Driehaus Capital Management LLC Takes $19.28 Million Position in Pure Storage, Inc. (NYSE:PSTG)

Driehaus Capital Management LLC purchased a new stake in Pure Storage, Inc. (NYSE:PSTG) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 300,228 shares of the technology company’s stock, valued at approximately $19,278,000.

A number of other large investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Pure Storage by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 31,789,480 shares of the technology company’s stock valued at $1,652,735,000 after acquiring an additional 495,183 shares during the last quarter. First Trust Advisors LP increased its holdings in Pure Storage by 4.2% in the fourth quarter. First Trust Advisors LP now owns 4,028,716 shares of the technology company’s stock valued at $143,664,000 after purchasing an additional 160,877 shares during the period. Bank of New York Mellon Corp increased its holdings in Pure Storage by 56.1% in the second 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 purchasing an additional 1,327,873 shares during the period. Blair William & Co. IL increased its holdings in Pure Storage by 0.7% in the second quarter. Blair William & Co. IL now owns 2,357,962 shares of the technology company’s stock valued at $151,405,000 after purchasing an additional 15,747 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its holdings in Pure Storage by 12.6% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,234,382 shares of the technology company’s stock valued at $143,470,000 after purchasing an additional 249,761 shares during the period. 83.42% of the stock is currently owned by institutional investors.

Insider Activity at Pure Storage

In related news, CFO P. Kevan Krysler sold 14,296 shares of the firm’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $63.79, for a total value of $911,941.84. Following the transaction, the chief financial officer now 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 this hyperlink. In related news, CFO P. Kevan Krysler sold 14,296 shares of the firm’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $63.79, for a total value of $911,941.84. Following the transaction, the chief financial officer now 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 this hyperlink. Also, CAO Mona Chu sold 25,000 shares of the firm’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 completion of the transaction, the chief accounting officer now directly owns 96,639 shares in the company, valued at approximately $4,862,874.48. The disclosure for this sale can be found here. In the last quarter, insiders have sold 458,072 shares of company stock valued at $25,565,792. 6.00% of the stock is owned by corporate insiders.

Pure Storage Stock Performance

Shares of PSTG opened at $49.44 on Friday. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.99 and a quick ratio of 1.96. The stock has a 50-day moving average of $54.48 and a 200-day moving average of $56.81. The company has a market cap of $16.20 billion, a PE ratio of 176.57, a P/E/G ratio of 7.81 and a beta of 1.11. Pure Storage, Inc. has a one year low of $31.00 and a one year high of $70.41.

Pure Storage (NYSE:PSTG) last announced its quarterly 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 net margin of 4.53% and a return on equity of 17.41%. The business had revenue of $763.77 million for the quarter, compared to analysts’ expectations of $756.59 million. On average, equities research analysts predict that Pure Storage, Inc. will post 0.43 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on PSTG shares. Citigroup decreased their price objective on Pure Storage from $75.00 to $67.00 and set a “buy” rating for the company in a report on Thursday, August 29th. Stifel Nicolaus decreased their price objective on Pure Storage from $65.00 to $60.00 and set a “hold” rating for the company in a report on Thursday, August 29th. Piper Sandler decreased their price objective on Pure Storage from $60.00 to $56.00 and set a “neutral” rating for the company in a report on Thursday, August 29th. Needham & Company LLC decreased their price target on Pure Storage from $80.00 to $62.00 and set a “buy” rating for the company in a report on Thursday, August 29th. Finally, Northland Securities reiterated a “market perform” rating and set a $59.00 price target (down from $68.00) on shares of Pure Storage in a report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Pure Storage has a consensus rating of “Moderate Buy” and an average price target 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.