Alight Capital Management LP Cuts Stock Position in Pure Storage, Inc. (NYSE:PSTG)

Alight Capital Management LP trimmed its stake in shares of Pure Storage, Inc. (NYSE:PSTG) by 39.8% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 54,210 shares of the technology company’s stock after selling 35,790 shares during the quarter. Alight Capital Management LP’s holdings in Pure Storage were worth $3,481,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Toronto Dominion Bank purchased a new position in Pure Storage in the 2nd quarter valued at about $1,988,000. Fred Alger Management LLC lifted its position in shares of Pure Storage by 372.8% in the second quarter. Fred Alger Management LLC now owns 54,420 shares of the technology company’s stock valued at $3,494,000 after acquiring an additional 42,909 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp acquired a new stake in shares of Pure Storage in the second quarter worth approximately $3,796,000. Xponance Inc. increased its position in shares of Pure Storage by 22.9% during the second quarter. Xponance Inc. now owns 71,837 shares of the technology company’s stock worth $4,613,000 after purchasing an additional 13,368 shares in the last quarter. Finally, Evergreen Capital Management LLC acquired a new position in Pure Storage in the 2nd quarter valued at $267,000. Institutional investors and hedge funds own 83.42% of the company’s stock.

Insider Activity

In related news, CRO Dan Fitzsimons sold 8,895 shares of the business’s stock in a transaction 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 sale, the executive now owns 94,446 shares in the company, valued at approximately $4,785,578.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Pure Storage news, CRO Dan Fitzsimons sold 8,895 shares of Pure Storage stock in a transaction dated 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 transaction, the executive now directly owns 94,446 shares of the company’s stock, valued at approximately $4,785,578.82. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider John Colgrove sold 100,000 shares of the stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $59.50, for a total transaction of $5,950,000.00. Following the sale, the insider now directly owns 900,000 shares in the company, valued at approximately $53,550,000. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 433,072 shares of company stock valued at $24,307,792. 6.00% of the stock is currently owned by corporate insiders.

Pure Storage Trading Down 0.8 %

Shares of PSTG stock opened at $49.81 on Wednesday. Pure Storage, Inc. has a 1-year low of $31.00 and a 1-year high of $70.41. The firm has a market cap of $16.32 billion, a PE ratio of 177.89, a price-to-earnings-growth ratio of 7.87 and a beta of 1.11. The company has a 50-day moving average of $55.06 and a two-hundred day moving average of $56.93. 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 posted its quarterly earnings data 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 analysts’ expectations of $756.59 million. Pure Storage had a net margin of 4.53% and a return on equity of 17.41%. On average, analysts predict that Pure Storage, Inc. will post 0.43 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have issued reports on PSTG. Morgan Stanley cut shares of Pure Storage from an “overweight” rating to an “equal weight” rating and set a $60.00 target price on the stock. in a research note on Wednesday, June 12th. UBS Group dropped their price objective on shares of Pure Storage from $47.00 to $45.00 and set a “sell” rating for the company in a research note on Thursday, August 29th. Citigroup cut their price objective 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. Needham & Company LLC lowered their target price on Pure Storage from $80.00 to $62.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. Finally, Susquehanna reaffirmed a “positive” rating and issued a $80.00 price target on shares of Pure Storage in a report on Monday, August 26th. One investment 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $66.95.

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.