McGlone Suttner Wealth Management Inc. Makes New Investment in Pure Storage, Inc. (NYSE:PSTG)

McGlone Suttner Wealth Management Inc. purchased a new position in Pure Storage, Inc. (NYSE:PSTG - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,818 shares of the technology company's stock, valued at approximately $213,000.

A number of other hedge funds have also modified their holdings of the company. McIlrath & Eck LLC bought a new position in shares of Pure Storage during the fourth quarter worth $25,000. MassMutual Private Wealth & Trust FSB boosted its position in shares of Pure Storage by 55.9% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 650 shares of the technology company's stock worth $29,000 after acquiring an additional 233 shares during the last quarter. Crowley Wealth Management Inc. bought a new position in shares of Pure Storage during the fourth quarter worth $31,000. FNY Investment Advisers LLC boosted its position in shares of Pure Storage by 5,233.3% during the first quarter. FNY Investment Advisers LLC now owns 800 shares of the technology company's stock worth $35,000 after acquiring an additional 785 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Pure Storage by 157.4% during the fourth quarter. EverSource Wealth Advisors LLC now owns 713 shares of the technology company's stock worth $44,000 after acquiring an additional 436 shares during the last quarter. 83.42% of the stock is currently owned by institutional investors.

Pure Storage Price Performance

Shares of PSTG traded down $0.59 during midday trading on Thursday, hitting $57.63. The stock had a trading volume of 2,578,692 shares, compared to its average volume of 2,919,808. Pure Storage, Inc. has a 1 year low of $34.51 and a 1 year high of $73.67. The firm has a market cap of $18.83 billion, a PE ratio of 155.75, a price-to-earnings-growth ratio of 5.31 and a beta of 1.06. The stock's 50 day moving average is $53.97 and its 200 day moving average is $55.45.

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

Insider Activity at Pure Storage

In other news, insider Ajay Singh sold 22,601 shares of the company's stock in a transaction dated 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 transaction, the insider directly owned 261,465 shares in the company, valued at approximately $14,498,234.25. This represents a 7.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director John Francis Murphy sold 11,234 shares of the stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $55.13, for a total transaction of $619,330.42. Following the transaction, the director owned 21,930 shares in the company, valued at approximately $1,209,000.90. The trade was a 33.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 147,684 shares of company stock valued at $7,713,802. Company insiders own 5.60% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Citigroup upped their target price on shares of Pure Storage from $55.00 to $65.00 and gave the stock a "buy" rating in a research report on Friday, May 16th. Wedbush restated an "outperform" rating and set a $70.00 target price on shares of Pure Storage in a research report on Thursday, May 29th. Piper Sandler restated an "overweight" rating and set a $66.00 target price (up previously from $53.00) on shares of Pure Storage in a research report on Thursday, May 29th. Barclays decreased their price target 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. Finally, Wall Street Zen raised shares of Pure Storage from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $69.95.

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.