Congress Asset Management Co. Sells 220,339 Shares of Pure Storage, Inc. (NYSE:PSTG)

Congress Asset Management Co. lowered its position in Pure Storage, Inc. (NYSE:PSTG) by 10.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,880,334 shares of the technology company’s stock after selling 220,339 shares during the quarter. Congress Asset Management Co. owned approximately 0.58% of Pure Storage worth $94,468,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of PSTG. Massmutual Trust Co. FSB ADV increased its position in shares of Pure Storage by 61.2% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 424 shares of the technology company’s stock valued at $27,000 after acquiring an additional 161 shares during the period. Larson Financial Group LLC grew its position in shares of Pure Storage by 242.9% during the 2nd quarter. Larson Financial Group LLC now owns 432 shares of the technology company’s stock valued at $28,000 after acquiring an additional 306 shares during the period. FSC Wealth Advisors LLC acquired a new stake in shares of Pure Storage during the 2nd quarter valued at about $33,000. Fidelis Capital Partners LLC acquired a new stake in shares of Pure Storage during the 1st quarter valued at about $27,000. Finally, ORG Partners LLC purchased a new position in Pure Storage in the 2nd quarter valued at about $35,000. Institutional investors own 83.42% of the company’s stock.

Pure Storage Stock Performance

NYSE PSTG traded down $2.15 on Thursday, reaching $51.26. The stock had a trading volume of 396,097 shares, compared to its average volume of 3,689,989. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.96 and a current ratio of 1.99. Pure Storage, Inc. has a 12-month low of $31.00 and a 12-month high of $70.41. The business’s 50-day moving average price is $52.04 and its 200 day moving average price is $56.97. The stock has a market cap of $16.80 billion, a P/E ratio of 128.13, a price-to-earnings-growth ratio of 8.47 and a beta of 1.11.

Pure Storage (NYSE:PSTG) last issued its quarterly earnings data on Wednesday, August 28th. The technology company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.10. Pure Storage had a return on equity of 17.41% and a net margin of 4.53%. The company had revenue of $763.77 million during the quarter, compared to analysts’ expectations of $756.59 million. As a group, equities analysts expect that Pure Storage, Inc. will post 0.43 earnings per share for the current year.

Analysts Set New Price Targets

PSTG has been the topic of several research analyst reports. Lake Street Capital reduced their price objective on shares of Pure Storage from $70.00 to $68.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. Susquehanna reaffirmed a “positive” rating and issued a $80.00 target price on shares of Pure Storage in a research report on Monday, August 26th. Northland Securities reaffirmed a “market perform” rating and issued a $59.00 target price (down from $68.00) on shares of Pure Storage in a research report on Thursday, August 29th. Evercore ISI dropped 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. Finally, UBS Group dropped their target price on Pure Storage from $47.00 to $45.00 and set a “sell” rating for the company in a research report on Thursday, August 29th. One analyst has rated the stock with a sell rating, seven have given a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $68.05.

Insider Transactions at Pure Storage

In other news, CAO Mona Chu sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $50.32, for a total transaction of $1,258,000.00. Following the completion of the sale, the chief accounting officer now owns 96,639 shares in the company, valued at $4,862,874.48. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CAO Mona Chu sold 25,000 shares of the company’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $50.32, for a total transaction of $1,258,000.00. Following the transaction, the chief accounting officer now owns 96,639 shares of the company’s stock, valued at $4,862,874.48. This represents a 0.00 % decrease in their ownership of the stock. The sale 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 Monday, August 5th. The stock was sold at an average price of $52.39, for a total value of $5,239,000.00. Following the transaction, the insider now directly owns 800,000 shares in the company, valued at $41,912,000. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 554,542 shares of company stock worth $30,014,030 over the last 90 days. 6.00% of the stock is currently owned by insiders.

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.