AdvisorShares Investments LLC purchased a new position in Pure Storage, Inc. (NYSE:PSTG – Get Rating) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,800 shares of the technology company’s stock, valued at approximately $311,000.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Strs Ohio raised its stake in Pure Storage by 2.1% in the first quarter. Strs Ohio now owns 1,781,593 shares of the technology company’s stock valued at $62,908,000 after purchasing an additional 36,593 shares in the last quarter. FNY Investment Advisers LLC purchased a new position in shares of Pure Storage during the first quarter worth approximately $84,000. Robeco Institutional Asset Management B.V. purchased a new position in shares of Pure Storage during the first quarter worth approximately $289,000. Alberta Investment Management Corp purchased a new position in shares of Pure Storage during the fourth quarter worth approximately $755,000. Finally, Radnor Capital Management LLC purchased a new position in shares of Pure Storage during the first quarter worth approximately $763,000. 80.13% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several research firms have commented on PSTG. KeyCorp decreased their price target on shares of Pure Storage from $43.00 to $34.00 in a research note on Thursday, June 2nd. Cowen cut their target price on shares of Pure Storage to $30.00 in a report on Friday, May 27th. StockNews.com upgraded shares of Pure Storage from a “hold” rating to a “buy” rating in a report on Wednesday. UBS Group cut their target price on shares of Pure Storage from $36.00 to $32.00 and set a “neutral” rating on the stock in a report on Tuesday. Finally, Evercore ISI cut their target price on shares of Pure Storage from $40.00 to $33.00 and set an “outperform” rating on the stock in a report on Tuesday, June 28th. Five research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Pure Storage presently has an average rating of “Moderate Buy” and a consensus target price of $35.71.
Pure Storage Stock Up 0.4 %
Pure Storage (NYSE:PSTG – Get Rating) last posted its quarterly earnings results on Wednesday, June 1st. The technology company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.23) by $0.24. The firm had revenue of $620.41 million during the quarter, compared to analyst estimates of $521.81 million. Pure Storage had a positive return on equity of 4.26% and a negative net margin of 2.96%. Pure Storage’s quarterly revenue was up 50.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.22) EPS. As a group, equities research analysts expect that Pure Storage, Inc. will post -0.14 EPS for the current fiscal year.
Pure Storage Profile
Pure Storage, Inc provides data storage technologies, products, and services in the United States and internationally. The company's Purity software is shared across its products and provides enterprise-class data services, such as data reduction, data protection, and encryption, as well as storage protocols, including block, file, and object.
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