MBB Public Markets I LLC Invests $1.41 Million in Pure Storage, Inc. (NYSE:PSTG)

MBB Public Markets I LLC purchased a new stake in shares of Pure Storage, Inc. (NYSE:PSTG) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 21,876 shares of the technology company’s stock, valued at approximately $1,405,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. State of Alaska Department of Revenue purchased a new stake in Pure Storage during the 1st quarter valued at $1,675,000. Texas Permanent School Fund Corp purchased a new position in Pure Storage during the first quarter valued at approximately $13,514,000. Cetera Investment Advisers raised its stake in Pure Storage by 284.9% in the first quarter. Cetera Investment Advisers now owns 55,801 shares of the technology company’s stock worth $2,901,000 after buying an additional 41,305 shares in the last quarter. Quantbot Technologies LP purchased a new stake in Pure Storage during the first quarter worth $709,000. Finally, KBC Group NV bought a new stake in Pure Storage during the fourth quarter valued at about $192,000. 83.42% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on PSTG. 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. Northland Securities reiterated a “market perform” rating and set a $59.00 price objective (down previously from $68.00) on shares of Pure Storage in a research note on Thursday, August 29th. Susquehanna reissued a “positive” rating and set a $80.00 price target on shares of Pure Storage in a report on Monday, August 26th. Wedbush reiterated an “outperform” rating and set a $80.00 target price on shares of Pure Storage in a research report on Monday, August 26th. Finally, Evercore ISI decreased their price target on shares of Pure Storage from $75.00 to $70.00 and set an “outperform” rating on the stock in a research note on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Pure Storage presently has an average rating of “Moderate Buy” and a consensus price target of $66.95.

Pure Storage Stock Performance

Shares of Pure Storage stock opened at $49.44 on Monday. 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 one year low of $31.00 and a one year high of $70.41. The firm has a market cap of $16.20 billion, a price-to-earnings ratio of 176.57, a price-to-earnings-growth ratio of 7.81 and a beta of 1.11. The stock’s 50-day moving average is $54.48 and its 200-day moving average is $56.89.

Pure Storage (NYSE:PSTG) last issued its earnings results on Wednesday, August 28th. The technology company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.10 by $0.10. Pure Storage had a return on equity of 17.41% and a net margin of 4.53%. The company had revenue of $763.77 million during the quarter, compared to the consensus estimate of $756.59 million. Equities analysts predict that Pure Storage, Inc. will post 0.43 earnings per share for the current fiscal year.

Insider Activity

In related news, insider John Colgrove sold 100,000 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $49.94, for a total transaction of $4,994,000.00. Following the completion of the transaction, the insider now directly owns 500,000 shares in the company, valued at approximately $24,970,000. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, insider John Colgrove sold 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $49.94, for a total transaction of $4,994,000.00. Following the completion of the sale, the insider now owns 500,000 shares of the company’s stock, valued at $24,970,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO P. Kevan Krysler sold 14,296 shares of the company’s stock in a transaction that occurred 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 in the company, valued at $33,082,961.17. The disclosure for this sale can be found here. In the last ninety days, insiders sold 458,072 shares of company stock worth $25,565,792. 6.00% of the stock is currently owned by corporate insiders.

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.