Envestnet Asset Management Inc. Trims Stock Holdings in Pure Storage, Inc. $PSTG

Envestnet Asset Management Inc. cut its stake in Pure Storage, Inc. (NYSE:PSTG) by 8.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 185,747 shares of the technology company’s stock after selling 17,651 shares during the period. Envestnet Asset Management Inc. owned 0.06% of Pure Storage worth $15,567,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. Winnow Wealth LLC acquired a new position in Pure Storage during the 3rd quarter valued at approximately $26,000. True Wealth Design LLC lifted its stake in Pure Storage by 402.8% in the second quarter. True Wealth Design LLC now owns 548 shares of the technology company’s stock valued at $32,000 after buying an additional 439 shares during the last quarter. SouthState Corp lifted its stake in 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 buying an additional 489 shares during the last quarter. CoreCap Advisors LLC grew its position in shares of Pure Storage by 123.7% during the third quarter. CoreCap Advisors LLC now owns 510 shares of the technology company’s stock worth $43,000 after acquiring an additional 282 shares during the last quarter. Finally, Quent Capital LLC acquired a new stake in shares of Pure Storage in the 3rd quarter worth about $43,000. 83.42% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Lake Street Capital lifted their price target on Pure Storage from $80.00 to $92.00 and gave the company a “buy” rating in a report on Wednesday, December 3rd. Morgan Stanley set a $83.00 target price on Pure Storage in a research note on Wednesday, December 3rd. Wall Street Zen lowered Pure Storage from a “buy” rating to a “hold” rating in a research report on Friday, January 23rd. Susquehanna set a $105.00 price target on Pure Storage in a report on Wednesday, December 3rd. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Pure Storage from $110.00 to $105.00 and set an “overweight” rating for the company in a report on Wednesday, December 3rd. Twelve analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Pure Storage has a consensus rating of “Moderate Buy” and an average target price of $95.26.

Insiders Place Their Bets

In related news, insider Ajay Singh sold 7,178 shares of Pure Storage stock in a transaction on Tuesday, December 23rd. The stock was sold at an average price of $67.14, for a total transaction of $481,930.92. Following the completion of the sale, the insider directly owned 215,091 shares of the company’s stock, valued at $14,441,209.74. The trade was a 3.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider John Colgrove sold 100,000 shares of Pure Storage stock in a transaction dated Monday, December 8th. The stock was sold at an average price of $71.31, for a total value of $7,131,000.00. The disclosure for this sale is available in the SEC filing. Corporate insiders own 5.60% of the company’s stock.

Pure Storage Price Performance

NYSE PSTG opened at $73.93 on Monday. Pure Storage, Inc. has a fifty-two week low of $34.51 and a fifty-two week high of $100.59. The stock’s 50-day moving average is $70.30 and its two-hundred day moving average is $76.82. The firm has a market cap of $24.41 billion, a P/E ratio of 194.56, a price-to-earnings-growth ratio of 5.76 and a beta of 1.27.

Pure Storage (NYSE:PSTG) last announced its quarterly earnings results on Tuesday, December 2nd. The technology company reported $0.58 EPS for the quarter, meeting the consensus estimate of $0.58. The company had revenue of $964.45 million for the quarter, compared to the consensus estimate of $955.60 million. Pure Storage had a return on equity of 10.60% and a net margin of 3.74%.The company’s revenue for the quarter was up 16.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.50 earnings per share. On average, equities analysts expect 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.