Spark Investment Management LLC Has $23.90 Million Position in Pure Storage Inc (PSTG)

Spark Investment Management LLC raised its stake in shares of Pure Storage Inc (NYSE:PSTG) by 26.3% in the 1st quarter, Holdings Channel reports. The firm owned 1,096,846 shares of the technology company’s stock after purchasing an additional 228,246 shares during the quarter. Pure Storage accounts for 1.1% of Spark Investment Management LLC’s investment portfolio, making the stock its 12th largest holding. Spark Investment Management LLC’s holdings in Pure Storage were worth $23,900,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the stock. Bangor Savings Bank grew its holdings in Pure Storage by 1.9% during the 4th quarter. Bangor Savings Bank now owns 31,774 shares of the technology company’s stock worth $511,000 after acquiring an additional 591 shares during the period. Sonora Investment Management LLC grew its holdings in Pure Storage by 80.2% during the 4th quarter. Sonora Investment Management LLC now owns 1,910 shares of the technology company’s stock worth $31,000 after acquiring an additional 850 shares during the period. WealthTrust Fairport LLC grew its holdings in Pure Storage by 19.6% during the 4th quarter. WealthTrust Fairport LLC now owns 7,278 shares of the technology company’s stock worth $117,000 after acquiring an additional 1,192 shares during the period. Strs Ohio grew its holdings in Pure Storage by 16.6% during the 4th quarter. Strs Ohio now owns 10,288 shares of the technology company’s stock worth $165,000 after acquiring an additional 1,468 shares during the period. Finally, Element Pointe Advisors LLC grew its holdings in Pure Storage by 10.4% during the 1st quarter. Element Pointe Advisors LLC now owns 15,965 shares of the technology company’s stock worth $348,000 after acquiring an additional 1,500 shares during the period. 73.63% of the stock is owned by institutional investors and hedge funds.

Several analysts have recently commented on the company. Credit Suisse Group assumed coverage on Pure Storage in a research note on Thursday, April 11th. They issued a “neutral” rating and a $23.00 target price for the company. Lake Street Capital reduced their target price on Pure Storage to $26.00 and set a “buy” rating for the company in a research note on Friday, March 1st. Zacks Investment Research downgraded Pure Storage from a “buy” rating to a “hold” rating in a research note on Wednesday, March 6th. ValuEngine downgraded Pure Storage from a “buy” rating to a “hold” rating in a research note on Wednesday, May 8th. Finally, Oppenheimer set a $26.00 target price on Pure Storage and gave the company a “buy” rating in a research note on Tuesday, March 19th. Eight equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $26.10.

PSTG stock traded down $0.32 during mid-day trading on Friday, reaching $20.47. 31,433 shares of the company traded hands, compared to its average volume of 2,168,182. The company has a market capitalization of $5.07 billion, a P/E ratio of -29.44 and a beta of 1.71. The company has a debt-to-equity ratio of 0.61, a quick ratio of 3.25 and a current ratio of 3.34. Pure Storage Inc has a fifty-two week low of $13.99 and a fifty-two week high of $29.14.

Pure Storage (NYSE:PSTG) last released its quarterly earnings results on Thursday, February 28th. The technology company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.02). The company had revenue of $422.22 million for the quarter, compared to analyst estimates of $443.27 million. Pure Storage had a negative net margin of 13.12% and a negative return on equity of 22.64%. As a group, sell-side analysts forecast that Pure Storage Inc will post -0.53 earnings per share for the current fiscal year.

In other Pure Storage news, Director Scott Dietzen sold 33,000 shares of Pure Storage stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $22.43, for a total transaction of $740,190.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Timothy Riitters sold 5,210 shares of Pure Storage stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $21.33, for a total value of $111,129.30. The disclosure for this sale can be found here. Insiders have sold a total of 564,260 shares of company stock valued at $11,880,961 in the last quarter. Company insiders own 10.00% of the company’s stock.

ILLEGAL ACTIVITY WARNING: “Spark Investment Management LLC Has $23.90 Million Position in Pure Storage Inc (PSTG)” was published by Modern Readers and is owned by of Modern Readers. If you are accessing this news story on another website, it was copied illegally and republished in violation of U.S. & international copyright legislation. The original version of this news story can be accessed at https://www.modernreaders.com/news/2019/05/17/spark-investment-management-llc-has-23-90-million-position-in-pure-storage-inc-pstg.html.

About Pure Storage

Pure Storage, Inc engages in building a data platform that enables businesses to enhance performance and reduce complexity and costs worldwide. The company delivers its data platform through Purity Operating Environment, an optimized software for solid-state memory that offers enterprise-class storage and protocol services; FlashArray and FlashBlade optimized hardware products for solid-state memory to enhance the performance and density of flash, optimize its advanced software services, and reduce solution cost for customers; Pure1, a cloud-based management and support software; and FlashStack and Artificial Intelligence Ready Infrastructure converged infrastructure solutions.

Read More: What is a trade deficit?

Want to see what other hedge funds are holding PSTG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pure Storage Inc (NYSE:PSTG).

Institutional Ownership by Quarter for Pure Storage (NYSE:PSTG)

Receive News & Ratings for Pure Storage Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pure Storage and related companies with MarketBeat.com's FREE daily email newsletter.