American International Group Inc. boosted its stake in Pure Storage, Inc. (NYSE:PSTG) by 17.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 41,184 shares of the technology company’s stock after buying an additional 6,076 shares during the period. American International Group Inc.’s holdings in Pure Storage were worth $405,000 as of its most recent filing with the SEC.
A number of other large investors have also recently added to or reduced their stakes in PSTG. GSA Capital Partners LLP purchased a new stake in Pure Storage during the fourth quarter valued at about $228,000. Wesbanco Bank Inc. purchased a new stake in Pure Storage during the first quarter valued at about $462,000. Norges Bank purchased a new stake in Pure Storage during the fourth quarter valued at about $1,697,000. Renaissance Technologies LLC purchased a new stake in Pure Storage during the fourth quarter valued at about $2,503,000. Finally, State Street Corp raised its stake in Pure Storage by 4.4% in the fourth quarter. State Street Corp now owns 1,129,901 shares of the technology company’s stock valued at $12,779,000 after buying an additional 47,633 shares in the last quarter. 34.38% of the stock is owned by institutional investors.
Pure Storage, Inc. (PSTG) opened at 13.77 on Monday. The stock’s market capitalization is $2.87 billion. Pure Storage, Inc. has a 12-month low of $9.12 and a 12-month high of $15.14. The company has a 50 day moving average of $12.41 and a 200-day moving average of $11.39.
Pure Storage (NYSE:PSTG) last issued its quarterly earnings results on Wednesday, May 24th. The technology company reported ($0.14) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.22) by $0.08. Pure Storage had a negative return on equity of 44.04% and a negative net margin of 31.62%. The firm had revenue of $182.60 million during the quarter, compared to analysts’ expectations of $176.13 million. During the same period in the previous year, the business earned ($0.22) earnings per share. The firm’s revenue for the quarter was up 30.5% on a year-over-year basis. On average, equities research analysts forecast that Pure Storage, Inc. will post ($0.27) earnings per share for the current year.
PSTG has been the subject of a number of research analyst reports. Oppenheimer Holdings, Inc. set a $15.00 price objective on shares of Pure Storage and gave the company a “buy” rating in a report on Monday, April 3rd. Vetr raised shares of Pure Storage from a “buy” rating to a “strong-buy” rating and set a $15.50 price objective for the company in a report on Wednesday, June 14th. William Blair reaffirmed a “buy” rating on shares of Pure Storage in a report on Friday, April 14th. Morgan Stanley lowered shares of Pure Storage from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $17.00 to $12.00 in a report on Thursday, May 18th. Finally, Susquehanna Bancshares Inc reaffirmed a “positive” rating and set a $16.00 price objective on shares of Pure Storage in a report on Wednesday, June 14th. Ten analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $15.61.
In related news, Director Michelangelo Volpi sold 19,086 shares of the business’s stock in a transaction that occurred on Friday, June 9th. The stock was sold at an average price of $13.00, for a total transaction of $248,118.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Timothy Riitters sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $13.12, for a total value of $65,600.00. Following the sale, the chief financial officer now owns 245,703 shares of the company’s stock, valued at $3,223,623.36. The disclosure for this sale can be found here. Insiders have sold 2,312,246 shares of company stock valued at $30,410,081 over the last quarter. 41.47% of the stock is owned by company insiders.
About Pure Storage
Pure Storage, Inc provides a data platform. The Company is focused on delivering software-defined all-flash solutions that are fast and cloud-capable for customers, enabling customers to put data to work for their businesses. Its data platform replaces storage systems designed for mechanical disk with all-flash systems optimized end-to-end for solid-state memory.
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