michelangelo Volpi sold 1,425,000 shares of the stock in a transaction dated Friday, June 16th. The shares were sold at an average price of $13.15, for a total transaction of $18,738,750.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Timothy Riitters sold 10,248 shares of the stock in a transaction dated Thursday, July 6th. The stock was sold at an average price of $12.81, for a total transaction of $131,276.88. Following the transaction, the chief financial officer now directly owns 227,200 shares of the company’s stock, valued at approximately $2,910,432. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,312,246 shares of company stock valued at $30,410,081. 41.47% of the stock is currently owned by insiders.
Pure Storage Company Profile
Pure Storage, Inc provides a data platform. The Company is focused on delivering software-defined all-flash solutions that are fast and cloud-capable for customers, enabling customers to put data to work for their businesses. Its data platform replaces storage systems designed for mechanical disk with all-flash systems optimized end-to-end for solid-state memory.
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