IFG Advisory LLC purchased a new position in Pure Storage Inc (NYSE:PSTG) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 150,037 shares of the technology company’s stock, valued at approximately $1,710,000. IFG Advisory LLC owned approximately 0.07% of Pure Storage as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in Pure Storage by 26.7% during the 2nd quarter. Vanguard Group Inc. now owns 7,059,059 shares of the technology company’s stock valued at $90,427,000 after purchasing an additional 1,489,008 shares during the last quarter. Renaissance Technologies LLC grew its holdings in Pure Storage by 91.7% during the 2nd quarter. Renaissance Technologies LLC now owns 2,461,000 shares of the technology company’s stock valued at $31,525,000 after purchasing an additional 1,177,000 shares during the last quarter. BlackRock Inc. grew its holdings in Pure Storage by 6.3% during the 2nd quarter. BlackRock Inc. now owns 14,513,166 shares of the technology company’s stock valued at $185,913,000 after purchasing an additional 863,990 shares during the last quarter. Maple Rock Capital Partners Inc. bought a new position in Pure Storage during the 3rd quarter valued at about $12,792,000. Finally, FMR LLC grew its holdings in Pure Storage by 10.9% during the 2nd quarter. FMR LLC now owns 6,359,676 shares of the technology company’s stock valued at $81,467,000 after purchasing an additional 622,600 shares during the last quarter. Institutional investors and hedge funds own 39.56% of the company’s stock.
PSTG has been the topic of several analyst reports. Barclays upgraded shares of Pure Storage from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $19.00 to $22.00 in a report on Wednesday, January 17th. Oppenheimer reiterated a “buy” rating and set a $21.00 price target on shares of Pure Storage in a report on Wednesday, November 29th. Robert W. Baird restated a “hold” rating and issued a $20.00 target price on shares of Pure Storage in a research note on Wednesday, November 29th. Lake Street Capital set a $21.00 target price on shares of Pure Storage and gave the stock a “buy” rating in a research note on Wednesday, November 29th. They noted that the move was a valuation call. Finally, BMO Capital Markets upped their target price on shares of Pure Storage to $22.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 29th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. Pure Storage has a consensus rating of “Buy” and an average target price of $19.18.
In other Pure Storage news, President David Hatfield sold 10,000 shares of the firm’s stock in a transaction on Monday, January 29th. The shares were sold at an average price of $20.00, for a total value of $200,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Scott Dietzen sold 125,000 shares of the firm’s stock in a transaction on Friday, January 26th. The stock was sold at an average price of $19.55, for a total transaction of $2,443,750.00. The disclosure for this sale can be found here. Insiders have sold 877,362 shares of company stock valued at $15,556,864 in the last three months. 41.47% of the stock is currently owned by corporate insiders.
Shares of Pure Storage Inc (NYSE PSTG) traded up $0.41 on Tuesday, hitting $20.32. 1,016,157 shares of the stock traded hands, compared to its average volume of 2,295,576. Pure Storage Inc has a 52-week low of $9.12 and a 52-week high of $21.23. The stock has a market cap of $4,175.22, a PE ratio of -20.23 and a beta of 1.64.
Pure Storage (NYSE:PSTG) last posted its earnings results on Tuesday, November 28th. The technology company reported ($0.01) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.03) by $0.02. Pure Storage had a negative net margin of 22.86% and a negative return on equity of 44.96%. The company had revenue of $277.70 million during the quarter, compared to analysts’ expectations of $272.07 million. During the same quarter in the prior year, the company posted ($0.10) earnings per share. Pure Storage’s revenue for the quarter was up 41.0% compared to the same quarter last year. analysts anticipate that Pure Storage Inc will post -0.93 earnings per share for the current year.
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Pure Storage Company Profile
Pure Storage, Inc provides a data platform. The Company is focused on delivering software-defined all-flash solutions that are fast and cloud-capable for customers, enabling customers to put data to work for their businesses. Its data platform replaces storage systems designed for mechanical disk with all-flash systems optimized end-to-end for solid-state memory.
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