72,900 Shares in Pure Storage, Inc. (NYSE:PSTG) Acquired by State of Michigan Retirement System

State of Michigan Retirement System acquired a new stake in Pure Storage, Inc. (NYSE:PSTGFree Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund acquired 72,900 shares of the technology company’s stock, valued at approximately $3,790,000.

Several other institutional investors have also recently bought and sold shares of the business. Banque Cantonale Vaudoise acquired a new position in Pure Storage in the first quarter valued at about $25,000. Naples Money Management LLC bought a new stake in Pure Storage in the fourth quarter valued at approximately $25,000. Principal Securities Inc. bought a new stake in Pure Storage in the fourth quarter valued at approximately $31,000. Rise Advisors LLC acquired a new position in shares of Pure Storage in the first quarter valued at approximately $48,000. Finally, GAMMA Investing LLC grew its position in shares of Pure Storage by 197.4% in the first quarter. GAMMA Investing LLC now owns 928 shares of the technology company’s stock valued at $48,000 after purchasing an additional 616 shares during the last quarter. Institutional investors own 83.42% of the company’s stock.

Pure Storage Stock Performance

Shares of NYSE PSTG opened at $62.79 on Wednesday. The firm’s fifty day moving average is $60.21 and its two-hundred day moving average is $50.39. Pure Storage, Inc. has a 52-week low of $31.00 and a 52-week high of $70.41. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.96 and a current ratio of 2.00. The company has a market cap of $20.42 billion, a P/E ratio of 224.25, a P/E/G ratio of 6.47 and a beta of 1.11.

Pure Storage (NYSE:PSTGGet Free Report) last issued its quarterly earnings results on Wednesday, May 29th. The technology company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.02. The company had revenue of $693.48 million for the quarter, compared to the consensus estimate of $681.37 million. Pure Storage had a net margin of 3.19% and a return on equity of 15.34%. As a group, analysts anticipate that Pure Storage, Inc. will post 0.47 EPS for the current fiscal year.

Insider Buying and Selling at Pure Storage

In other news, Director Scott Dietzen sold 147,000 shares of the company’s stock in a transaction that occurred on Friday, April 12th. The shares were sold at an average price of $53.49, for a total value of $7,863,030.00. Following the completion of the sale, the director now owns 100,000 shares of the company’s stock, valued at approximately $5,349,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Scott Dietzen sold 147,000 shares of the company’s stock in a transaction that occurred on Friday, April 12th. The shares were sold at an average price of $53.49, for a total value of $7,863,030.00. Following the completion of the sale, the director now owns 100,000 shares of the company’s stock, valued at approximately $5,349,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Roxanne Taylor sold 36,860 shares of the stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $53.76, for a total transaction of $1,981,593.60. Following the sale, the director now directly owns 18,883 shares of the company’s stock, valued at approximately $1,015,150.08. The disclosure for this sale can be found here. Insiders sold a total of 291,399 shares of company stock valued at $15,578,814 in the last three months. Company insiders own 6.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on PSTG. Wedbush reissued an “outperform” rating and set a $70.00 price target (up previously from $50.00) on shares of Pure Storage in a research report on Tuesday, May 28th. Needham & Company LLC reiterated a “buy” rating and issued a $80.00 price target on shares of Pure Storage in a research note on Friday, June 21st. KeyCorp raised their target price on Pure Storage from $64.00 to $79.00 and gave the stock an “overweight” rating in a research report on Thursday, May 30th. Stifel Nicolaus raised their target price on Pure Storage from $46.00 to $65.00 and gave the stock a “hold” rating in a research report on Thursday, May 30th. Finally, Lake Street Capital raised their target price on Pure Storage from $48.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $69.11.

Read Our Latest Report on Pure Storage

Pure Storage Profile

(Free Report)

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.

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

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