MinichMacGregor Wealth Management LLC Invests $6.89 Million in Pure Storage, Inc. (NYSE:PSTG)

MinichMacGregor Wealth Management LLC bought a new stake in shares of Pure Storage, Inc. (NYSE:PSTG) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 137,143 shares of the technology company’s stock, valued at approximately $6,890,000.

A number of other large investors have also recently added to or reduced their stakes in PSTG. Sycomore Asset Management acquired a new stake in Pure Storage during the 2nd quarter worth about $2,259,000. State of Alaska Department of Revenue acquired a new stake in shares of Pure Storage during the first quarter valued at approximately $1,675,000. Texas Permanent School Fund Corp purchased a new stake in shares of Pure Storage in the 1st quarter valued at approximately $13,514,000. Heritage Wealth Management Inc. acquired a new position in Pure Storage in the 2nd quarter worth approximately $721,000. Finally, Cetera Investment Advisers grew its position in Pure Storage by 284.9% during the 1st quarter. Cetera Investment Advisers now owns 55,801 shares of the technology company’s stock worth $2,901,000 after purchasing an additional 41,305 shares in the last quarter. 83.42% of the stock is currently owned by institutional investors.

Pure Storage Stock Performance

Shares of NYSE:PSTG traded up $0.94 during trading on Tuesday, hitting $50.66. 149,207 shares of the stock were exchanged, compared to its average volume of 3,671,444. The company has a market capitalization of $16.60 billion, a price-to-earnings ratio of 125.53, a price-to-earnings-growth ratio of 7.99 and a beta of 1.10. 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 1-year low of $31.00 and a 1-year high of $70.41. The company’s fifty day simple moving average is $51.40 and its 200-day simple moving average is $56.95.

Pure Storage (NYSE:PSTG) last posted its quarterly earnings results on Wednesday, August 28th. The technology company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.10. Pure Storage had a net margin of 4.53% and a return on equity of 17.41%. The firm had revenue of $763.77 million for the quarter, compared to the consensus estimate of $756.59 million. Sell-side analysts expect that Pure Storage, Inc. will post 0.43 EPS for the current fiscal year.

Insider Activity at Pure Storage

In other Pure Storage news, insider John Colgrove sold 100,000 shares of the firm’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $57.32, for a total transaction of $5,732,000.00. Following the completion of the transaction, the insider now owns 300,000 shares in the company, valued at $17,196,000. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Pure Storage news, insider John Colgrove sold 100,000 shares of Pure Storage stock in a transaction on Monday, October 21st. The stock was sold at an average price of $57.32, for a total transaction of $5,732,000.00. Following the completion of the transaction, the insider now directly owns 300,000 shares of the company’s stock, valued at approximately $17,196,000. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CRO Dan Fitzsimons sold 8,895 shares of Pure Storage stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $50.67, for a total transaction of $450,709.65. Following the completion of the transaction, the executive now owns 94,446 shares of the company’s stock, valued at $4,785,578.82. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 454,542 shares of company stock valued at $24,775,030 over the last quarter. 6.00% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on PSTG shares. Lake Street Capital reduced their target price on Pure Storage from $70.00 to $68.00 and set a “buy” rating for the company in a report on Thursday, August 29th. Stifel Nicolaus lowered their target price on Pure Storage from $65.00 to $60.00 and set a “hold” rating on the stock in a research note on Thursday, August 29th. Raymond James dropped their target price on Pure Storage from $73.00 to $70.00 and set an “outperform” rating on the stock in a report on Thursday, August 29th. Needham & Company LLC decreased their price target on shares of Pure Storage from $80.00 to $62.00 and set a “buy” rating for the company in a report on Thursday, August 29th. Finally, Susquehanna reiterated a “positive” rating and issued a $80.00 price objective on shares of Pure Storage in a research note on Monday, August 26th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, Pure Storage has a consensus rating of “Moderate Buy” and a consensus target price of $68.05.

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.