Northern Trust Corp lifted its holdings in shares of Pure Storage, Inc. (NYSE:PSTG) by 29.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,188,317 shares of the technology company’s stock after buying an additional 268,485 shares during the period. Northern Trust Corp owned about 1.26% of Pure Storage worth $15,222,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of the company. BlackRock Inc. grew its holdings in shares of Pure Storage by 18,167.3% in the 1st quarter. BlackRock Inc. now owns 13,649,176 shares of the technology company’s stock worth $134,172,000 after acquiring an additional 13,574,457 shares during the period. Goldman Sachs Group Inc. grew its holdings in shares of Pure Storage by 3,403.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,738,819 shares of the technology company’s stock worth $17,093,000 after acquiring an additional 1,689,194 shares during the period. Renaissance Technologies LLC grew its holdings in shares of Pure Storage by 480.2% in the 1st quarter. Renaissance Technologies LLC now owns 1,284,000 shares of the technology company’s stock worth $12,622,000 after acquiring an additional 1,062,700 shares during the period. Vanguard Group Inc. grew its holdings in shares of Pure Storage by 21.8% in the 1st quarter. Vanguard Group Inc. now owns 5,570,051 shares of the technology company’s stock worth $54,753,000 after acquiring an additional 997,067 shares during the period. Finally, Zweig DiMenna Associates LLC acquired a new stake in shares of Pure Storage in the 2nd quarter worth approximately $9,443,000. 35.45% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts recently weighed in on the company. BTIG Research upped their price target on Pure Storage from $14.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, October 19th. BidaskClub upgraded Pure Storage from a “sell” rating to a “hold” rating in a report on Tuesday, October 17th. JMP Securities upped their price target on Pure Storage from $16.00 to $22.00 and gave the stock an “outperform” rating in a report on Friday, October 13th. Susquehanna Bancshares Inc restated a “positive” rating and issued a $20.00 price target (up previously from $18.00) on shares of Pure Storage in a report on Thursday, October 5th. Finally, UBS AG restated a “buy” rating and issued a $18.00 price target (up previously from $15.00) on shares of Pure Storage in a report on Monday, September 25th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $16.36.
In other Pure Storage news, President David Hatfield sold 70,000 shares of Pure Storage stock in a transaction that occurred on Wednesday, October 18th. The shares were sold at an average price of $16.35, for a total transaction of $1,144,500.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Timothy Riitters sold 5,000 shares of Pure Storage stock in a transaction that occurred on Friday, September 8th. The stock was sold at an average price of $14.56, for a total transaction of $72,800.00. Following the transaction, the chief financial officer now owns 282,200 shares in the company, valued at $4,108,832. The disclosure for this sale can be found here. Insiders sold 242,028 shares of company stock worth $3,773,235 in the last ninety days. 41.47% of the stock is owned by corporate insiders.
Pure Storage, Inc. (NYSE PSTG) opened at 16.19 on Tuesday. The stock’s market cap is $3.42 billion. Pure Storage, Inc. has a 52 week low of $9.12 and a 52 week high of $16.64. The firm’s 50 day moving average price is $15.66 and its 200-day moving average price is $13.34.
Pure Storage (NYSE:PSTG) last posted its quarterly earnings results on Thursday, August 24th. The technology company reported ($0.11) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.31) by $0.20. The company had revenue of $224.50 million for the quarter, compared to analysts’ expectations of $217.97 million. Pure Storage had a negative return on equity of 46.12% and a negative net margin of 29.55%. The firm’s revenue was up 37.6% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.16) earnings per share. Analysts expect that Pure Storage, Inc. will post ($0.22) EPS for the current year.
About Pure Storage
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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