Cibc World Markets Corp increased its stake in Pure Storage, Inc. (NYSE:PSTG – Get Rating) by 5.7% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 69,900 shares of the technology company’s stock after acquiring an additional 3,800 shares during the quarter. Cibc World Markets Corp’s holdings in Pure Storage were worth $2,275,000 at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. Catalyst Capital Advisors LLC purchased a new position in Pure Storage during the 4th quarter worth approximately $27,000. Northwest Investment Counselors LLC acquired a new stake in shares of Pure Storage during the fourth quarter worth approximately $33,000. UMB Bank N A MO acquired a new position in Pure Storage in the 4th quarter valued at approximately $33,000. CWM LLC purchased a new stake in Pure Storage in the 4th quarter worth approximately $45,000. Finally, CarsonAllaria Wealth Management Ltd. acquired a new stake in shares of Pure Storage during the 4th quarter valued at $86,000. 80.13% of the stock is currently owned by institutional investors.
A number of research firms recently issued reports on PSTG. Raymond James lifted their price objective on Pure Storage from $38.00 to $39.00 and gave the company a “strong-buy” rating in a research report on Thursday, March 3rd. UBS Group started coverage on Pure Storage in a research note on Tuesday, April 5th. They issued a “neutral” rating and a $36.00 price target for the company. Wells Fargo & Company raised their price objective on shares of Pure Storage from $37.00 to $40.00 and gave the company an “overweight” rating in a research report on Thursday, March 3rd. Northland Securities boosted their target price on shares of Pure Storage from $40.00 to $42.00 and gave the stock an “outperform” rating in a research report on Thursday, March 3rd. Finally, JPMorgan Chase & Co. upped their price objective on shares of Pure Storage from $36.00 to $40.00 and gave the stock an “overweight” rating in a report on Thursday, March 3rd. Six analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Pure Storage presently has an average rating of “Buy” and an average price target of $36.40.
Pure Storage (NYSE:PSTG – Get Rating) last released its quarterly earnings data on Wednesday, March 2nd. The technology company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.15. The company had revenue of $708.57 million for the quarter, compared to the consensus estimate of $630.93 million. Pure Storage had a negative return on equity of 4.90% and a negative net margin of 6.57%. The company’s quarterly revenue was up 40.9% on a year-over-year basis. During the same period in the previous year, the business earned ($0.09) earnings per share. On average, research analysts anticipate that Pure Storage, Inc. will post -0.26 earnings per share for the current fiscal year.
In other news, Director Andrew William Fraser Brown sold 11,564 shares of the business’s stock in a transaction on Monday, March 21st. The stock was sold at an average price of $35.20, for a total transaction of $407,052.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Ajay Singh sold 36,338 shares of Pure Storage stock in a transaction dated Wednesday, March 23rd. The stock was sold at an average price of $34.39, for a total value of $1,249,663.82. The disclosure for this sale can be found here. Company insiders own 6.80% of the company’s stock.
Pure Storage Profile (Get Rating)
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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