Trek Financial LLC Takes $3.40 Million Position in Pure Storage, Inc. $PSTG

Trek Financial LLC purchased a new position in shares of Pure Storage, Inc. (NYSE:PSTG) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 40,505 shares of the technology company’s stock, valued at approximately $3,395,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Mechanics Financial Corp bought a new stake in shares of Pure Storage during the 2nd quarter valued at $25,000. CoreCap Advisors LLC grew its stake in shares of Pure Storage by 123.7% during the third quarter. CoreCap Advisors LLC now owns 510 shares of the technology company’s stock worth $43,000 after purchasing an additional 282 shares during the period. Quent Capital LLC bought a new stake in Pure Storage in the third quarter valued at about $43,000. True Wealth Design LLC lifted its stake in Pure Storage by 402.8% in the second quarter. True Wealth Design LLC now owns 548 shares of the technology company’s stock valued at $32,000 after buying an additional 439 shares during the period. Finally, SouthState Corp boosted its holdings in Pure Storage by 474.8% during the second quarter. SouthState Corp now owns 592 shares of the technology company’s stock worth $34,000 after buying an additional 489 shares during the last quarter. 83.42% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

PSTG has been the subject of a number of recent analyst reports. Raymond James Financial upped their price target on Pure Storage from $88.00 to $99.00 and gave the company an “outperform” rating in a research note on Friday, October 17th. Susquehanna set a $105.00 target price on shares of Pure Storage in a research note on Wednesday, December 3rd. Wedbush increased their target price on shares of Pure Storage from $90.00 to $100.00 and gave the stock an “outperform” rating in a report on Wednesday, December 3rd. Wall Street Zen lowered shares of Pure Storage from a “buy” rating to a “hold” rating in a report on Friday. Finally, Northland Securities set a $77.00 price objective on shares of Pure Storage in a research report on Wednesday, December 3rd. Twelve equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Pure Storage currently has an average rating of “Moderate Buy” and an average price target of $95.26.

Pure Storage Stock Down 2.3%

Shares of PSTG stock opened at $69.79 on Friday. Pure Storage, Inc. has a 12-month low of $34.51 and a 12-month high of $100.59. The firm has a fifty day moving average of $73.33 and a 200-day moving average of $75.17. The company has a market capitalization of $23.04 billion, a price-to-earnings ratio of 183.65, a P/E/G ratio of 7.74 and a beta of 1.26.

Pure Storage (NYSE:PSTG) last announced its earnings results on Tuesday, September 9th. The technology company reported $0.44 earnings per share for the quarter. The firm had revenue of $763.77 million during the quarter. Pure Storage had a net margin of 3.74% and a return on equity of 10.60%. On average, equities analysts expect that Pure Storage, Inc. will post 0.44 EPS for the current year.

Insider Activity

In other Pure Storage news, insider John Colgrove sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, December 8th. The stock was sold at an average price of $71.31, for a total transaction of $7,131,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Ajay Singh sold 7,178 shares of Pure Storage stock in a transaction that occurred on Tuesday, December 23rd. The shares were sold at an average price of $67.14, for a total transaction of $481,930.92. Following the completion of the sale, the insider owned 215,091 shares in the company, valued at $14,441,209.74. This trade represents a 3.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 207,178 shares of company stock valued at $16,771,931 over the last ninety days. 5.60% of the stock is owned by insiders.

About Pure Storage

Pure Storage, Inc (NYSE: PSTG) is a technology company that designs and sells data storage hardware and software for enterprise and cloud environments. The company is best known for its all-flash storage arrays that are engineered to deliver high performance, low latency and simplified management compared with traditional disk-based systems. Its product portfolio includes purpose-built arrays and software aimed at transactional databases, virtualized infrastructures, analytics and large-scale file/object workloads.

Key product and software offerings include the FlashArray family for block storage and FlashBlade for file and object workloads, together with Purity, the company’s storage operating environment.