Turiya Advisors Asia Ltd Invests $44.47 Million in Pure Storage, Inc. $PSTG

Turiya Advisors Asia Ltd bought a new stake in shares of Pure Storage, Inc. (NYSE:PSTG) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 772,317 shares of the technology company’s stock, valued at approximately $44,470,000. Pure Storage comprises approximately 18.4% of Turiya Advisors Asia Ltd’s investment portfolio, making the stock its 3rd biggest holding. Turiya Advisors Asia Ltd owned 0.24% of Pure Storage at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of PSTG. LPL Financial LLC grew its position in Pure Storage by 22.6% during the first quarter. LPL Financial LLC now owns 118,368 shares of the technology company’s stock worth $5,240,000 after buying an additional 21,812 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Pure Storage by 13.4% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 275,796 shares of the technology company’s stock worth $12,209,000 after acquiring an additional 32,611 shares during the period. Crumly & Associates Inc. bought a new stake in shares of Pure Storage during the second quarter valued at approximately $242,000. Michael S. Ryan Inc. acquired a new position in shares of Pure Storage in the second quarter valued at $254,000. Finally, Brighton Jones LLC bought a new position in Pure Storage in the second quarter worth $359,000. 83.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Pure Storage news, insider Ajay Singh sold 7,014 shares of Pure Storage stock in a transaction on Wednesday, September 24th. The stock was sold at an average price of $85.85, for a total value of $602,151.90. Following the completion of the transaction, the insider owned 229,307 shares in the company, valued at approximately $19,686,005.95. The trade was a 2.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider John Colgrove sold 100,000 shares of the stock in a transaction on Monday, November 10th. The stock was sold at an average price of $91.59, for a total value of $9,159,000.00. Following the sale, the insider owned 100,000 shares in the company, valued at $9,159,000. The trade was a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 443,111 shares of company stock worth $36,793,439. 5.60% of the stock is currently owned by insiders.

Analyst Ratings Changes

PSTG has been the topic of several analyst reports. Wedbush boosted their price target on shares of Pure Storage from $70.00 to $80.00 and gave the company an “outperform” rating in a report on Thursday, August 28th. Lake Street Capital upped their target price 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. Evercore ISI upped their target price 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. Morgan Stanley raised their price target on shares of Pure Storage from $72.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Monday. Finally, Cowen reaffirmed a “buy” rating on shares of Pure Storage in a report on Thursday, August 28th. Thirteen equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Pure Storage currently has a consensus rating of “Moderate Buy” and a consensus price target of $92.61.

Pure Storage Stock Down 5.8%

NYSE:PSTG opened at $77.22 on Friday. The firm has a market cap of $25.38 billion, a PE ratio of 188.34, a price-to-earnings-growth ratio of 8.99 and a beta of 1.24. Pure Storage, Inc. has a 12 month low of $34.51 and a 12 month high of $100.59. The company’s 50-day moving average price is $89.31 and its two-hundred day moving average price is $69.13.

Pure Storage (NYSE:PSTG) last posted its quarterly earnings data on Tuesday, September 9th. The technology company reported $0.44 earnings per share for the quarter. Pure Storage had a net margin of 4.15% and a return on equity of 11.34%. The company had revenue of $763.77 million during the quarter. On average, research analysts expect that Pure Storage, Inc. will post 0.44 EPS for the current fiscal year.

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.