Mackenzie Financial Corp Lowers Stock Position in Pure Storage, Inc. (NYSE:PSTG)

Mackenzie Financial Corp reduced its stake in Pure Storage, Inc. (NYSE:PSTG) by 69.7% during the first quarter, HoldingsChannel reports. The firm owned 39,636 shares of the technology company’s stock after selling 91,391 shares during the period. Mackenzie Financial Corp’s holdings in Pure Storage were worth $1,755,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. T. Rowe Price Investment Management Inc. raised its stake in Pure Storage by 5.9% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 7,207,162 shares of the technology company’s stock valued at $442,736,000 after purchasing an additional 401,035 shares in the last quarter. Champlain Investment Partners LLC raised its stake in Pure Storage by 3.0% in the fourth quarter. Champlain Investment Partners LLC now owns 5,921,392 shares of the technology company’s stock valued at $363,751,000 after purchasing an additional 174,449 shares in the last quarter. Invesco Ltd. raised its stake in Pure Storage by 18.8% in the fourth quarter. Invesco Ltd. now owns 4,162,081 shares of the technology company’s stock valued at $255,677,000 after purchasing an additional 657,175 shares in the last quarter. First Trust Advisors LP raised its stake in Pure Storage by 3.0% in the fourth quarter. First Trust Advisors LP now owns 3,118,774 shares of the technology company’s stock valued at $191,586,000 after purchasing an additional 91,368 shares in the last quarter. Finally, Northern Trust Corp raised its stake in Pure Storage by 18.2% in the fourth quarter. Northern Trust Corp now owns 2,888,060 shares of the technology company’s stock valued at $177,414,000 after purchasing an additional 443,728 shares in the last quarter. 83.42% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, insider Ajay Singh sold 22,601 shares of the firm’s stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $55.45, for a total value of $1,253,225.45. Following the completion of the sale, the insider owned 261,465 shares of the company’s stock, valued at $14,498,234.25. This trade represents a 7.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider John Colgrove sold 198,749 shares of the firm’s stock in a transaction on Thursday, July 31st. The stock was sold at an average price of $60.32, for a total value of $11,988,539.68. Following the completion of the sale, the insider directly owned 500,000 shares of the company’s stock, valued at $30,160,000. The trade was a 28.44% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 547,666 shares of company stock worth $31,887,830. Insiders own 5.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on PSTG. Barclays lowered their target price on shares of Pure Storage from $61.00 to $57.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 29th. Citigroup increased their price target on shares of Pure Storage from $55.00 to $65.00 and gave the company a “buy” rating in a research report on Friday, May 16th. JPMorgan Chase & Co. reduced their price target on shares of Pure Storage from $75.00 to $70.00 and set an “overweight” rating on the stock in a research report on Thursday, May 29th. Piper Sandler reiterated an “overweight” rating and set a $66.00 price target (up from $53.00) on shares of Pure Storage in a research report on Thursday, May 29th. Finally, Wedbush reiterated an “outperform” rating and set a $70.00 price target on shares of Pure Storage in a research report on Thursday, May 29th. One analyst has rated the stock with a sell rating, six have given a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $69.95.

Pure Storage Stock Performance

NYSE:PSTG opened at $54.54 on Monday. The firm has a market cap of $17.83 billion, a PE ratio of 147.41, a price-to-earnings-growth ratio of 5.19 and a beta of 1.07. Pure Storage, Inc. has a fifty-two week low of $34.51 and a fifty-two week high of $73.67. The business has a 50 day moving average price of $55.55 and a 200-day moving average price of $54.54.

Pure Storage (NYSE:PSTG) last released its quarterly earnings data on Wednesday, May 28th. The technology company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.04. The firm had revenue of $778.49 million during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.32 earnings per share. Research analysts predict that Pure Storage, Inc. will post 0.44 EPS for the current year.

Pure Storage 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.