Shell Asset Management Co. Lowers Stock Position in Pure Storage Inc (NYSE:PSTG)

Shell Asset Management Co. reduced its holdings in shares of Pure Storage Inc (NYSE:PSTG) by 3.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 517,343 shares of the technology company’s stock after selling 16,849 shares during the period. Shell Asset Management Co. owned about 0.19% of Pure Storage worth $6,363,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Oppenheimer & Co. Inc. grew its position in Pure Storage by 64.2% during the fourth quarter. Oppenheimer & Co. Inc. now owns 89,550 shares of the technology company’s stock valued at $1,532,000 after acquiring an additional 35,000 shares during the last quarter. CWM LLC grew its position in Pure Storage by 6.9% during the fourth quarter. CWM LLC now owns 335,560 shares of the technology company’s stock valued at $5,741,000 after acquiring an additional 21,710 shares during the last quarter. Raymond James & Associates grew its position in Pure Storage by 628.1% during the fourth quarter. Raymond James & Associates now owns 230,167 shares of the technology company’s stock valued at $3,938,000 after acquiring an additional 198,556 shares during the last quarter. Champlain Investment Partners LLC grew its position in Pure Storage by 9.6% during the fourth quarter. Champlain Investment Partners LLC now owns 16,613,360 shares of the technology company’s stock valued at $284,255,000 after acquiring an additional 1,460,155 shares during the last quarter. Finally, Norges Bank bought a new position in Pure Storage during the fourth quarter valued at approximately $35,842,000. Institutional investors and hedge funds own 79.97% of the company’s stock.

PSTG stock traded up $0.29 on Friday, reaching $16.27. The company’s stock had a trading volume of 1,931,342 shares, compared to its average volume of 2,893,578. The business has a fifty day simple moving average of $13.44 and a two-hundred day simple moving average of $15.98. Pure Storage Inc has a 12-month low of $7.93 and a 12-month high of $20.50. The firm has a market cap of $4.27 billion, a PE ratio of -20.09 and a beta of 1.59. The company has a debt-to-equity ratio of 0.69, a quick ratio of 3.01 and a current ratio of 3.08.

Pure Storage (NYSE:PSTG) last announced its quarterly earnings data on Thursday, February 27th. The technology company reported $0.23 EPS for the quarter, beating the consensus estimate of $0.22 by $0.01. The business had revenue of $492.00 million during the quarter, compared to analyst estimates of $488.45 million. Pure Storage had a negative return on equity of 20.80% and a negative net margin of 12.23%. The company’s revenue for the quarter was up 16.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.14 earnings per share. As a group, research analysts anticipate that Pure Storage Inc will post -0.97 earnings per share for the current fiscal year.

Several research analysts have recently issued reports on PSTG shares. Northland Securities restated a “buy” rating and issued a $21.00 target price on shares of Pure Storage in a report on Monday, April 6th. ValuEngine upgraded shares of Pure Storage from a “hold” rating to a “buy” rating in a report on Tuesday, March 24th. Maxim Group raised their target price on shares of Pure Storage from $20.00 to $22.00 and gave the stock a “buy” rating in a report on Friday, February 28th. Cowen cut their target price on shares of Pure Storage from $19.00 to $18.00 and set an “outperform” rating on the stock in a report on Friday, February 28th. Finally, Morgan Stanley cut their target price on shares of Pure Storage from $17.00 to $12.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 25th. Four research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $20.10.

Pure Storage Company Profile

Pure Storage, Inc engages in building a data platform that enables businesses to enhance performance and reduce complexity and costs worldwide. The company delivers its data platform through Purity Operating Environment, an optimized software for solid-state memory that offers enterprise-class storage and protocol services; FlashArray and FlashBlade optimized hardware products for solid-state memory to enhance the performance and density of flash, optimize its advanced software services, and reduce solution cost for customers; Pure1, a cloud-based management and support software; and FlashStack and Artificial Intelligence Ready Infrastructure converged infrastructure solutions.

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Institutional Ownership by Quarter for Pure Storage (NYSE:PSTG)

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