Arrowstreet Capital Limited Partnership Acquires Shares of 454,117 Pure Storage, Inc. $PSTG

Arrowstreet Capital Limited Partnership acquired a new stake in Pure Storage, Inc. (NYSE:PSTG) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 454,117 shares of the technology company’s stock, valued at approximately $26,148,000. Arrowstreet Capital Limited Partnership owned 0.14% of Pure Storage at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. LPL Financial LLC lifted its position in shares of Pure Storage by 22.6% during the first quarter. LPL Financial LLC now owns 118,368 shares of the technology company’s stock worth $5,240,000 after purchasing an additional 21,812 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Pure Storage by 13.4% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 275,796 shares of the technology company’s stock worth $12,209,000 after purchasing an additional 32,611 shares during the last quarter. Crumly & Associates Inc. purchased a new position in Pure Storage in the second quarter valued at approximately $242,000. Michael S. Ryan Inc. purchased a new position in shares of Pure Storage in the 2nd quarter valued at $254,000. Finally, Brighton Jones LLC purchased a new stake in Pure Storage in the second quarter valued at $359,000. 83.42% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on PSTG shares. Cowen reaffirmed a “buy” rating on shares of Pure Storage in a research note on Wednesday. Evercore ISI reissued an “outperform” rating on shares of Pure Storage in a report on Wednesday. Piper Sandler set a $92.00 target price on shares of Pure Storage and gave the company an “overweight” rating in a report on Thursday, September 25th. Morgan Stanley set a $83.00 target price on shares of Pure Storage in a research report on Wednesday. Finally, Wedbush lifted their price objective on Pure Storage from $90.00 to $100.00 and gave the company an “outperform” rating in a research report on Wednesday. Thirteen analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $95.26.

Insider Buying and Selling at Pure Storage

In related news, insider Ajay Singh sold 7,014 shares of the company’s stock in a transaction dated Wednesday, September 24th. The stock was sold at an average price of $85.85, for a total value of $602,151.90. Following the completion of the sale, the insider owned 229,307 shares in the company, valued at approximately $19,686,005.95. This represents a 2.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CRO Dan Fitzsimons sold 6,051 shares of the business’s stock in a transaction dated Tuesday, September 23rd. The stock was sold at an average price of $87.42, for a total value of $528,978.42. Following the transaction, the executive owned 62,759 shares of the company’s stock, valued at $5,486,391.78. The trade was a 8.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 327,311 shares of company stock valued at $29,498,100. 5.60% of the stock is currently owned by corporate insiders.

Pure Storage Stock Performance

Pure Storage stock opened at $70.37 on Friday. The business’s fifty day moving average is $88.43 and its two-hundred day moving average is $71.50. The firm has a market cap of $23.13 billion, a P/E ratio of 185.18, a P/E/G ratio of 6.55 and a beta of 1.27. Pure Storage, Inc. has a 52 week low of $34.51 and a 52 week high of $100.59.

Pure Storage (NYSE:PSTG) last announced its earnings results on Tuesday, September 9th. The technology company reported $0.44 earnings per share for the quarter. Pure Storage had a net margin of 3.74% and a return on equity of 10.60%. The company had revenue of $763.77 million during the quarter. On average, equities research analysts predict that Pure Storage, Inc. will post 0.44 earnings per share for the current year.

Pure Storage 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.