Frontier Capital Management Co. LLC Decreases Holdings in Pure Storage Inc (PSTG)

Frontier Capital Management Co. LLC cut its holdings in shares of Pure Storage Inc (NYSE:PSTG) by 31.4% during the 1st quarter, HoldingsChannel reports. The fund owned 592,644 shares of the technology company’s stock after selling 271,431 shares during the quarter. Frontier Capital Management Co. LLC’s holdings in Pure Storage were worth $12,914,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of PSTG. Oppenheimer Asset Management Inc. bought a new stake in Pure Storage in the fourth quarter valued at $27,000. Sonora Investment Management LLC boosted its holdings in Pure Storage by 80.2% in the fourth quarter. Sonora Investment Management LLC now owns 1,910 shares of the technology company’s stock valued at $31,000 after acquiring an additional 850 shares in the last quarter. Sageworth Trust Co bought a new stake in Pure Storage in the first quarter valued at $37,000. Meeder Asset Management Inc. bought a new stake in Pure Storage in the fourth quarter valued at $42,000. Finally, Penserra Capital Management LLC boosted its holdings in Pure Storage by 458.9% in the fourth quarter. Penserra Capital Management LLC now owns 5,008 shares of the technology company’s stock valued at $80,000 after acquiring an additional 4,112 shares in the last quarter. 73.63% of the stock is currently owned by hedge funds and other institutional investors.

Several equities analysts have recently issued reports on the company. Credit Suisse Group assumed coverage on Pure Storage in a research report on Thursday, April 11th. They issued a “neutral” rating and a $23.00 price target for the company. Cowen raised Pure Storage from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $20.00 to $30.00 in a research report on Monday, April 8th. Raymond James lowered Pure Storage from an “outperform” rating to a “market perform” rating and set a $18.81 price target for the company. in a research report on Wednesday, February 20th. Zacks Investment Research lowered Pure Storage from a “buy” rating to a “hold” rating in a research report on Wednesday, March 6th. Finally, Maxim Group reaffirmed a “hold” rating and issued a $21.00 price target on shares of Pure Storage in a research report on Friday, March 1st. Eight research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $26.10.

In other Pure Storage news, CFO Timothy Riitters sold 5,210 shares of the business’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $19.92, for a total transaction of $103,783.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Scott Dietzen sold 100,000 shares of the business’s stock in a transaction dated Wednesday, April 24th. The shares were sold at an average price of $23.05, for a total value of $2,305,000.00. The disclosure for this sale can be found here. In the last three months, insiders sold 564,260 shares of company stock valued at $11,880,961. 10.00% of the stock is owned by insiders.

Shares of NYSE:PSTG opened at $20.62 on Monday. Pure Storage Inc has a fifty-two week low of $13.99 and a fifty-two week high of $29.14. The company has a quick ratio of 3.25, a current ratio of 3.34 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $5.05 billion, a price-to-earnings ratio of -29.46 and a beta of 1.71.

Pure Storage (NYSE:PSTG) last issued its earnings results on Thursday, February 28th. The technology company reported ($0.08) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.06) by ($0.02). Pure Storage had a negative return on equity of 22.64% and a negative net margin of 13.12%. The business had revenue of $422.22 million during the quarter, compared to analysts’ expectations of $443.27 million. Sell-side analysts forecast that Pure Storage Inc will post -0.53 earnings per share for the current year.

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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 and Artificial Intelligence Ready Infrastructure converged infrastructure solutions.

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

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