Wallace Advisory Group LLC Makes New Investment in Pure Storage, Inc. (NYSE:PSTG)

Wallace Advisory Group LLC purchased a new stake in shares of Pure Storage, Inc. (NYSE:PSTG) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 3,452 shares of the technology company’s stock, valued at approximately $222,000.

A number of other institutional investors have also modified their holdings of the company. Massmutual Trust Co. FSB ADV boosted its position in shares of Pure Storage by 61.2% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 424 shares of the technology company’s stock worth $27,000 after purchasing an additional 161 shares in the last quarter. Larson Financial Group LLC boosted its holdings in Pure Storage by 242.9% in the second quarter. Larson Financial Group LLC now owns 432 shares of the technology company’s stock worth $28,000 after acquiring an additional 306 shares in the last quarter. Banque Cantonale Vaudoise acquired a new stake in Pure Storage in the first quarter worth about $25,000. FSC Wealth Advisors LLC purchased a new stake in shares of Pure Storage during the second quarter worth about $33,000. Finally, Fidelis Capital Partners LLC acquired a new position in shares of Pure Storage during the first quarter valued at about $27,000. 83.42% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

PSTG has been the subject of a number of recent analyst reports. Wedbush reiterated an “outperform” rating and issued a $80.00 target price on shares of Pure Storage in a research note on Monday, August 26th. Piper Sandler dropped their price objective on shares of Pure Storage from $60.00 to $56.00 and set a “neutral” rating on the stock in a report on Thursday, August 29th. Raymond James reduced their target price on Pure Storage from $73.00 to $70.00 and set an “outperform” rating for the company in a research note on Thursday, August 29th. Stifel Nicolaus lowered their price target on 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, Needham & Company LLC cut their price objective on Pure Storage from $80.00 to $62.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $66.95.

Pure Storage Stock Performance

NYSE PSTG opened at $50.23 on Tuesday. The stock has a market capitalization of $16.33 billion, a price-to-earnings ratio of 179.38, a PEG ratio of 7.81 and a beta of 1.11. The stock has a 50-day moving average of $54.26 and a 200 day moving average of $56.88. The company has a current ratio of 1.99, a quick ratio of 1.96 and a debt-to-equity ratio of 0.07. Pure Storage, Inc. has a twelve month low of $31.00 and a twelve month high of $70.41.

Pure Storage (NYSE:PSTG) last announced its earnings results on Wednesday, August 28th. The technology company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.10. Pure Storage had a return on equity of 17.41% and a net margin of 4.53%. The firm had revenue of $763.77 million for the quarter, compared to analyst estimates of $756.59 million. Sell-side analysts anticipate that Pure Storage, Inc. will post 0.43 EPS for the current fiscal year.

Insider Buying and Selling at Pure Storage

In other news, insider John Colgrove sold 100,000 shares of the business’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $59.50, for a total transaction of $5,950,000.00. Following the completion of the sale, the insider now owns 900,000 shares of the company’s stock, valued at $53,550,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Pure Storage news, insider John Colgrove sold 100,000 shares of the firm’s stock in a transaction on Thursday, July 18th. The stock was 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 approximately $53,550,000. The sale 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 on Friday, July 5th. The stock was sold at an average price of $63.79, for a total transaction of $911,941.84. Following the sale, the chief financial officer now directly owns 518,623 shares of the company’s stock, valued at approximately $33,082,961.17. The disclosure for this sale can be found here. Insiders have sold a total of 458,072 shares of company stock valued at $25,565,792 over the last ninety days. Corporate insiders own 6.00% of the company’s stock.

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.