Legacy Wealth Asset Management LLC Boosts Stake in Pure Storage, Inc. (NYSE:PSTG)

Legacy Wealth Asset Management LLC increased its holdings in shares of Pure Storage, Inc. (NYSE:PSTG) by 5.0% during the third quarter, HoldingsChannel reports. The firm owned 6,426 shares of the technology company’s stock after buying an additional 308 shares during the period. Legacy Wealth Asset Management LLC’s holdings in Pure Storage were worth $323,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Bank of New York Mellon Corp boosted its holdings in shares of Pure Storage by 56.1% during the 2nd 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 acquiring an additional 1,327,873 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Pure Storage by 1.6% in the first quarter. Vanguard Group Inc. now owns 31,789,480 shares of the technology company’s stock worth $1,652,735,000 after purchasing an additional 495,183 shares during the last quarter. Retirement Systems of Alabama purchased a new stake in Pure Storage in the first quarter worth approximately $22,399,000. American International Group Inc. grew its position in Pure Storage by 9,131.0% in the 1st quarter. American International Group Inc. now owns 394,996 shares of the technology company’s stock worth $20,536,000 after purchasing an additional 390,717 shares during the period. Finally, AQR Capital Management LLC raised its stake in Pure Storage by 52.0% during the 2nd quarter. AQR Capital Management LLC now owns 917,804 shares of the technology company’s stock valued at $58,932,000 after buying an additional 314,164 shares during the last quarter. 83.42% of the stock is owned by hedge funds and other institutional investors.

Pure Storage Trading Up 1.1 %

Shares of PSTG opened at $54.05 on Friday. The firm has a market cap of $17.71 billion, a P/E ratio of 135.13, a price-to-earnings-growth ratio of 8.31 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, Inc. has a 1 year low of $31.00 and a 1 year high of $70.41. The company has a 50 day simple moving average of $52.51 and a two-hundred day simple moving average of $56.93.

Pure Storage (NYSE:PSTG) last issued its earnings results on Wednesday, August 28th. The technology company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.10. The firm had revenue of $763.77 million during 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%. On average, equities analysts expect that Pure Storage, Inc. will post 0.43 earnings per share for the current fiscal year.

Insider Activity

In related news, CAO Mona Chu sold 25,000 shares of the business’s stock in a transaction dated 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 directly owns 96,639 shares in the company, valued at approximately $4,862,874.48. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Pure Storage news, insider John Colgrove sold 100,000 shares of Pure Storage stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $61.76, for a total value of $6,176,000.00. Following the completion of the transaction, the insider now directly owns 700,000 shares of the company’s stock, valued at $43,232,000. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Mona Chu sold 25,000 shares of the company’s stock in a transaction dated 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 sale, the chief accounting officer now owns 96,639 shares in the company, valued at $4,862,874.48. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 554,542 shares of company stock worth $30,014,030 over the last 90 days. Corporate insiders own 6.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on PSTG shares. Lake Street Capital dropped their price target on Pure Storage from $70.00 to $68.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. Needham & Company LLC cut their price target on Pure Storage from $80.00 to $62.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Piper Sandler lowered their price objective on shares of Pure Storage from $60.00 to $56.00 and set a “neutral” rating on the stock in a research note on Thursday, August 29th. Stifel Nicolaus cut their target price on shares of Pure Storage from $65.00 to $60.00 and set a “hold” rating for the company in a research report on Thursday, August 29th. Finally, Citigroup reduced their target price on shares of Pure Storage from $75.00 to $67.00 and set a “buy” rating for the company in a report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, seven have given 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 price target of $68.05.

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.