Financial Enhancement Group LLC acquired a new position in shares of Pure Storage Inc (NYSE:PSTG) in the second quarter, HoldingsChannel reports. The fund acquired 11,998 shares of the technology company’s stock, valued at approximately $287,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. D.A. Davidson & CO. boosted its position in Pure Storage by 12.2% during the 2nd quarter. D.A. Davidson & CO. now owns 23,545 shares of the technology company’s stock worth $562,000 after purchasing an additional 2,552 shares during the period. First Mercantile Trust Co. boosted its position in Pure Storage by 37.2% during the 2nd quarter. First Mercantile Trust Co. now owns 13,508 shares of the technology company’s stock worth $323,000 after purchasing an additional 3,662 shares during the period. Swiss National Bank boosted its position in Pure Storage by 2.8% during the 1st quarter. Swiss National Bank now owns 142,800 shares of the technology company’s stock worth $2,849,000 after purchasing an additional 3,900 shares during the period. LPL Financial LLC boosted its position in Pure Storage by 13.4% during the 1st quarter. LPL Financial LLC now owns 42,991 shares of the technology company’s stock worth $858,000 after purchasing an additional 5,089 shares during the period. Finally, Fortis Advisors LLC purchased a new stake in Pure Storage during the 1st quarter worth $118,000. Institutional investors and hedge funds own 58.81% of the company’s stock.

Shares of PSTG stock opened at $21.79 on Tuesday. The company has a current ratio of 4.34, a quick ratio of 4.22 and a debt-to-equity ratio of 0.68. Pure Storage Inc has a one year low of $12.47 and a one year high of $25.62. The stock has a market cap of $5.20 billion, a PE ratio of -25.94 and a beta of 1.12.

Pure Storage (NYSE:PSTG) last issued its quarterly earnings results on Monday, May 21st. The technology company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.12) by $0.05. Pure Storage had a negative net margin of 16.38% and a negative return on equity of 35.13%. The business had revenue of $255.90 million for the quarter, compared to analysts’ expectations of $251.06 million. During the same quarter last year, the company posted ($0.14) earnings per share. The company’s quarterly revenue was up 40.1% compared to the same quarter last year. analysts anticipate that Pure Storage Inc will post -0.75 EPS for the current year.

In other news, CFO Timothy Riitters sold 25,000 shares of the stock in a transaction dated Wednesday, May 30th. The shares were sold at an average price of $21.21, for a total transaction of $530,250.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Michael L. Speiser sold 150,000 shares of the stock in a transaction dated Wednesday, May 23rd. The stock was sold at an average price of $22.47, for a total transaction of $3,370,500.00. The disclosure for this sale can be found here. Insiders have sold 7,175,438 shares of company stock worth $168,215,680 in the last ninety days. Corporate insiders own 15.30% of the company’s stock.

A number of analysts recently weighed in on the stock. KeyCorp upped their price target on shares of Pure Storage from $27.00 to $29.00 and gave the stock an “overweight” rating in a research report on Thursday, June 28th. ValuEngine cut shares of Pure Storage from a “buy” rating to a “hold” rating in a research report on Tuesday, May 29th. JMP Securities upped their price objective on shares of Pure Storage from $23.00 to $26.00 and gave the company an “outperform” rating in a research report on Tuesday, May 22nd. Morgan Stanley upped their price objective on shares of Pure Storage from $19.00 to $21.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 22nd. Finally, Deutsche Bank upped their price objective on shares of Pure Storage from $24.00 to $25.00 and gave the company a “buy” rating in a research report on Tuesday, May 22nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and nineteen have given a buy rating to the company’s stock. Pure Storage presently has a consensus rating of “Buy” and an average price target of $23.91.

Pure Storage Profile

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, a converged infrastructure solution.

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

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