Bank of New York Mellon Corp grew its stake in Pure Storage Inc (NYSE:PSTG) by 33.6% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 691,545 shares of the technology company’s stock after buying an additional 173,958 shares during the period. Bank of New York Mellon Corp’s holdings in Pure Storage were worth $16,513,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of PSTG. Fortis Advisors LLC acquired a new stake in shares of Pure Storage in the first quarter valued at about $118,000. WealthTrust Fairport LLC acquired a new stake in shares of Pure Storage in the first quarter valued at about $121,000. Point72 Asia Hong Kong Ltd acquired a new stake in shares of Pure Storage in the first quarter valued at about $132,000. Adviser Investments LLC acquired a new stake in shares of Pure Storage in the first quarter valued at about $136,000. Finally, Diversified Trust Co acquired a new stake in shares of Pure Storage in the first quarter valued at about $205,000. 68.86% of the stock is owned by institutional investors.

Several equities research analysts have recently weighed in on PSTG shares. Zacks Investment Research raised Pure Storage from a “hold” rating to a “buy” rating and set a $27.00 price target for the company in a research note on Tuesday, July 17th. Summit Insights raised Pure Storage to a “buy” rating in a research note on Tuesday, May 22nd. Deutsche Bank raised their target price on Pure Storage from $24.00 to $25.00 and gave the stock a “buy” rating in a research note on Tuesday, May 22nd. ValuEngine raised Pure Storage from a “hold” rating to a “buy” rating in a research note on Monday, June 4th. Finally, Oppenheimer raised their target price on Pure Storage from $24.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday, August 22nd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and nineteen have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $26.03.

Shares of NYSE:PSTG opened at $27.92 on Wednesday. The company has a market capitalization of $6.56 billion, a price-to-earnings ratio of -33.21 and a beta of 1.32. The company has a debt-to-equity ratio of 0.68, a quick ratio of 3.91 and a current ratio of 4.03. Pure Storage Inc has a 52-week low of $14.43 and a 52-week high of $29.14.

Pure Storage (NYSE:PSTG) last announced its quarterly earnings results on Tuesday, August 21st. The technology company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.07. The business had revenue of $308.90 million for the quarter, compared to analyst estimates of $301.32 million. Pure Storage had a negative return on equity of 30.56% and a negative net margin of 15.07%. The company’s quarterly revenue was up 37.5% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.11) earnings per share. equities research analysts anticipate that Pure Storage Inc will post -0.66 earnings per share for the current year.

In other Pure Storage news, Director Scott Dietzen sold 125,000 shares of the stock in a transaction that occurred on Tuesday, June 26th. The stock was sold at an average price of $23.19, for a total value of $2,898,750.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Timothy Riitters sold 25,000 shares of the stock in a transaction that occurred on Thursday, June 28th. The stock was sold at an average price of $23.44, for a total value of $586,000.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 6,265,824 shares of company stock worth $146,894,805. Corporate insiders own 15.30% of the company’s stock.

Pure Storage Profile

Pure Storage, Inc engages in building a data platform that enables businesses to enhance performance and reduce complexity and costs worldwide. The company delivers its data platform through Purity Operating Environment, an optimized software for solid-state memory that offers enterprise-class storage and protocol services; FlashArray and FlashBlade optimized hardware products for solid-state memory to enhance the performance and density of flash, optimize its advanced software services, and reduce solution cost for customers; Pure1, a cloud-based management and support software; and FlashStack, a converged infrastructure solution.

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Institutional Ownership by Quarter for Pure Storage (NYSE:PSTG)

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