Comerica Bank Boosts Stock Position in Pure Storage, Inc. (NYSE:PSTG)

Comerica Bank grew its holdings in Pure Storage, Inc. (NYSE:PSTGGet Rating) by 13.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 43,200 shares of the technology company’s stock after buying an additional 5,100 shares during the quarter. Comerica Bank’s holdings in Pure Storage were worth $1,237,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Redhawk Wealth Advisors Inc. purchased a new stake in shares of Pure Storage in the third quarter valued at approximately $975,000. Keybank National Association OH increased its position in shares of Pure Storage by 11.5% during the third quarter. Keybank National Association OH now owns 82,351 shares of the technology company’s stock worth $2,254,000 after purchasing an additional 8,525 shares in the last quarter. Synovus Financial Corp increased its position in shares of Pure Storage by 1.0% during the third quarter. Synovus Financial Corp now owns 44,077 shares of the technology company’s stock worth $1,208,000 after purchasing an additional 434 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its position in shares of Pure Storage by 176.7% during the third quarter. Robeco Institutional Asset Management B.V. now owns 23,937 shares of the technology company’s stock worth $656,000 after purchasing an additional 15,287 shares in the last quarter. Finally, Brio Consultants LLC purchased a new stake in shares of Pure Storage during the third quarter worth approximately $215,000. 84.96% of the stock is currently owned by hedge funds and other institutional investors.

Pure Storage Stock Up 4.0 %

Shares of Pure Storage stock opened at $27.05 on Tuesday. The business’s fifty day simple moving average is $28.25 and its 200-day simple moving average is $28.53. Pure Storage, Inc. has a 52 week low of $21.90 and a 52 week high of $36.71. The firm has a market cap of $8.18 billion, a PE ratio of 676.42, a price-to-earnings-growth ratio of 5.63 and a beta of 1.28.

Pure Storage (NYSE:PSTGGet Rating) last posted its earnings results on Wednesday, November 30th. The technology company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.09. Pure Storage had a return on equity of 13.11% and a net margin of 0.51%. The firm had revenue of $676.05 million for the quarter, compared to analyst estimates of $671.84 million. As a group, equities analysts expect that Pure Storage, Inc. will post 0.22 earnings per share for the current year.

Insider Buying and Selling

In related news, CRO Dan Fitzsimons sold 10,918 shares of the stock in a transaction dated Wednesday, December 21st. The stock was sold at an average price of $27.62, for a total transaction of $301,555.16. Following the transaction, the executive now owns 119,217 shares of the company’s stock, valued at approximately $3,292,773.54. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Pure Storage news, Director Andrew William Fraser Brown sold 9,930 shares of the company’s stock in a transaction dated Wednesday, December 21st. The stock was sold at an average price of $27.28, for a total transaction of $270,890.40. Following the sale, the director now owns 45,518 shares in the company, valued at approximately $1,241,731.04. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CRO Dan Fitzsimons sold 10,918 shares of the company’s stock in a transaction dated Wednesday, December 21st. The stock was sold at an average price of $27.62, for a total value of $301,555.16. Following the sale, the executive now owns 119,217 shares in the company, valued at approximately $3,292,773.54. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 59,170 shares of company stock valued at $1,605,075. Corporate insiders own 6.80% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on PSTG shares. TheStreet upgraded Pure Storage from a “c” rating to a “b” rating in a research report on Wednesday, November 30th. Susquehanna boosted their price target on Pure Storage from $40.00 to $44.00 in a research report on Thursday, December 1st. StockNews.com upgraded Pure Storage from a “hold” rating to a “buy” rating in a research report on Tuesday, January 10th. Morgan Stanley upgraded Pure Storage from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $35.00 to $37.00 in a report on Monday, October 31st. Finally, JPMorgan Chase & Co. dropped their target price on Pure Storage from $43.00 to $40.00 and set an “overweight” rating for the company in a report on Friday, November 25th. Three research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $38.94.

Pure Storage Company Profile

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Pure Storage, Inc engages in the provision of flash-based storage solutions. Its technology replaces storage systems designed for mechanical disks with all-flash systems optimized end-to-end for solid-state memory. The company was founded by John Hayes and John Colgrove in October 2009 and is headquartered in Mountain View, CA.

Further Reading

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

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