Drive Wealth Management LLC Invests $205,000 in Pure Storage, Inc. (NYSE:PSTG)

Drive Wealth Management LLC acquired a new position in shares of Pure Storage, Inc. (NYSE:PSTG) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 3,195 shares of the technology company’s stock, valued at approximately $205,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PSTG. Retireful LLC bought a new stake in Pure Storage during the second quarter worth about $1,949,000. Interchange Capital Partners LLC purchased a new position in shares of Pure Storage during the 2nd quarter valued at about $571,000. Hanseatic Management Services Inc. lifted its position in Pure Storage by 2.4% in the 2nd quarter. Hanseatic Management Services Inc. now owns 12,579 shares of the technology company’s stock worth $808,000 after buying an additional 296 shares during the last quarter. Mizuho Markets Americas LLC boosted its stake in Pure Storage by 1,544.8% in the second quarter. Mizuho Markets Americas LLC now owns 96,141 shares of the technology company’s stock worth $6,173,000 after buying an additional 90,296 shares in the last quarter. Finally, Banque Cantonale Vaudoise grew its position in Pure Storage by 781.3% during the second quarter. Banque Cantonale Vaudoise now owns 4,204 shares of the technology company’s stock valued at $271,000 after acquiring an additional 3,727 shares during the last quarter. 83.42% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Pure Storage news, CFO P. Kevan Krysler sold 14,296 shares of Pure Storage stock in a transaction on Friday, July 5th. The stock was sold at an average price of $63.79, for a total value of $911,941.84. Following the completion of the sale, the chief financial officer now owns 518,623 shares of the company’s stock, valued at approximately $33,082,961.17. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CFO P. Kevan Krysler sold 14,296 shares of the firm’s stock in a transaction on Friday, July 5th. The stock was sold at an average price of $63.79, for a total value of $911,941.84. Following the transaction, the chief financial officer now directly owns 518,623 shares of the company’s stock, valued at approximately $33,082,961.17. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider John Colgrove sold 100,000 shares of Pure Storage 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 transaction, the insider now owns 900,000 shares in the company, valued at $53,550,000. The disclosure for this sale can be found here. Insiders sold a total of 328,995 shares of company stock worth $19,175,193 in the last three months. Insiders own 6.00% of the company’s stock.

Pure Storage Stock Up 1.9 %

Shares of Pure Storage stock opened at $51.29 on Monday. The company has a 50-day simple moving average of $60.47 and a two-hundred day simple moving average of $56.77. Pure Storage, Inc. has a 52-week low of $31.00 and a 52-week high of $70.41. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.96 and a current ratio of 1.99. The stock has a market capitalization of $16.68 billion, a PE ratio of 183.18, a price-to-earnings-growth ratio of 5.40 and a beta of 1.11.

Analyst Ratings Changes

A number of brokerages recently commented on PSTG. Northland Capmk cut shares of Pure Storage from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 30th. Morgan Stanley lowered Pure Storage from an “overweight” rating to an “equal weight” rating and set a $60.00 target price for the company. in a research note on Wednesday, June 12th. Piper Sandler reduced their price target on Pure Storage from $60.00 to $56.00 and set a “neutral” rating on the stock in a research report on Thursday. Barclays boosted their price objective on Pure Storage from $51.00 to $56.00 and gave the company an “equal weight” rating in a research report on Thursday, May 30th. Finally, Stifel Nicolaus decreased their target price on shares of Pure Storage from $65.00 to $60.00 and set a “hold” rating on the stock in a research note on Thursday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $66.95.

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.