Rhumbline Advisers Reduces Stock Position in Pure Storage, Inc. $PSTG

Rhumbline Advisers trimmed its holdings in shares of Pure Storage, Inc. (NYSE:PSTG) by 1.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 899,122 shares of the technology company’s stock after selling 15,779 shares during the quarter. Rhumbline Advisers’ holdings in Pure Storage were worth $75,355,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Krilogy Financial LLC purchased a new position in Pure Storage in the third quarter worth about $1,132,000. Baader Bank Aktiengesellschaft raised its position in Pure Storage by 2.6% during the third quarter. Baader Bank Aktiengesellschaft now owns 36,077 shares of the technology company’s stock valued at $3,024,000 after purchasing an additional 911 shares during the period. Bryce Point Capital LLC bought a new stake in shares of Pure Storage in the 3rd quarter valued at approximately $593,000. Prospera Financial Services Inc lifted its stake in shares of Pure Storage by 3.4% in the 3rd quarter. Prospera Financial Services Inc now owns 11,197 shares of the technology company’s stock valued at $938,000 after purchasing an additional 370 shares during the last quarter. Finally, AlTi Global Inc. purchased a new position in shares of Pure Storage in the 3rd quarter worth approximately $2,517,000. Institutional investors own 83.42% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on PSTG shares. Morgan Stanley set a $83.00 price target on Pure Storage in a report on Wednesday, December 3rd. Northland Securities set a $77.00 price objective on shares of Pure Storage in a research report on Wednesday, December 3rd. Raymond James Financial increased their target price on shares of Pure Storage from $88.00 to $99.00 and gave the company an “outperform” rating in a research note on Friday, October 17th. Wedbush lifted their price target on shares of Pure Storage from $90.00 to $100.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 3rd. Finally, Citigroup cut their price target on shares of Pure Storage from $110.00 to $105.00 and set a “buy” rating on the stock in a report on Wednesday, December 3rd. Twelve equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $95.26.

Pure Storage Trading Down 6.9%

Shares of PSTG opened at $70.79 on Friday. The firm has a fifty day moving average price of $70.23 and a 200-day moving average price of $76.48. The firm has a market capitalization of $23.37 billion, a P/E ratio of 186.30, a P/E/G ratio of 5.92 and a beta of 1.27. Pure Storage, Inc. has a 12-month low of $34.51 and a 12-month high of $100.59.

Pure Storage (NYSE:PSTG) last posted its quarterly earnings results on Tuesday, December 2nd. The technology company reported $0.58 EPS for the quarter, hitting the consensus estimate of $0.58. The company had revenue of $964.45 million for the quarter, compared to the consensus estimate of $955.60 million. Pure Storage had a net margin of 3.74% and a return on equity of 10.60%. The firm’s revenue was up 16.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.50 EPS. Analysts predict that Pure Storage, Inc. will post 0.44 earnings per share for the current year.

Insider Activity at Pure Storage

In other news, insider John Colgrove sold 100,000 shares of Pure Storage stock in a transaction that occurred on Monday, December 8th. The shares were 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 this link. Also, insider Ajay Singh sold 7,178 shares of the stock in a transaction that occurred on Tuesday, December 23rd. The stock was sold at an average price of $67.14, for a total value of $481,930.92. Following the completion of the transaction, the insider directly owned 215,091 shares in the company, valued at approximately $14,441,209.74. This trade represents a 3.23% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 5.60% of the company’s stock.

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.