TT International Asset Management LTD Lowers Stake in Pure Storage, Inc. (NYSE:PSTG)

TT International Asset Management LTD lessened its position in shares of Pure Storage, Inc. (NYSE:PSTG) by 20.4% in the first quarter, Holdings Channel.com reports. The fund owned 35,338 shares of the technology company’s stock after selling 9,062 shares during the quarter. TT International Asset Management LTD’s holdings in Pure Storage were worth $1,564,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in PSTG. McIlrath & Eck LLC purchased a new stake in Pure Storage during the fourth quarter valued at about $25,000. MassMutual Private Wealth & Trust FSB boosted its position in shares of Pure Storage by 55.9% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 650 shares of the technology company’s stock worth $29,000 after buying an additional 233 shares during the period. Crowley Wealth Management Inc. purchased a new stake in shares of Pure Storage in the fourth quarter worth about $31,000. FNY Investment Advisers LLC boosted its position in shares of Pure Storage by 5,233.3% in the first quarter. FNY Investment Advisers LLC now owns 800 shares of the technology company’s stock worth $35,000 after buying an additional 785 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Pure Storage by 157.4% in the fourth quarter. EverSource Wealth Advisors LLC now owns 713 shares of the technology company’s stock worth $44,000 after buying an additional 436 shares during the period. Hedge funds and other institutional investors own 83.42% of the company’s stock.

Insider Transactions at Pure Storage

In related news, insider John Colgrove sold 100,000 shares of the stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $52.01, for a total value of $5,201,000.00. Following the completion of the transaction, the insider now directly owns 801,959 shares of the company’s stock, valued at $41,709,887.59. This represents a 11.09% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CRO Dan Fitzsimons sold 6,977 shares of the stock in a transaction that occurred on Monday, April 21st. The stock was sold at an average price of $40.91, for a total value of $285,429.07. Following the completion of the transaction, the executive now directly owns 90,223 shares of the company’s stock, valued at $3,691,022.93. This trade represents a 7.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 119,083 shares of company stock worth $6,150,676. 5.60% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on PSTG. UBS Group upped their target price on Pure Storage from $47.00 to $50.00 and gave the stock a “sell” rating in a research report on Thursday, February 27th. JPMorgan Chase & Co. cut their price target on Pure Storage from $75.00 to $70.00 and set an “overweight” rating on the stock in a research note on Thursday, May 29th. Bank of America cut their price target on Pure Storage from $77.00 to $73.00 and set a “neutral” rating on the stock in a research note on Thursday, February 27th. Citigroup boosted their price target on Pure Storage from $55.00 to $65.00 and gave the stock a “buy” rating in a research note on Friday, May 16th. Finally, Morgan Stanley boosted their price target on Pure Storage from $40.00 to $62.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 20th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $69.95.

Pure Storage Trading Down 2.6%

Shares of Pure Storage stock opened at $51.51 on Friday. The business’s 50 day simple moving average is $50.58 and its 200-day simple moving average is $56.13. The stock has a market capitalization of $16.83 billion, a price-to-earnings ratio of 139.21, a PEG ratio of 5.04 and a beta of 1.05. Pure Storage, Inc. has a twelve month low of $34.51 and a twelve month high of $73.67.

Pure Storage (NYSE:PSTG) last announced its quarterly earnings results on Wednesday, May 28th. The technology company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.04. The business had revenue of $778.49 million for the quarter, compared to analysts’ expectations of $770.03 million. Pure Storage had a return on equity of 13.98% and a net margin of 3.93%. The business’s quarterly revenue was up 12.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.32 EPS. Sell-side analysts predict that Pure Storage, Inc. will post 0.44 earnings per share for the current year.

Pure Storage Company Profile

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.