Pembroke Management LTD Purchases 174,782 Shares of Pure Storage, Inc. $PSTG

Pembroke Management LTD boosted its position in Pure Storage, Inc. (NYSE:PSTG) by 32.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 720,114 shares of the technology company’s stock after purchasing an additional 174,782 shares during the period. Pure Storage comprises 5.1% of Pembroke Management LTD’s investment portfolio, making the stock its 2nd biggest position. Pembroke Management LTD’s holdings in Pure Storage were worth $41,464,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. Mechanics Financial Corp purchased a new position in shares of Pure Storage in the second quarter valued at $25,000. True Wealth Design LLC boosted its position in shares of Pure Storage by 402.8% in the 2nd quarter. True Wealth Design LLC now owns 548 shares of the technology company’s stock worth $32,000 after buying an additional 439 shares in the last quarter. SouthState Corp grew its stake in Pure Storage by 474.8% in the 2nd quarter. SouthState Corp now owns 592 shares of the technology company’s stock valued at $34,000 after acquiring an additional 489 shares during the last quarter. REAP Financial Group LLC grew its stake in Pure Storage by 49.0% in the 2nd quarter. REAP Financial Group LLC now owns 611 shares of the technology company’s stock valued at $35,000 after acquiring an additional 201 shares during the last quarter. Finally, TruNorth Capital Management LLC purchased a new position in Pure Storage during the 1st quarter valued at about $38,000. 83.42% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have issued reports on PSTG shares. JPMorgan Chase & Co. upped their price target on shares of Pure Storage from $80.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, October 16th. Citigroup increased their target price on Pure Storage from $81.00 to $110.00 and gave the company a “buy” rating in a report on Tuesday, October 21st. Bank of America boosted their price target on Pure Storage from $76.00 to $80.00 and gave the stock a “neutral” rating in a report on Thursday, August 28th. Wells Fargo & Company increased their price objective on Pure Storage from $80.00 to $100.00 and gave the company an “overweight” rating in a research note on Friday, September 26th. Finally, Piper Sandler set a $92.00 price objective on Pure Storage and gave the stock an “overweight” rating in a research report on Thursday, September 25th. Fourteen analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Pure Storage presently has an average rating of “Moderate Buy” and a consensus target price of $88.56.

Pure Storage Stock Up 2.6%

Shares of Pure Storage stock opened at $92.43 on Tuesday. Pure Storage, Inc. has a fifty-two week low of $34.51 and a fifty-two week high of $100.59. The business’s fifty day moving average is $88.62 and its two-hundred day moving average is $67.33. The firm has a market cap of $30.38 billion, a PE ratio of 225.44, a P/E/G ratio of 8.99 and a beta of 1.24.

Pure Storage (NYSE:PSTG) last released its earnings results on Tuesday, September 9th. The technology company reported $0.44 EPS for the quarter. Pure Storage had a return on equity of 11.34% and a net margin of 4.15%.The firm had revenue of $763.77 million during the quarter. Equities research analysts anticipate that Pure Storage, Inc. will post 0.44 EPS for the current year.

Insider Buying and Selling at Pure Storage

In related news, insider John Colgrove sold 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 14th. The shares were sold at an average price of $92.49, for a total value of $9,249,000.00. Following the sale, the insider directly owned 200,000 shares of the company’s stock, valued at approximately $18,498,000. This trade represents a 33.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mona Chu sold 17,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $76.51, for a total transaction of $1,338,925.00. Following the completion of the sale, the chief accounting officer owned 138,899 shares of the company’s stock, valued at approximately $10,627,162.49. The trade was a 11.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 343,111 shares of company stock worth $27,634,439. 5.60% of the stock is currently owned by insiders.

About Pure Storage

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.