Geode Capital Management LLC Increases Position in Pure Storage, Inc. (PSTG)
Geode Capital Management LLC boosted its stake in shares of Pure Storage, Inc. (NYSE:PSTG) by 13.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 581,146 shares of the technology company’s stock after buying an additional 68,290 shares during the period. Geode Capital Management LLC’s holdings in Pure Storage were worth $5,712,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Pure Storage by 21.8% in the first quarter. Vanguard Group Inc. now owns 5,570,051 shares of the technology company’s stock valued at $54,753,000 after buying an additional 997,067 shares during the last quarter. Teachers Advisors LLC raised its stake in shares of Pure Storage by 538.1% in the first quarter. Teachers Advisors LLC now owns 783,785 shares of the technology company’s stock valued at $7,705,000 after buying an additional 660,954 shares during the last quarter. TIAA CREF Investment Management LLC raised its stake in shares of Pure Storage by 191.1% in the first quarter. TIAA CREF Investment Management LLC now owns 577,386 shares of the technology company’s stock valued at $5,676,000 after buying an additional 379,053 shares during the last quarter. Formula Growth Ltd. purchased a new stake in shares of Pure Storage during the first quarter valued at about $3,047,000. Finally, Glynn Capital Management LLC raised its stake in shares of Pure Storage by 15.2% in the first quarter. Glynn Capital Management LLC now owns 2,261,227 shares of the technology company’s stock valued at $22,228,000 after buying an additional 298,912 shares during the last quarter. Hedge funds and other institutional investors own 34.45% of the company’s stock.
Pure Storage, Inc. (PSTG) opened at 12.53 on Thursday. The stock has a 50 day moving average price of $13.01 and a 200-day moving average price of $11.64. Pure Storage, Inc. has a 12-month low of $9.12 and a 12-month high of $15.14. The stock’s market capitalization is $2.62 billion.
Pure Storage (NYSE:PSTG) last posted its quarterly earnings results on Wednesday, May 24th. The technology company reported ($0.14) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.22) by $0.08. The business had revenue of $182.60 million for the quarter, compared to analysts’ expectations of $176.13 million. Pure Storage had a negative return on equity of 44.04% and a negative net margin of 31.62%. The business’s quarterly revenue was up 30.5% on a year-over-year basis. During the same period last year, the firm earned ($0.22) earnings per share. On average, equities analysts anticipate that Pure Storage, Inc. will post ($0.27) earnings per share for the current fiscal year.
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A number of research firms recently issued reports on PSTG. William Blair reiterated a “buy” rating on shares of Pure Storage in a research note on Friday, April 14th. Robert W. Baird reiterated a “hold” rating on shares of Pure Storage in a research note on Thursday, April 13th. Morgan Stanley lowered Pure Storage from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $17.00 to $12.00 in a research note on Thursday, May 18th. BidaskClub upgraded Pure Storage from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. Finally, Goldman Sachs Group, Inc. (The) reiterated a “neutral” rating and set a $14.00 price objective on shares of Pure Storage in a research note on Thursday, May 25th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Pure Storage currently has a consensus rating of “Buy” and an average price target of $15.61.
In other news, CFO Timothy Riitters sold 5,000 shares of Pure Storage stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $13.12, for a total value of $65,600.00. Following the sale, the chief financial officer now directly owns 245,703 shares of the company’s stock, valued at $3,223,623.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michelangelo Volpi sold 390,957 shares of Pure Storage stock in a transaction dated Tuesday, June 20th. The stock was sold at an average price of $13.33, for a total value of $5,211,456.81. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,312,246 shares of company stock worth $30,410,081. Insiders own 46.58% of the company’s stock.
About Pure Storage
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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