Eventide Asset Management LLC Makes New Investment in Pure Storage, Inc. (NYSE:PSTG)

Eventide Asset Management LLC purchased a new position in Pure Storage, Inc. (NYSE:PSTG) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 39,287 shares of the technology company’s stock, valued at approximately $1,974,000.

Several other hedge funds also recently made changes to their positions in the stock. FMR LLC boosted its stake in Pure Storage by 0.8% in the 3rd quarter. FMR LLC now owns 49,153,797 shares of the technology company’s stock worth $2,469,487,000 after purchasing an additional 368,643 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its position in shares of Pure Storage by 22.5% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 4,063,776 shares of the technology company’s stock valued at $204,163,000 after acquiring an additional 747,034 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Pure Storage by 56.1% in the second quarter. Bank of New York Mellon Corp now owns 3,696,390 shares of the technology company’s stock valued at $237,345,000 after acquiring an additional 1,327,873 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Pure Storage by 3.4% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,861,621 shares of the technology company’s stock valued at $143,768,000 after acquiring an additional 93,106 shares in the last quarter. Finally, Blair William & Co. IL increased its holdings in Pure Storage by 0.7% during the 2nd quarter. Blair William & Co. IL now owns 2,357,962 shares of the technology company’s stock worth $151,405,000 after acquiring an additional 15,747 shares during the period. 83.42% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Pure Storage

In related news, CAO Mona Chu sold 25,000 shares of Pure Storage stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $50.32, for a total value of $1,258,000.00. Following the sale, the chief accounting officer now owns 96,639 shares in the company, valued at $4,862,874.48. The trade was a 20.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider John Colgrove sold 100,000 shares of the company’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $49.94, for a total transaction of $4,994,000.00. Following the completion of the transaction, the insider now owns 500,000 shares of the company’s stock, valued at $24,970,000. This trade represents a 16.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 354,542 shares of company stock worth $18,599,030. 6.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

PSTG has been the subject of a number of recent analyst reports. Needham & Company LLC reduced their price target on shares of Pure Storage from $80.00 to $62.00 and set a “buy” rating for the company in a research report on Thursday, August 29th. Evercore ISI reduced their target price on Pure Storage from $75.00 to $70.00 and set an “outperform” rating for the company in a research report on Thursday, August 29th. Oppenheimer initiated coverage on Pure Storage in a report on Wednesday, November 13th. They issued an “outperform” rating and a $70.00 price target on the stock. Lake Street Capital cut their price objective on Pure Storage from $70.00 to $68.00 and set a “buy” rating for the company in a report on Thursday, August 29th. Finally, William Blair reaffirmed an “outperform” rating on shares of Pure Storage in a research note on Thursday, November 14th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $67.95.

Pure Storage Price Performance

Shares of Pure Storage stock opened at $52.99 on Friday. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.99 and a quick ratio of 1.96. Pure Storage, Inc. has a one year low of $31.00 and a one year high of $70.41. The business’s 50 day simple moving average is $52.06 and its two-hundred day simple moving average is $56.82. The stock has a market capitalization of $17.36 billion, a P/E ratio of 132.48, a price-to-earnings-growth ratio of 7.18 and a beta of 1.10.

Pure Storage (NYSE:PSTG) last posted its quarterly earnings results on Wednesday, August 28th. The technology company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.10. The company had revenue of $763.77 million during the quarter, compared to analyst estimates of $756.59 million. Pure Storage had a net margin of 4.53% and a return on equity of 17.41%. Analysts forecast that Pure Storage, Inc. will post 0.42 EPS for the current year.

About Pure Storage

Pure Storage, Inc engages in the provision of data storage and management technologies, products, and services in the United States and internationally. Its Purity software is shared across its products and provides enterprise-class data services, such as always-on data reduction, data protection, and encryption, as well as storage protocols, including block, file, and object.