Freedom Investment Management Inc. Buys 2,855 Shares of Pure Storage, Inc. $PSTG

Freedom Investment Management Inc. lifted its stake in Pure Storage, Inc. (NYSE:PSTG) by 34.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 11,116 shares of the technology company’s stock after buying an additional 2,855 shares during the period. Freedom Investment Management Inc.’s holdings in Pure Storage were worth $492,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. McIlrath & Eck LLC bought a new stake in shares of Pure Storage in the fourth quarter valued at about $25,000. MassMutual Private Wealth & Trust FSB lifted its stake 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 valued at $29,000 after buying an additional 233 shares during the period. FNY Investment Advisers LLC lifted its stake 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 valued at $35,000 after buying an additional 785 shares during the period. TruNorth Capital Management LLC bought a new stake in shares of Pure Storage in the first quarter valued at about $38,000. Finally, Nisa Investment Advisors LLC lifted its stake in shares of Pure Storage by 35.6% in the first quarter. Nisa Investment Advisors LLC now owns 910 shares of the technology company’s stock valued at $40,000 after buying an additional 239 shares during the period. Institutional investors own 83.42% of the company’s stock.

Pure Storage Trading Down 0.6%

NYSE PSTG opened at $58.69 on Wednesday. The firm has a market cap of $19.18 billion, a price-to-earnings ratio of 158.63, a PEG ratio of 5.81 and a beta of 1.07. The company has a 50 day moving average of $56.76 and a 200-day moving average of $53.35. Pure Storage, Inc. has a 1-year low of $34.51 and a 1-year high of $73.67.

Pure Storage (NYSE:PSTG) last posted its quarterly earnings data on Wednesday, May 28th. The technology company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.04. The company had revenue of $778.49 million during the quarter, compared to analyst estimates of $770.03 million. Pure Storage had a net margin of 3.93% and a return on equity of 13.98%. The company’s revenue was up 12.3% on a year-over-year basis. During the same quarter last year, the business posted $0.32 earnings per share. On average, analysts forecast that Pure Storage, Inc. will post 0.44 earnings per share for the current year.

Analyst Upgrades and Downgrades

PSTG has been the subject of a number of analyst reports. Morgan Stanley initiated coverage on shares of Pure Storage in a research note on Thursday, August 21st. They set an “equal weight” rating and a $60.00 price target for the company. JPMorgan Chase & Co. cut their price target on shares of Pure Storage from $75.00 to $70.00 and set an “overweight” rating for the company in a research note on Thursday, May 29th. Piper Sandler restated an “overweight” rating and set a $66.00 price target (up previously from $53.00) on shares of Pure Storage in a research note on Thursday, May 29th. Evercore ISI raised their price target on shares of Pure Storage from $60.00 to $70.00 and gave the stock an “outperform” rating in a research note on Friday, May 23rd. Finally, Wedbush restated an “outperform” rating and set a $70.00 price target on shares of Pure Storage in a research note on Thursday, May 29th. Thirteen analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $69.56.

Insider Activity

In related news, insider Ajay Singh sold 22,601 shares of the firm’s stock in a transaction that occurred on Wednesday, July 2nd. The shares were 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 document filed with the SEC, which is available at the SEC website. Also, CRO Dan Fitzsimons sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $51.65, for a total transaction of $309,900.00. Following the completion of the sale, the executive directly owned 75,965 shares of the company’s stock, valued at approximately $3,923,592.25. This represents a 7.32% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 446,794 shares of company stock worth $26,641,913. Corporate insiders own 5.60% of the company’s stock.

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.