US Bancorp DE Grows Stake in Pure Storage Inc (PSTG)

US Bancorp DE lifted its position in shares of Pure Storage Inc (NYSE:PSTG) by 23.4% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 27,536 shares of the technology company’s stock after acquiring an additional 5,228 shares during the period. US Bancorp DE’s holdings in Pure Storage were worth $715,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in PSTG. FMR LLC increased its position in Pure Storage by 66.8% during the 2nd quarter. FMR LLC now owns 15,114,725 shares of the technology company’s stock worth $360,940,000 after purchasing an additional 6,055,122 shares in the last quarter. Voya Investment Management LLC increased its position in Pure Storage by 4,195.3% during the 2nd quarter. Voya Investment Management LLC now owns 1,803,525 shares of the technology company’s stock worth $43,069,000 after purchasing an additional 1,761,537 shares in the last quarter. First Trust Advisors LP increased its position in Pure Storage by 414.7% during the 3rd quarter. First Trust Advisors LP now owns 2,179,168 shares of the technology company’s stock worth $56,549,000 after purchasing an additional 1,755,742 shares in the last quarter. Morgan Stanley increased its position in Pure Storage by 175.7% during the 2nd quarter. Morgan Stanley now owns 2,480,932 shares of the technology company’s stock worth $59,244,000 after purchasing an additional 1,581,205 shares in the last quarter. Finally, Bank of America Corp DE increased its position in Pure Storage by 165.3% during the 2nd quarter. Bank of America Corp DE now owns 2,322,372 shares of the technology company’s stock worth $55,458,000 after purchasing an additional 1,446,951 shares in the last quarter. 72.54% of the stock is owned by institutional investors and hedge funds.

PSTG opened at $17.35 on Friday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 3.91 and a current ratio of 4.03. Pure Storage Inc has a 12 month low of $15.81 and a 12 month high of $29.14.

Pure Storage (NYSE:PSTG) last posted its quarterly earnings results on Monday, November 19th. The technology company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.03. The company had revenue of $372.80 million during the quarter, compared to analysts’ expectations of $367.37 million. Pure Storage had a negative return on equity of 25.00% and a negative net margin of 12.89%. The firm’s revenue was up 34.3% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.01) EPS. Research analysts predict that Pure Storage Inc will post -0.58 EPS for the current year.

In other news, Director Scott Dietzen sold 3,377 shares of the business’s stock in a transaction dated Friday, October 5th. The stock was sold at an average price of $25.18, for a total transaction of $85,032.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Timothy Riitters sold 4,500 shares of the business’s stock in a transaction dated Wednesday, September 12th. The stock was sold at an average price of $28.22, for a total value of $126,990.00. The disclosure for this sale can be found here. Insiders sold a total of 214,417 shares of company stock valued at $5,780,580 in the last 90 days. 15.30% of the stock is owned by company insiders.

A number of research firms recently commented on PSTG. Piper Jaffray Companies reiterated an “overweight” rating and set a $25.00 price objective on shares of Pure Storage in a research report on Tuesday, November 20th. They noted that the move was a valuation call. Zacks Investment Research upgraded Pure Storage from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a research report on Thursday. Stifel Nicolaus lifted their price objective on Pure Storage from $23.00 to $24.00 and gave the stock a “hold” rating in a research report on Wednesday, August 22nd. Maxim Group reiterated a “hold” rating and set a $21.00 price objective on shares of Pure Storage in a research report on Tuesday, November 20th. Finally, Oppenheimer set a $26.00 price objective on Pure Storage and gave the stock a “buy” rating in a research report on Monday, November 19th. Seven equities research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $26.16.

TRADEMARK VIOLATION NOTICE: This news story was originally posted by WKRB News and is owned by of WKRB News. If you are viewing this news story on another website, it was illegally copied and republished in violation of US & international trademark & copyright laws. The correct version of this news story can be accessed at https://www.wkrb13.com/2018/11/25/us-bancorp-de-grows-stake-in-pure-storage-inc-pstg.html.

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.

Further Reading: How to calculate the annual rate of depreciation

Want to see what other hedge funds are holding PSTG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pure Storage Inc (NYSE:PSTG).

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

Receive News & Ratings for Pure Storage Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pure Storage and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply