DAVENPORT & Co LLC Sells 11,741 Shares of Pure Storage, Inc. $PSTG

DAVENPORT & Co LLC trimmed its stake in Pure Storage, Inc. (NYSE:PSTG) by 14.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 70,483 shares of the technology company’s stock after selling 11,741 shares during the period. DAVENPORT & Co LLC’s holdings in Pure Storage were worth $5,907,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also modified their holdings of PSTG. Penserra Capital Management LLC boosted its holdings in shares of Pure Storage by 11.8% in the second quarter. Penserra Capital Management LLC now owns 1,666 shares of the technology company’s stock valued at $95,000 after purchasing an additional 176 shares during the period. Wedmont Private Capital raised its position in Pure Storage by 4.8% during the 3rd quarter. Wedmont Private Capital now owns 3,991 shares of the technology company’s stock valued at $351,000 after purchasing an additional 182 shares in the last quarter. Empowered Funds LLC lifted its holdings in shares of Pure Storage by 4.2% in the 1st quarter. Empowered Funds LLC now owns 4,790 shares of the technology company’s stock worth $212,000 after buying an additional 194 shares during the period. Ramirez Asset Management Inc. grew its position in shares of Pure Storage by 40.0% during the 2nd quarter. Ramirez Asset Management Inc. now owns 700 shares of the technology company’s stock worth $40,000 after buying an additional 200 shares in the last quarter. Finally, Legacy Wealth Asset Management LLC increased its stake in shares of Pure Storage by 3.5% during the third quarter. Legacy Wealth Asset Management LLC now owns 5,969 shares of the technology company’s stock valued at $500,000 after buying an additional 200 shares during the period. 83.42% of the stock is owned by hedge funds and other institutional investors.

Pure Storage Stock Down 0.4%

NYSE PSTG opened at $67.01 on Friday. Pure Storage, Inc. has a 52 week low of $34.51 and a 52 week high of $100.59. The company has a 50 day moving average price of $82.84 and a 200 day moving average price of $72.80. The firm has a market cap of $22.12 billion, a PE ratio of 176.34, a price-to-earnings-growth ratio of 7.48 and a beta of 1.27.

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

Insider Buying and Selling

In other news, insider Ajay Singh sold 7,178 shares of the business’s stock in a transaction dated Tuesday, December 23rd. The stock was sold at an average price of $67.14, for a total transaction of $481,930.92. Following the sale, the insider owned 215,091 shares in the company, valued at approximately $14,441,209.74. The trade was a 3.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John Colgrove sold 100,000 shares of the company’s stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $71.31, for a total transaction of $7,131,000.00. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 316,269 shares of company stock worth $26,792,848 in the last ninety days. 5.60% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Pure Storage from $110.00 to $105.00 and set an “overweight” rating for the company in a research note on Wednesday, December 3rd. Lake Street Capital upped their price target on shares of Pure Storage from $80.00 to $92.00 and gave the stock a “buy” rating in a research report on Wednesday, December 3rd. Susquehanna set a $105.00 price objective on shares of Pure Storage in a research note on Wednesday, December 3rd. Evercore ISI reissued an “outperform” rating on shares of Pure Storage in a research note on Wednesday, December 3rd. Finally, Wedbush upped their target price on Pure Storage from $90.00 to $100.00 and gave the stock an “outperform” rating in a report on Wednesday, December 3rd. Thirteen investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $95.26.

Pure Storage Profile

Pure Storage, Inc (NYSE: PSTG) is a technology company that designs and sells data storage hardware and software for enterprise and cloud environments. The company is best known for its all-flash storage arrays that are engineered to deliver high performance, low latency and simplified management compared with traditional disk-based systems. Its product portfolio includes purpose-built arrays and software aimed at transactional databases, virtualized infrastructures, analytics and large-scale file/object workloads.

Key product and software offerings include the FlashArray family for block storage and FlashBlade for file and object workloads, together with Purity, the company’s storage operating environment.