Tobam Acquires 11,901 Shares of Pure Storage, Inc. $PSTG

Tobam raised its stake in shares of Pure Storage, Inc. (NYSE:PSTG) by 1,925.7% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 12,519 shares of the technology company’s stock after purchasing an additional 11,901 shares during the period. Tobam’s holdings in Pure Storage were worth $1,049,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Winnow Wealth LLC bought a new stake in shares of Pure Storage in the 3rd quarter valued at about $26,000. Assetmark Inc. lifted its stake in shares of Pure Storage by 186.6% in the third quarter. Assetmark Inc. now owns 341 shares of the technology company’s stock worth $29,000 after acquiring an additional 222 shares during the period. Smartleaf Asset Management LLC boosted its holdings in Pure Storage by 40.1% in the third quarter. Smartleaf Asset Management LLC now owns 468 shares of the technology company’s stock valued at $39,000 after acquiring an additional 134 shares during the last quarter. CoreCap Advisors LLC increased its position in Pure Storage by 123.7% during the 3rd quarter. CoreCap Advisors LLC now owns 510 shares of the technology company’s stock valued at $43,000 after purchasing an additional 282 shares during the period. Finally, Quent Capital LLC acquired a new stake in Pure Storage during the 3rd quarter valued at approximately $43,000. 83.42% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Pure Storage

In other news, insider John Colgrove sold 100,000 shares of Pure Storage stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $71.31, for a total transaction of $7,131,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Ajay Singh sold 7,178 shares of the business’s stock in a transaction dated Tuesday, December 23rd. The stock was sold at an average price of $67.14, for a total transaction of $481,930.92. Following the sale, the insider directly owned 215,091 shares of the company’s stock, valued at approximately $14,441,209.74. The trade was a 3.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 5.60% of the company’s stock.

Pure Storage Price Performance

Shares of PSTG opened at $73.93 on Monday. Pure Storage, Inc. has a one year low of $34.51 and a one year high of $100.59. The company has a market cap of $24.41 billion, a PE ratio of 194.56, a P/E/G ratio of 5.76 and a beta of 1.27. The stock has a 50-day moving average of $70.30 and a 200-day moving average of $76.82.

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

Analyst Ratings Changes

A number of research analysts have recently issued reports on PSTG shares. Morgan Stanley set a $83.00 price target on shares of Pure Storage in a research report on Wednesday, December 3rd. Lake Street Capital boosted their target price on shares of Pure Storage from $80.00 to $92.00 and gave the company a “buy” rating in a report on Wednesday, December 3rd. Wall Street Zen downgraded Pure Storage from a “buy” rating to a “hold” rating in a report on Friday, January 23rd. Citigroup dropped their price objective on Pure Storage from $110.00 to $105.00 and set a “buy” rating on the stock in a research note on Wednesday, December 3rd. Finally, JPMorgan Chase & Co. decreased their target price on Pure Storage from $110.00 to $105.00 and set an “overweight” rating for the company in a research note on Wednesday, December 3rd. Twelve research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $95.26.

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.