Summit X LLC Purchases 3,496 Shares of Pure Storage, Inc. $PSTG

Summit X LLC boosted its holdings in Pure Storage, Inc. (NYSE:PSTG) by 14.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 27,003 shares of the technology company’s stock after buying an additional 3,496 shares during the period. Summit X LLC’s holdings in Pure Storage were worth $1,555,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the stock. T. Rowe Price Investment Management Inc. grew its position in Pure Storage by 25.9% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 9,075,944 shares of the technology company’s stock worth $401,793,000 after purchasing an additional 1,868,782 shares during the last quarter. William Blair Investment Management LLC raised its position in shares of Pure Storage by 112.9% during the second quarter. William Blair Investment Management LLC now owns 4,926,836 shares of the technology company’s stock valued at $283,687,000 after buying an additional 2,612,300 shares during the last quarter. Blair William & Co. IL lifted its stake in shares of Pure Storage by 2.8% in the first quarter. Blair William & Co. IL now owns 3,541,445 shares of the technology company’s stock valued at $156,780,000 after buying an additional 96,731 shares during the period. Northern Trust Corp grew its position in Pure Storage by 0.8% during the first quarter. Northern Trust Corp now owns 2,911,591 shares of the technology company’s stock worth $128,896,000 after buying an additional 23,531 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Pure Storage by 1.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,537,264 shares of the technology company’s stock valued at $112,325,000 after acquiring an additional 47,584 shares during the period. 83.42% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PSTG. Cowen reiterated a “buy” rating on shares of Pure Storage in a research report on Thursday, August 28th. Wells Fargo & Company raised their target price on Pure Storage from $80.00 to $100.00 and gave the stock an “overweight” rating in a research report on Friday, September 26th. Weiss Ratings reissued a “hold (c)” rating on shares of Pure Storage in a report on Wednesday, October 8th. Lake Street Capital increased their price objective on shares of Pure Storage from $70.00 to $80.00 and gave the company a “buy” rating in a research note on Thursday, August 28th. Finally, Barclays raised their price objective on shares of Pure Storage from $57.00 to $70.00 and gave the stock an “equal weight” rating in a report on Friday, August 29th. Fourteen investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $88.56.

Pure Storage Stock Performance

PSTG opened at $89.83 on Friday. The firm has a market cap of $29.52 billion, a price-to-earnings ratio of 219.09, a PEG ratio of 8.99 and a beta of 1.24. The firm’s 50-day simple moving average is $88.32 and its 200-day simple moving average is $66.83. Pure Storage, Inc. has a twelve month low of $34.51 and a twelve month high of $100.59.

Pure Storage (NYSE:PSTG) last issued its quarterly earnings data 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 4.15% and a return on equity of 11.34%. As a group, sell-side analysts anticipate that Pure Storage, Inc. will post 0.44 EPS for the current fiscal year.

Insider Buying and Selling at Pure Storage

In related news, CRO Dan Fitzsimons sold 6,051 shares of the firm’s stock in a transaction on Tuesday, September 23rd. The stock was sold at an average price of $87.42, for a total transaction of $528,978.42. Following the completion of the sale, the executive directly owned 62,759 shares of the company’s stock, valued at $5,486,391.78. This trade represents a 8.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider John Colgrove sold 100,000 shares of Pure Storage stock in a transaction 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 completion of the transaction, the insider owned 200,000 shares of the company’s stock, valued at approximately $18,498,000. The trade was a 33.33% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 343,111 shares of company stock worth $27,634,439 over the last 90 days. Company insiders own 5.60% of the company’s stock.

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.