Sycomore Asset Management Makes New Investment in Pure Storage, Inc. (NYSE:PSTG)

Sycomore Asset Management acquired a new stake in shares of Pure Storage, Inc. (NYSE:PSTG) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 36,021 shares of the technology company’s stock, valued at approximately $2,259,000.

Other large investors have also modified their holdings of the company. Banque Cantonale Vaudoise purchased a new stake in shares of Pure Storage during the first quarter valued at $25,000. Fidelis Capital Partners LLC acquired a new stake in Pure Storage during the 1st quarter worth about $27,000. Massmutual Trust Co. FSB ADV lifted its stake in 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 buying an additional 161 shares in the last quarter. Larson Financial Group LLC lifted its stake in Pure Storage by 242.9% during the second quarter. Larson Financial Group LLC now owns 432 shares of the technology company’s stock valued at $28,000 after buying an additional 306 shares in the last quarter. Finally, FSC Wealth Advisors LLC acquired a new position in shares of Pure Storage in the second quarter worth about $33,000. 83.42% of the stock is owned by institutional investors.

Pure Storage Trading Up 1.6 %

Pure Storage stock opened at $50.23 on Tuesday. Pure Storage, Inc. has a one year low of $31.00 and a one year high of $70.41. The company’s fifty day moving average price is $54.26 and its two-hundred day moving average price is $56.88. The company has a market capitalization of $16.33 billion, a price-to-earnings ratio of 179.38, a PEG ratio of 7.81 and a beta of 1.11. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.99 and a quick ratio of 1.96.

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

Wall Street Analyst Weigh In

PSTG has been the subject of several research analyst reports. Morgan Stanley downgraded shares of Pure Storage from an “overweight” rating to an “equal weight” rating and set a $60.00 price target for the company. in a research report on Wednesday, June 12th. Lake Street Capital reduced their target price on Pure Storage from $70.00 to $68.00 and set a “buy” rating for the company in a report on Thursday, August 29th. Northland Securities reaffirmed 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. Guggenheim reissued a “buy” rating and set a $72.00 price target on shares of Pure Storage in a research report on Tuesday, June 25th. Finally, TD Cowen reduced their price objective on Pure Storage from $80.00 to $70.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $66.95.

Insider Activity

In other Pure Storage news, CAO Mona Chu sold 25,000 shares of the business’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $50.32, for a total transaction of $1,258,000.00. Following the completion of the transaction, 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 SEC, which can be accessed through this hyperlink. In other news, CRO Dan Fitzsimons sold 8,895 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $50.67, for a total value of $450,709.65. Following the completion of the sale, the executive now directly owns 94,446 shares of the company’s stock, valued at $4,785,578.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Mona Chu sold 25,000 shares of the firm’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $50.32, for a total transaction of $1,258,000.00. Following the completion of the sale, the chief accounting officer now owns 96,639 shares in the company, valued at approximately $4,862,874.48. The disclosure for this sale can be found here. Insiders have sold a total of 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 Company 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.