Abacus FCF Advisors LLC Makes New $14.75 Million Investment in Pure Storage, Inc. $PSTG

Abacus FCF Advisors LLC bought a new stake in Pure Storage, Inc. (NYSE:PSTG) during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 175,933 shares of the technology company’s stock, valued at approximately $14,745,000. Pure Storage makes up approximately 2.0% of Abacus FCF Advisors LLC’s investment portfolio, making the stock its 26th largest holding. Abacus FCF Advisors LLC owned about 0.05% of Pure Storage as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Crumly & Associates Inc. bought a new position in Pure Storage in the second quarter valued at about $242,000. Michael S. Ryan Inc. acquired a new position in Pure Storage during the 2nd quarter valued at about $254,000. Oak Thistle LLC bought a new position in shares of Pure Storage in the 3rd quarter valued at about $1,653,000. Brighton Jones LLC acquired a new stake in shares of Pure Storage during the 2nd quarter worth approximately $359,000. Finally, Radnor Capital Management LLC raised its stake in shares of Pure Storage by 14.9% during the second quarter. Radnor Capital Management LLC now owns 35,145 shares of the technology company’s stock worth $2,024,000 after buying an additional 4,555 shares during the last quarter. Institutional investors own 83.42% of the company’s stock.

Pure Storage Price Performance

Shares of Pure Storage stock opened at $68.37 on Tuesday. The business has a 50-day moving average of $81.94 and a two-hundred day moving average of $73.25. Pure Storage, Inc. has a 1 year low of $34.51 and a 1 year high of $100.59. The company has a market capitalization of $22.57 billion, a P/E ratio of 179.92, a price-to-earnings-growth ratio of 7.69 and a beta of 1.28.

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. Pure Storage had a return on equity of 10.60% and a net margin of 3.74%.The firm had revenue of $763.77 million for the quarter. On average, equities analysts anticipate that Pure Storage, Inc. will post 0.44 EPS for the current fiscal year.

Analyst Ratings Changes

PSTG has been the topic of a number of recent research reports. Wall Street Zen raised shares of Pure Storage from a “hold” rating to a “buy” rating in a research note on Saturday, December 20th. TD Cowen increased their price target on Pure Storage from $85.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, December 3rd. Piper Sandler set a $92.00 price objective on Pure Storage and gave the stock an “overweight” rating in a research note on Thursday, September 25th. Tigress Financial set a $105.00 price objective on Pure Storage in a report on Wednesday, December 3rd. Finally, JPMorgan Chase & Co. cut their target price on Pure Storage from $110.00 to $105.00 and set an “overweight” rating on the stock in a research note on Wednesday, December 3rd. Thirteen investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $95.26.

Insider Buying and Selling

In other news, CAO Mona Chu sold 9,091 shares of the stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $84.91, for a total value of $771,916.81. Following the transaction, the chief accounting officer directly owned 107,353 shares of the company’s stock, valued at $9,115,343.23. This represents a 7.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John Colgrove sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, December 8th. The shares were sold at an average price of $71.31, for a total value of $7,131,000.00. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 316,269 shares of company stock valued at $26,792,848. 5.60% of the stock is owned by insiders.

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.