Stephens Investment Management Group LLC Lowers Stock Position in Pure Storage, Inc. (NYSE:PSTG)

Stephens Investment Management Group LLC reduced its stake in shares of Pure Storage, Inc. (NYSE:PSTG) by 2.9% in the third quarter, according to its most recent filing with the SEC. The fund owned 1,142,834 shares of the technology company’s stock after selling 34,147 shares during the period. Stephens Investment Management Group LLC owned approximately 0.35% of Pure Storage worth $57,416,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Massmutual Trust Co. FSB ADV grew its position in Pure Storage by 61.2% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 424 shares of the technology company’s stock worth $27,000 after acquiring an additional 161 shares during the last quarter. Larson Financial Group LLC raised its holdings in Pure Storage by 242.9% during the 2nd quarter. Larson Financial Group LLC now owns 432 shares of the technology company’s stock valued at $28,000 after buying an additional 306 shares during the last quarter. FSC Wealth Advisors LLC bought a new stake in Pure Storage in the 2nd quarter worth $33,000. Fidelis Capital Partners LLC purchased a new position in shares of Pure Storage in the first quarter valued at about $27,000. Finally, ORG Partners LLC bought a new position in shares of Pure Storage during the second quarter valued at about $35,000. Hedge funds and other institutional investors own 83.42% of the company’s stock.

Analysts Set New Price Targets

PSTG has been the subject of several research analyst reports. Raymond James dropped their price objective on Pure Storage from $73.00 to $70.00 and set an “outperform” rating for the company in a report on Thursday, August 29th. Needham & Company LLC decreased their price target on shares of Pure Storage from $80.00 to $62.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Northland Securities reiterated a “market perform” rating and set a $59.00 target price (down previously from $68.00) on shares of Pure Storage in a report on Thursday, August 29th. Piper Sandler dropped their price objective on shares of Pure Storage from $60.00 to $56.00 and set a “neutral” rating on the stock in a research note on Thursday, August 29th. Finally, Citigroup decreased their target price on shares of Pure Storage from $75.00 to $67.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $68.05.

Pure Storage Price Performance

Shares of Pure Storage stock opened at $50.08 on Friday. The company has a quick ratio of 1.96, a current ratio of 1.99 and a debt-to-equity ratio of 0.07. Pure Storage, Inc. has a 52 week low of $31.00 and a 52 week high of $70.41. The stock’s 50-day simple moving average is $51.83 and its 200-day simple moving average is $56.92. The company has a market capitalization of $16.41 billion, a price-to-earnings ratio of 125.20, a PEG ratio of 8.37 and a beta of 1.11.

Pure Storage (NYSE:PSTG) last posted its quarterly earnings results on Wednesday, August 28th. The technology company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.10. Pure Storage had a return on equity of 17.41% and a net margin of 4.53%. The business had revenue of $763.77 million during the quarter, compared to the consensus estimate of $756.59 million. As a group, analysts expect that Pure Storage, Inc. will post 0.43 earnings per share for the current fiscal year.

Insider Buying and Selling at Pure Storage

In other news, CRO Dan Fitzsimons sold 8,895 shares of Pure Storage stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $50.67, for a total value of $450,709.65. Following the sale, the executive now directly owns 94,446 shares of the company’s stock, valued at approximately $4,785,578.82. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CRO Dan Fitzsimons sold 8,895 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $50.67, for a total transaction of $450,709.65. Following the sale, the executive now directly owns 94,446 shares of the company’s stock, valued at $4,785,578.82. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John Colgrove sold 100,000 shares of the business’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $57.32, for a total transaction of $5,732,000.00. Following the completion of the sale, the insider now owns 300,000 shares in the company, valued at $17,196,000. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 554,542 shares of company stock worth $30,014,030. Insiders own 6.00% of the company’s stock.

Pure Storage Profile

Pure Storage, Inc engages in the provision of data storage and management technologies, products, and services in the United States and internationally. Its Purity software is shared across its products and provides enterprise-class data services, such as always-on data reduction, data protection, and encryption, as well as storage protocols, including block, file, and object.