BlackRock Advisors LLC Raises Position in Pure Storage Inc. (PSTG)
BlackRock Advisors LLC boosted its stake in shares of Pure Storage Inc. (NYSE:PSTG) by 53.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,364,173 shares of the company’s stock after buying an additional 1,527,300 shares during the period. BlackRock Advisors LLC owned approximately 2.24% of Pure Storage worth $47,569,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. State Board of Administration of Florida Retirement System bought a new position in Pure Storage during the second quarter worth approximately $140,000. Menta Capital LLC acquired a new stake in shares of Pure Storage during the first quarter worth about $149,000. UBS Asset Management Americas Inc. acquired a new stake in shares of Pure Storage during the second quarter worth about $195,000. Emerald Acquisition Ltd. acquired a new stake in shares of Pure Storage during the second quarter worth about $199,000. Finally, Bridgewater Wealth & Financial Management LLC acquired a new stake in shares of Pure Storage during the second quarter worth about $217,000. 49.91% of the stock is owned by hedge funds and other institutional investors.
Shares of Pure Storage Inc. (NYSE:PSTG) opened at 13.72 on Monday. The company has a 50 day moving average price of $12.52 and a 200 day moving average price of $12.79. The company’s market capitalization is $2.70 billion. Pure Storage Inc. has a 1-year low of $9.62 and a 1-year high of $20.60.
Pure Storage (NYSE:PSTG) last announced its earnings results on Thursday, August 25th. The company reported ($0.16) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.23) by $0.07. The company earned $163.21 million during the quarter, compared to the consensus estimate of $155.14 million. Pure Storage had a negative net margin of 38.27% and a negative return on equity of 38.48%. Pure Storage’s revenue was up 92.8% compared to the same quarter last year. During the same period last year, the firm earned ($0.33) earnings per share. Equities analysts predict that Pure Storage Inc. will post ($0.63) EPS for the current fiscal year.
A number of equities research analysts recently issued reports on PSTG shares. Vetr downgraded Pure Storage from a “hold” rating to a “sell” rating and set a $13.00 price objective on the stock. in a research report on Monday, August 15th. Wells Fargo & Co. started coverage on Pure Storage in a research report on Tuesday, August 2nd. They issued a “market perform” rating on the stock. Oppenheimer Holdings Inc. upgraded Pure Storage from a “market perform” rating to an “outperform” rating and set a $15.00 price objective on the stock in a research report on Wednesday, August 31st. Needham & Company LLC reiterated a “buy” rating on shares of Pure Storage in a research report on Monday, August 29th. Finally, BTIG Research reiterated a “buy” rating and issued a $17.00 price objective on shares of Pure Storage in a research report on Monday, June 27th. Ten investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $17.42.
About Pure Storage
Pure Storage, Inc provides an enterprise data storage platform. The Company’s storage platform consists of approximately three integrated components, including the Purity Operating Environment, which is its flash-optimized software; FlashArray, which is its modular and scalable all-flash array hardware, and Pure1, which is its cloud-based management and support.
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