ProShare Advisors LLC Raises Position in Pure Storage, Inc. (NYSE:PSTG)

ProShare Advisors LLC lifted its stake in shares of Pure Storage, Inc. (NYSE:PSTG) by 92.3% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 31,828 shares of the technology company’s stock after buying an additional 15,280 shares during the quarter. ProShare Advisors LLC’s holdings in Pure Storage were worth $2,044,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Massmutual Trust Co. FSB ADV grew its stake in shares of Pure Storage by 61.2% during the second quarter. Massmutual Trust Co. FSB ADV now owns 424 shares of the technology company’s stock valued at $27,000 after acquiring an additional 161 shares in the last quarter. Harbour Investments Inc. grew its stake in Pure Storage by 3.0% during the 2nd quarter. Harbour Investments Inc. now owns 6,912 shares of the technology company’s stock valued at $444,000 after purchasing an additional 202 shares in the last quarter. Michael S. Ryan Inc. increased its holdings in Pure Storage by 4.8% during the 2nd quarter. Michael S. Ryan Inc. now owns 4,542 shares of the technology company’s stock worth $292,000 after purchasing an additional 208 shares during the last quarter. Bank Pictet & Cie Europe AG raised its position in shares of Pure Storage by 3.2% in the 2nd quarter. Bank Pictet & Cie Europe AG now owns 7,202 shares of the technology company’s stock valued at $462,000 after purchasing an additional 223 shares in the last quarter. Finally, Franklin Resources Inc. boosted its stake in shares of Pure Storage by 0.4% during the 4th quarter. Franklin Resources Inc. now owns 54,073 shares of the technology company’s stock valued at $1,928,000 after buying an additional 242 shares during the last quarter. 83.42% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Pure Storage news, insider John Colgrove sold 100,000 shares of the firm’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $59.50, for a total transaction of $5,950,000.00. Following the transaction, the insider now owns 900,000 shares of the company’s stock, valued at approximately $53,550,000. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CAO Mona Chu sold 25,000 shares of the business’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $50.32, for a total value of $1,258,000.00. Following the sale, the chief accounting officer now owns 96,639 shares of the company’s stock, valued at approximately $4,862,874.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John Colgrove sold 100,000 shares of the company’s stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $59.50, for a total value of $5,950,000.00. Following the completion of the sale, the insider now owns 900,000 shares of the company’s stock, valued at approximately $53,550,000. The disclosure for this sale can be found here. Insiders sold 458,072 shares of company stock valued at $25,565,792 over the last 90 days. 6.00% of the stock is currently owned by company insiders.

Pure Storage Stock Performance

PSTG opened at $49.44 on Friday. Pure Storage, Inc. has a twelve month low of $31.00 and a twelve month high of $70.41. The stock has a market cap of $16.08 billion, a PE ratio of 176.57, a price-to-earnings-growth ratio of 7.87 and a beta of 1.11. The business’s 50 day moving average is $54.67 and its 200-day moving average is $56.84. The company has a current ratio of 1.99, a quick ratio of 1.96 and a debt-to-equity ratio of 0.07.

Pure Storage (NYSE:PSTG) last announced its earnings results on Wednesday, August 28th. The technology company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.10. Pure Storage had a return on equity of 17.41% and a net margin of 4.53%. The firm had revenue of $763.77 million for the quarter, compared to the consensus estimate of $756.59 million. On average, analysts predict that Pure Storage, Inc. will post 0.43 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts recently issued reports on PSTG shares. Evercore ISI dropped their price target on shares of Pure Storage from $75.00 to $70.00 and set an “outperform” rating for the company in a research note on Thursday, August 29th. Citigroup cut their target price on shares of Pure Storage from $75.00 to $67.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. Lake Street Capital decreased their price target on Pure Storage from $70.00 to $68.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Susquehanna restated a “positive” rating and set a $80.00 price objective on shares of Pure Storage in a research note on Monday, August 26th. Finally, Piper Sandler decreased their target price on Pure Storage from $60.00 to $56.00 and set a “neutral” rating for the company in a research report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $66.95.

Pure Storage Profile

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.