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.
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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.
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