Pure Storage, Inc. (NYSE:PSTG) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. trimmed its stake in Pure Storage, Inc. (NYSE:PSTG) by 1.4% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 16,127 shares of the technology company’s stock after selling 232 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Pure Storage were worth $714,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. McIlrath & Eck LLC acquired a new position in Pure Storage in the fourth quarter valued at $25,000. MassMutual Private Wealth & Trust FSB increased its stake in Pure Storage by 55.9% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 650 shares of the technology company’s stock valued at $29,000 after purchasing an additional 233 shares during the last quarter. FNY Investment Advisers LLC increased its stake in Pure Storage by 5,233.3% in the first quarter. FNY Investment Advisers LLC now owns 800 shares of the technology company’s stock valued at $35,000 after purchasing an additional 785 shares during the last quarter. TruNorth Capital Management LLC purchased a new stake in Pure Storage during the first quarter valued at about $38,000. Finally, Nisa Investment Advisors LLC increased its stake in Pure Storage by 35.6% during the first quarter. Nisa Investment Advisors LLC now owns 910 shares of the technology company’s stock worth $40,000 after acquiring an additional 239 shares during the last quarter. 83.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Evercore ISI upped their price target on Pure Storage from $60.00 to $70.00 and gave the stock an “outperform” rating in a research note on Friday, May 23rd. Piper Sandler restated an “overweight” rating and set a $66.00 price target (up from $53.00) on shares of Pure Storage in a research note on Thursday, May 29th. JPMorgan Chase & Co. dropped their price target on Pure Storage from $75.00 to $70.00 and set an “overweight” rating for the company in a research note on Thursday, May 29th. Needham & Company LLC restated a “buy” rating and set a $75.00 price target on shares of Pure Storage in a research note on Friday, June 20th. Finally, Barclays dropped their price target on Pure Storage from $61.00 to $57.00 and set an “equal weight” rating for the company in a research note on Thursday, May 29th. One analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $70.21.

Pure Storage Stock Performance

Shares of PSTG opened at $59.40 on Wednesday. The company has a market capitalization of $19.41 billion, a P/E ratio of 160.55, a P/E/G ratio of 5.45 and a beta of 1.07. Pure Storage, Inc. has a one year low of $34.51 and a one year high of $73.67. The stock has a 50-day moving average price of $55.97 and a 200 day moving average price of $54.05.

Pure Storage (NYSE:PSTG) last released its earnings results on Wednesday, May 28th. The technology company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.04. The company had revenue of $778.49 million during the quarter, compared to the consensus estimate of $770.03 million. Pure Storage had a net margin of 3.93% and a return on equity of 13.98%. The company’s revenue was up 12.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.32 EPS. As a group, equities research analysts forecast that Pure Storage, Inc. will post 0.44 earnings per share for the current fiscal year.

Insider Transactions at Pure Storage

In other news, CRO Dan Fitzsimons sold 6,000 shares of Pure Storage stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $51.65, for a total value of $309,900.00. Following the completion of the transaction, the executive owned 75,965 shares in the company, valued at approximately $3,923,592.25. This trade represents a 7.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John Francis Murphy sold 11,234 shares of Pure Storage stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $55.13, for a total value of $619,330.42. Following the completion of the transaction, the director owned 21,930 shares of the company’s stock, valued at approximately $1,209,000.90. The trade was a 33.87% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 446,794 shares of company stock worth $26,641,913 in the last quarter. Insiders own 5.60% of the company’s stock.

Pure Storage Company Profile

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.