Washington Capital Management Inc. Raises Holdings in Pure Storage Inc (NYSE:PSTG)

Washington Capital Management Inc. grew its position in Pure Storage Inc (NYSE:PSTG) by 10.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 24,500 shares of the technology company’s stock after buying an additional 2,300 shares during the quarter. Washington Capital Management Inc.’s holdings in Pure Storage were worth $374,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of PSTG. IFG Advisory LLC raised its position in shares of Pure Storage by 1.0% in the 1st quarter. IFG Advisory LLC now owns 56,172 shares of the technology company’s stock worth $1,223,000 after acquiring an additional 536 shares in the last quarter. Coastal Investment Advisors Inc. raised its position in shares of Pure Storage by 25.0% in the 2nd quarter. Coastal Investment Advisors Inc. now owns 4,000 shares of the technology company’s stock worth $61,000 after acquiring an additional 800 shares in the last quarter. State Board of Administration of Florida Retirement System raised its position in shares of Pure Storage by 0.5% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 177,735 shares of the technology company’s stock worth $2,714,000 after acquiring an additional 829 shares in the last quarter. Cortina Asset Management LLC raised its position in shares of Pure Storage by 12.5% in the 2nd quarter. Cortina Asset Management LLC now owns 10,455 shares of the technology company’s stock worth $160,000 after acquiring an additional 1,162 shares in the last quarter. Finally, California State Teachers Retirement System raised its position in shares of Pure Storage by 0.5% in the 1st quarter. California State Teachers Retirement System now owns 260,242 shares of the technology company’s stock worth $5,671,000 after acquiring an additional 1,279 shares in the last quarter. Institutional investors and hedge funds own 81.14% of the company’s stock.

In other news, CFO Timothy Riitters sold 10,420 shares of the stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $15.65, for a total value of $163,073.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Insiders sold 31,260 shares of company stock worth $492,553 over the last three months. Corporate insiders own 10.00% of the company’s stock.

NYSE:PSTG traded down $0.41 during mid-day trading on Friday, hitting $15.63. 6,423,176 shares of the company’s stock traded hands, compared to its average volume of 5,325,083. The company has a fifty day moving average of $14.77 and a 200 day moving average of $18.35. The company has a debt-to-equity ratio of 0.75, a quick ratio of 3.25 and a current ratio of 3.35. The company has a market capitalization of $4.06 billion, a P/E ratio of -22.33 and a beta of 1.80. Pure Storage Inc has a twelve month low of $12.68 and a twelve month high of $29.14.

Pure Storage (NYSE:PSTG) last announced its quarterly earnings data on Wednesday, August 21st. The technology company reported ($0.23) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.05. The business had revenue of $396.30 million for the quarter, compared to analyst estimates of $392.34 million. Pure Storage had a negative return on equity of 25.30% and a negative net margin of 14.51%. The company’s revenue was up 28.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.01 earnings per share. On average, research analysts expect that Pure Storage Inc will post -0.79 earnings per share for the current fiscal year.

Several research firms have recently commented on PSTG. BTIG Research reduced their price target on Pure Storage to $20.00 and set a “buy” rating for the company in a research report on Thursday. Barclays set a $17.00 price target on Pure Storage and gave the stock a “buy” rating in a research report on Wednesday. Maxim Group raised Pure Storage from a “hold” rating to a “buy” rating and boosted their price target for the stock from $18.00 to $20.00 in a research report on Thursday. Lake Street Capital reduced their target price on Pure Storage from $22.00 to $19.00 and set a “buy” rating on the stock in a research report on Thursday. Finally, KeyCorp reduced their target price on Pure Storage from $25.00 to $22.00 and set an “overweight” rating on the stock in a research report on Thursday. Seven investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $22.32.

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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