Magnetar Financial LLC Takes Position in Pure Storage, Inc. $PSTG

Magnetar Financial LLC acquired a new position in Pure Storage, Inc. (NYSE:PSTG) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 30,886 shares of the technology company’s stock, valued at approximately $1,778,000.

Other institutional investors have also recently added to or reduced their stakes in the company. LPL Financial LLC grew its stake in shares of Pure Storage by 22.6% in the first quarter. LPL Financial LLC now owns 118,368 shares of the technology company’s stock valued at $5,240,000 after buying an additional 21,812 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Pure Storage by 13.4% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 275,796 shares of the technology company’s stock valued at $12,209,000 after acquiring an additional 32,611 shares during the period. Crumly & Associates Inc. acquired a new position in Pure Storage in the 2nd quarter valued at about $242,000. Michael S. Ryan Inc. acquired a new position in Pure Storage in the 2nd quarter valued at about $254,000. Finally, Brighton Jones LLC purchased a new stake in Pure Storage during the second quarter worth about $359,000. Institutional investors and hedge funds own 83.42% of the company’s stock.

Insider Buying and Selling at Pure Storage

In other Pure Storage news, CRO Dan Fitzsimons sold 6,051 shares of the company’s stock in a transaction dated Tuesday, September 23rd. The shares were sold at an average price of $87.42, for a total transaction of $528,978.42. Following the transaction, the executive directly owned 62,759 shares in the company, valued at approximately $5,486,391.78. This represents a 8.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Mona Chu sold 17,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $76.51, for a total value of $1,338,925.00. Following the completion of the sale, the chief accounting officer owned 138,899 shares in the company, valued at approximately $10,627,162.49. This represents a 11.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 443,111 shares of company stock worth $36,793,439. Company insiders own 5.60% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on PSTG. Evercore ISI raised their price objective on shares of Pure Storage from $90.00 to $105.00 and gave the company an “outperform” rating in a research note on Monday, October 20th. Cowen reissued a “buy” rating on shares of Pure Storage in a research report on Thursday, August 28th. Oppenheimer assumed coverage on Pure Storage in a research report on Monday, November 17th. They set an “outperform” rating and a $120.00 price objective on the stock. Piper Sandler set a $92.00 price objective on Pure Storage and gave the company an “overweight” rating in a research note on Thursday, September 25th. Finally, Lake Street Capital boosted their target price on Pure Storage from $70.00 to $80.00 and gave the stock a “buy” rating in a research note on Thursday, August 28th. Thirteen research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Pure Storage has a consensus rating of “Moderate Buy” and a consensus price target of $92.61.

Pure Storage Stock Performance

Pure Storage stock opened at $78.49 on Friday. The company has a market capitalization of $25.79 billion, a P/E ratio of 191.44, a PEG ratio of 8.99 and a beta of 1.24. Pure Storage, Inc. has a fifty-two week low of $34.51 and a fifty-two week high of $100.59. The stock has a 50-day simple moving average of $89.23 and a 200-day simple moving average of $69.49.

Pure Storage (NYSE:PSTG) last announced its earnings results on Tuesday, September 9th. The technology company reported $0.44 EPS for the quarter. The business had revenue of $763.77 million for the quarter. Pure Storage had a net margin of 4.15% and a return on equity of 11.34%. As a group, analysts forecast that Pure Storage, Inc. will post 0.44 earnings per share for the current year.

Pure Storage 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.