Stephens Investment Management Group LLC Cuts Stock Holdings in Pure Storage, Inc. $PSTG

Stephens Investment Management Group LLC cut its position in shares of Pure Storage, Inc. (NYSE:PSTG) by 5.4% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,031,247 shares of the technology company’s stock after selling 58,443 shares during the period. Pure Storage accounts for 1.1% of Stephens Investment Management Group LLC’s holdings, making the stock its 26th biggest position. Stephens Investment Management Group LLC owned about 0.31% of Pure Storage worth $86,429,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC purchased a new stake in shares of Pure Storage during the 1st quarter worth about $541,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Pure Storage by 129.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,742 shares of the technology company’s stock worth $387,000 after purchasing an additional 4,926 shares during the period. Goldman Sachs Group Inc. boosted its position in Pure Storage by 109.7% during the first quarter. Goldman Sachs Group Inc. now owns 1,137,939 shares of the technology company’s stock worth $50,377,000 after purchasing an additional 595,307 shares in the last quarter. Empowered Funds LLC grew its holdings in Pure Storage by 4.2% in the first quarter. Empowered Funds LLC now owns 4,790 shares of the technology company’s stock valued at $212,000 after purchasing an additional 194 shares during the period. Finally, MassMutual Private Wealth & Trust FSB grew its holdings in Pure Storage by 468.0% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 3,692 shares of the technology company’s stock valued at $213,000 after purchasing an additional 3,042 shares during the period. Institutional investors and hedge funds own 83.42% of the company’s stock.

Insider Buying and Selling

In other news, insider Ajay Singh sold 7,178 shares of the business’s stock in a transaction that occurred on Tuesday, December 23rd. The stock was sold at an average price of $67.14, for a total transaction of $481,930.92. Following the transaction, the insider directly owned 215,091 shares in the company, valued at $14,441,209.74. The trade was a 3.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider John Colgrove sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, December 8th. The shares were sold at an average price of $71.31, for a total value of $7,131,000.00. The SEC filing for this sale provides additional information. Insiders sold a total of 207,178 shares of company stock worth $16,771,931 over the last three months. Corporate insiders own 5.60% of the company’s stock.

Pure Storage Stock Up 1.1%

Pure Storage stock opened at $73.13 on Friday. Pure Storage, Inc. has a 52-week low of $34.51 and a 52-week high of $100.59. The firm has a market capitalization of $24.15 billion, a price-to-earnings ratio of 192.45, a PEG ratio of 8.03 and a beta of 1.26. The company has a fifty day simple moving average of $74.94 and a 200-day simple moving average of $74.52.

Pure Storage (NYSE:PSTG) last posted its quarterly earnings results on Tuesday, September 9th. The technology company reported $0.44 earnings per share for the quarter. The firm had revenue of $763.77 million for the quarter. Pure Storage had a net margin of 3.74% and a return on equity of 10.60%. On average, research analysts anticipate that Pure Storage, Inc. will post 0.44 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently weighed in on PSTG shares. Citigroup reduced their target price on Pure Storage from $110.00 to $105.00 and set a “buy” rating for the company in a research note on Wednesday, December 3rd. TD Cowen upped their price objective on shares of Pure Storage from $85.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday, December 3rd. Tigress Financial set a $105.00 price objective on shares of Pure Storage in a report on Wednesday, December 3rd. Lake Street Capital boosted their target price on shares of Pure Storage from $80.00 to $92.00 and gave the stock a “buy” rating in a research note on Wednesday, December 3rd. Finally, Guggenheim upped their price target on shares of Pure Storage from $93.00 to $105.00 and gave the stock a “buy” rating in a research report on Friday, September 26th. Thirteen analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $95.26.

Pure Storage Company Profile

Pure Storage, Inc (NYSE: PSTG) is a technology company that designs and sells data storage hardware and software for enterprise and cloud environments. The company is best known for its all-flash storage arrays that are engineered to deliver high performance, low latency and simplified management compared with traditional disk-based systems. Its product portfolio includes purpose-built arrays and software aimed at transactional databases, virtualized infrastructures, analytics and large-scale file/object workloads.

Key product and software offerings include the FlashArray family for block storage and FlashBlade for file and object workloads, together with Purity, the company’s storage operating environment.