Cordatus Wealth Management LLC Buys New Shares in Pure Storage, Inc. (NYSE:PSTG)

Key Points

• Cordatus Wealth Management LLC has acquired a new position in Pure Storage, purchasing 4,879 shares valued at approximately $216,000.
• Pure Storage reported a 12.3% increase in revenue year-over-year, with an earnings per share of $0.29, surpassing the consensus estimate of $0.25.
• The stock has a current market capitalization of $19.35 billion, with a price-to-earnings ratio of 160.06, reflecting investor optimism despite high valuations.

Cordatus Wealth Management LLC acquired a new stake in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 4,879 shares of the technology company's stock, valued at approximately $216,000.

Several other hedge funds have also added to or reduced their stakes in the stock. T. Rowe Price Investment Management Inc. raised its stake in shares of 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 worth $442,736,000 after purchasing an additional 401,035 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Pure Storage by 25.4% in the fourth quarter. Geode Capital Management LLC now owns 6,748,553 shares of the technology company's stock worth $413,982,000 after purchasing an additional 1,366,458 shares during the last quarter. Champlain Investment Partners LLC grew its position in Pure Storage by 3.0% in the 4th quarter. Champlain Investment Partners LLC now owns 5,921,392 shares of the technology company's stock worth $363,751,000 after purchasing an additional 174,449 shares during the period. Invesco Ltd. raised its stake in Pure Storage by 18.8% during the 4th quarter. Invesco Ltd. now owns 4,162,081 shares of the technology company's stock valued at $255,677,000 after buying an additional 657,175 shares during the last quarter. Finally, First Trust Advisors LP increased its stake in shares of Pure Storage by 3.0% in the 4th quarter. First Trust Advisors LP now owns 3,118,774 shares of the technology company's stock worth $191,586,000 after purchasing an additional 91,368 shares in the last quarter. 83.42% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Pure Storage news, CRO Dan Fitzsimons sold 6,000 shares of the company's stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $51.65, for a total value of $309,900.00. Following the transaction, the executive owned 75,965 shares of the company's stock, valued at $3,923,592.25. This represents a 7.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider John Colgrove sold 198,749 shares of the company's stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $60.32, for a total transaction of $11,988,539.68. Following the completion of the transaction, the insider owned 500,000 shares in the company, valued at approximately $30,160,000. This represents a 28.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 547,666 shares of company stock worth $31,887,830. Company insiders own 5.60% of the company's stock.

Wall Street Analysts Forecast Growth

PSTG has been the subject of several analyst reports. Barclays lowered their target price on shares of Pure Storage from $61.00 to $57.00 and set an "equal weight" rating for the company in a report on Thursday, May 29th. Wall Street Zen cut Pure Storage from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. Wedbush reiterated an "outperform" rating and set a $70.00 price objective on shares of Pure Storage in a research note on Thursday, May 29th. Piper Sandler reissued 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. Finally, JPMorgan Chase & Co. cut their price target on shares of Pure Storage from $75.00 to $70.00 and set an "overweight" rating on the stock in a report on Thursday, May 29th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and fourteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, Pure Storage has a consensus rating of "Moderate Buy" and an average price target of $69.95.

Pure Storage Stock Performance

Shares of NYSE PSTG traded up $1.73 during trading on Monday, hitting $56.24. 2,134,096 shares of the company were exchanged, compared to its average volume of 2,761,549. The company has a fifty day moving average price of $55.55 and a 200-day moving average price of $54.54. The firm has a market capitalization of $18.38 billion, a PE ratio of 152.00, a P/E/G ratio of 5.19 and a beta of 1.07. Pure Storage, Inc. has a 12-month low of $34.51 and a 12-month high of $73.67.

Pure Storage (NYSE:PSTG - Get Free Report) last posted its earnings results on Wednesday, May 28th. The technology company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.04. The company had revenue of $778.49 million for 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%. Pure Storage's revenue was up 12.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.32 EPS. Research analysts anticipate that Pure Storage, Inc. will post 0.44 earnings per share for the current fiscal year.

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.