RBA Wealth Management LLC Buys Shares of 71,157 Pure Storage, Inc. $PSTG

RBA Wealth Management LLC purchased a new position in shares of Pure Storage, Inc. (NYSE:PSTG) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 71,157 shares of the technology company’s stock, valued at approximately $5,964,000. Pure Storage makes up about 2.1% of RBA Wealth Management LLC’s holdings, making the stock its 18th biggest holding.

A number of other institutional investors have also modified their holdings of the company. Norges Bank acquired a new stake in Pure Storage during the second quarter worth approximately $225,203,000. Atreides Management LP purchased a new position in shares of Pure Storage during the 2nd quarter worth $204,552,000. William Blair Investment Management LLC boosted its holdings in shares of Pure Storage by 112.9% during the second quarter. William Blair Investment Management LLC now owns 4,926,836 shares of the technology company’s stock worth $283,687,000 after purchasing an additional 2,612,300 shares during the last quarter. Federated Hermes Inc. grew its position in shares of Pure Storage by 1,560.9% in the second quarter. Federated Hermes Inc. now owns 1,343,658 shares of the technology company’s stock valued at $77,368,000 after purchasing an additional 1,262,758 shares during the period. Finally, AQR Capital Management LLC increased its stake in Pure Storage by 158.4% in the second quarter. AQR Capital Management LLC now owns 1,938,125 shares of the technology company’s stock valued at $110,473,000 after purchasing an additional 1,188,126 shares during the last quarter. Institutional investors and hedge funds own 83.42% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on PSTG shares. TD Cowen reissued a “buy” rating on shares of Pure Storage in a research note on Wednesday, December 3rd. Wall Street Zen cut shares of Pure Storage from a “buy” rating to a “hold” rating in a research report on Friday, January 23rd. Raymond James Financial boosted their target price on shares of Pure Storage from $88.00 to $99.00 and gave the company an “outperform” rating in a report on Friday, October 17th. Oppenheimer initiated coverage on shares of Pure Storage in a research report on Monday, November 17th. They set an “outperform” rating and a $120.00 price target for the company. Finally, Lake Street Capital lifted their price target on shares of Pure Storage from $80.00 to $92.00 and gave the company a “buy” rating in a report on Wednesday, December 3rd. Twelve analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $95.26.

Insider Activity

In other Pure Storage news, insider Ajay Singh sold 7,178 shares of the firm’s stock in a transaction dated Tuesday, December 23rd. The stock was sold at an average price of $67.14, for a total value of $481,930.92. Following the transaction, the insider directly owned 215,091 shares of the company’s stock, valued at $14,441,209.74. This trade represents a 3.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider John Colgrove sold 100,000 shares of the company’s stock in a transaction dated Monday, December 8th. The stock was sold at an average price of $71.31, for a total value of $7,131,000.00. The SEC filing for this sale provides additional information. Insiders sold 207,178 shares of company stock worth $16,771,931 over the last three months. 5.60% of the stock is currently owned by corporate insiders.

Pure Storage Stock Up 10.7%

Shares of PSTG stock opened at $71.15 on Friday. Pure Storage, Inc. has a fifty-two week low of $34.51 and a fifty-two week high of $100.59. The firm’s 50 day moving average price is $70.82 and its two-hundred day moving average price is $76.01. The stock has a market cap of $23.49 billion, a price-to-earnings ratio of 187.24, a price-to-earnings-growth ratio of 5.00 and a beta of 1.27.

Pure Storage (NYSE:PSTG) last released its quarterly earnings data on Tuesday, September 9th. The technology company reported $0.44 earnings per share (EPS) for the quarter. Pure Storage had a net margin of 3.74% and a return on equity of 10.60%. The company had revenue of $763.77 million during the quarter. On average, equities analysts forecast that Pure Storage, Inc. will post 0.44 EPS for the current fiscal year.

About Pure Storage

Pure Storage, Inc (NYSE: PSTG) is a technology company that designs and sells data storage hardware and software for enterprise and cloud environments. The company is best known for its all-flash storage arrays that are engineered to deliver high performance, low latency and simplified management compared with traditional disk-based systems. Its product portfolio includes purpose-built arrays and software aimed at transactional databases, virtualized infrastructures, analytics and large-scale file/object workloads.

Key product and software offerings include the FlashArray family for block storage and FlashBlade for file and object workloads, together with Purity, the company’s storage operating environment.