Arcadia Investment Management Corp MI Makes New Investment in Pure Storage, Inc. (NYSE:PSTG)

Arcadia Investment Management Corp MI acquired a new stake in shares of Pure Storage, Inc. (NYSE:PSTG) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 3,030 shares of the technology company’s stock, valued at approximately $108,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PSTG. Naples Money Management LLC acquired a new position in Pure Storage during the fourth quarter valued at approximately $25,000. Allspring Global Investments Holdings LLC acquired a new position in Pure Storage in the 4th quarter valued at $45,000. First Horizon Advisors Inc. raised its holdings in Pure Storage by 53.3% in the 3rd quarter. First Horizon Advisors Inc. now owns 1,380 shares of the technology company’s stock worth $49,000 after acquiring an additional 480 shares during the period. Harvest Fund Management Co. Ltd acquired a new position in Pure Storage during the 4th quarter worth $64,000. Finally, McGlone Suttner Wealth Management Inc. acquired a new position in Pure Storage during the 4th quarter worth $67,000. 83.42% of the stock is currently owned by institutional investors and hedge funds.

Pure Storage Price Performance

Shares of PSTG traded up $0.66 during trading hours on Thursday, hitting $54.11. The stock had a trading volume of 2,918,464 shares, compared to its average volume of 4,332,719. The stock has a market capitalization of $17.58 billion, a price-to-earnings ratio of 318.29, a P/E/G ratio of 6.78 and a beta of 1.15. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.83 and a quick ratio of 1.80. The company’s fifty day moving average is $52.64 and its two-hundred day moving average is $42.83. Pure Storage, Inc. has a 52 week low of $22.64 and a 52 week high of $58.46.

Pure Storage (NYSE:PSTG) last issued its quarterly earnings data on Wednesday, February 28th. The technology company reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.10. The firm had revenue of $789.81 million for the quarter, compared to analysts’ expectations of $784.31 million. Pure Storage had a net margin of 2.17% and a return on equity of 12.60%. The company’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.27 earnings per share. On average, analysts anticipate that Pure Storage, Inc. will post 0.44 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. UBS Group lifted their price objective on Pure Storage from $38.00 to $44.00 and gave the stock a “neutral” rating in a research note on Thursday, February 29th. JPMorgan Chase & Co. lifted their price target on Pure Storage from $45.00 to $50.00 and gave the stock an “overweight” rating in a research report on Thursday, February 29th. Wedbush reissued an “outperform” rating and issued a $50.00 price objective on shares of Pure Storage in a research report on Thursday, February 29th. Susquehanna boosted their target price on shares of Pure Storage from $45.00 to $65.00 and gave the stock a “positive” rating in a research report on Thursday, April 11th. Finally, TD Cowen increased their price target on shares of Pure Storage from $42.00 to $60.00 and gave the company an “outperform” rating in a report on Thursday, February 29th. Three research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $51.63.

Insider Buying and Selling

In related news, Director Scott Dietzen sold 147,000 shares of the company’s stock in a transaction dated Friday, April 12th. The shares were sold at an average price of $53.49, for a total transaction of $7,863,030.00. Following the transaction, the director now owns 100,000 shares in the company, valued at approximately $5,349,000. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Director Scott Dietzen sold 147,000 shares of the business’s stock in a transaction that occurred on Friday, April 12th. The shares were sold at an average price of $53.49, for a total value of $7,863,030.00. Following the completion of the transaction, the director now owns 100,000 shares in the company, valued at approximately $5,349,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Roxanne Taylor sold 36,860 shares of the company’s stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $53.76, for a total value of $1,981,593.60. Following the transaction, the director now directly owns 18,883 shares in the company, valued at approximately $1,015,150.08. The disclosure for this sale can be found here. Insiders have sold a total of 286,581 shares of company stock worth $15,266,704 in the last three months. Insiders own 6.50% of the company’s stock.

Pure Storage Company 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.