Stanley Laman Group Ltd. Lowers Stock Holdings in Pure Storage, Inc. $PSTG

Stanley Laman Group Ltd. cut its holdings in Pure Storage, Inc. (NYSE:PSTG) by 18.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 52,677 shares of the technology company’s stock after selling 11,855 shares during the quarter. Stanley Laman Group Ltd.’s holdings in Pure Storage were worth $4,415,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Mechanics Financial Corp purchased a new stake in Pure Storage in the 2nd quarter worth $25,000. True Wealth Design LLC lifted its holdings in Pure Storage by 402.8% during the second quarter. True Wealth Design LLC now owns 548 shares of the technology company’s stock valued at $32,000 after purchasing an additional 439 shares in the last quarter. SouthState Corp grew its position in shares of Pure Storage by 474.8% in the second quarter. SouthState Corp now owns 592 shares of the technology company’s stock valued at $34,000 after purchasing an additional 489 shares during the period. REAP Financial Group LLC increased its stake in shares of Pure Storage by 49.0% during the second quarter. REAP Financial Group LLC now owns 611 shares of the technology company’s stock worth $35,000 after purchasing an additional 201 shares in the last quarter. Finally, Ramirez Asset Management Inc. raised 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 purchasing an additional 200 shares during the last quarter. 83.42% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Pure Storage

In other Pure Storage news, insider Ajay Singh sold 7,178 shares of the business’s stock in a transaction dated Tuesday, December 23rd. The shares were sold at an average price of $67.14, for a total value of $481,930.92. Following the transaction, the insider directly owned 215,091 shares in the company, valued at $14,441,209.74. The trade was a 3.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider John Colgrove sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, December 8th. The stock was sold at an average price of $71.31, for a total transaction of $7,131,000.00. The SEC filing for this sale provides additional information. Insiders have sold 307,178 shares of company stock worth $26,020,931 over the last ninety days. 5.60% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms recently issued reports on PSTG. Weiss Ratings reiterated a “hold (c)” rating on shares of Pure Storage in a report on Wednesday, October 8th. Evercore ISI reaffirmed an “outperform” rating on shares of Pure Storage in a research note on Wednesday, December 3rd. Wall Street Zen raised Pure Storage from a “hold” rating to a “buy” rating in a research note on Saturday, December 20th. Lake Street Capital lifted their target price on shares of Pure Storage from $80.00 to $92.00 and gave the stock a “buy” rating in a research note on Wednesday, December 3rd. Finally, Northland Securities set a $77.00 target price on shares of Pure Storage in a report on Wednesday, December 3rd. Thirteen equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $95.26.

Pure Storage Stock Performance

NYSE PSTG opened at $69.02 on Monday. The stock’s fifty day moving average is $80.02 and its two-hundred day moving average is $73.69. The firm has a market capitalization of $22.79 billion, a P/E ratio of 181.62, a price-to-earnings-growth ratio of 7.66 and a beta of 1.26. Pure Storage, Inc. has a fifty-two week low of $34.51 and a fifty-two week high of $100.59.

Pure Storage (NYSE:PSTG) last posted its quarterly earnings results on Tuesday, September 9th. The technology company reported $0.44 EPS for the quarter. The business had revenue of $763.77 million for the quarter. Pure Storage had a return on equity of 10.60% and a net margin of 3.74%. As a group, sell-side analysts forecast that Pure Storage, Inc. will post 0.44 EPS for the current year.

About Pure Storage

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.