Pure Storage, Inc. (NYSE:PSTG) Stock Position Raised by Fred Alger Management LLC

Fred Alger Management LLC boosted its position in shares of Pure Storage, Inc. (NYSE:PSTG) by 372.8% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 54,420 shares of the technology company’s stock after purchasing an additional 42,909 shares during the period. Fred Alger Management LLC’s holdings in Pure Storage were worth $3,494,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of PSTG. Bank of New York Mellon Corp raised its position in Pure Storage by 56.1% during the second quarter. Bank of New York Mellon Corp now owns 3,696,390 shares of the technology company’s stock valued at $237,345,000 after buying an additional 1,327,873 shares during the period. Principal Financial Group Inc. increased its holdings in shares of Pure Storage by 4,095.7% in the 1st quarter. Principal Financial Group Inc. now owns 1,121,344 shares of the technology company’s stock valued at $58,299,000 after purchasing an additional 1,094,618 shares during the period. Frontier Capital Management Co. LLC lifted its position in shares of Pure Storage by 835.2% in the fourth quarter. Frontier Capital Management Co. LLC now owns 1,078,454 shares of the technology company’s stock worth $38,458,000 after purchasing an additional 963,140 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Pure Storage by 1.8% during the fourth quarter. Vanguard Group Inc. now owns 31,294,297 shares of the technology company’s stock worth $1,115,955,000 after purchasing an additional 567,358 shares during the period. Finally, Wells Fargo & Company MN grew its position in Pure Storage by 251.9% during the fourth quarter. Wells Fargo & Company MN now owns 635,842 shares of the technology company’s stock valued at $22,674,000 after purchasing an additional 455,177 shares in the last quarter. Hedge funds and other institutional investors own 83.42% of the company’s stock.

Insider Activity at Pure Storage

In related news, CFO P. Kevan Krysler sold 14,296 shares of the company’s stock in a transaction on Friday, July 5th. The shares were sold at an average price of $63.79, for a total transaction of $911,941.84. Following the completion of the transaction, the chief financial officer now directly owns 518,623 shares in the company, valued at approximately $33,082,961.17. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, insider John Colgrove sold 100,000 shares of the stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $49.94, for a total value of $4,994,000.00. Following the completion of the transaction, the insider now owns 500,000 shares in the company, valued at approximately $24,970,000. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO P. Kevan Krysler sold 14,296 shares of the stock in a transaction on Friday, July 5th. The shares were sold at an average price of $63.79, for a total transaction of $911,941.84. Following the completion of the transaction, the chief financial officer now owns 518,623 shares of the company’s stock, valued at approximately $33,082,961.17. The disclosure for this sale can be found here. Insiders sold a total of 433,072 shares of company stock worth $24,307,792 in the last ninety days. 6.00% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on PSTG shares. Northland Securities reiterated a “market perform” rating and issued a $59.00 target price (down previously from $68.00) on shares of Pure Storage in a research report on Thursday, August 29th. Raymond James reduced their price objective 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. TD Cowen dropped their target price on Pure Storage from $80.00 to $70.00 and set a “buy” rating on the stock in a research report on Thursday, August 29th. Morgan Stanley lowered Pure Storage from an “overweight” rating to an “equal weight” rating and set a $60.00 price target for the company. in a report on Wednesday, June 12th. Finally, UBS Group dropped their price objective on Pure Storage from $47.00 to $45.00 and set a “sell” rating on the stock in a report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $66.95.

Pure Storage Trading Up 0.1 %

NYSE:PSTG opened at $50.45 on Friday. Pure Storage, Inc. has a 12 month low of $31.00 and a 12 month high of $70.41. The firm has a market cap of $16.41 billion, a price-to-earnings ratio of 180.18, a P/E/G ratio of 7.87 and a beta of 1.11. 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’s 50 day moving average is $54.86 and its 200-day moving average is $56.89.

Pure Storage (NYSE:PSTG) last announced its earnings results on Wednesday, August 28th. The technology company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.10. The business had revenue of $763.77 million for the quarter, compared to analyst estimates of $756.59 million. Pure Storage had a net margin of 4.53% and a return on equity of 17.41%. Equities analysts anticipate that Pure Storage, Inc. will post 0.43 EPS for the current 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.