Envestnet Asset Management Inc. Sells 38,566 Shares of Pure Storage, Inc. (NYSE:PSTG)

Envestnet Asset Management Inc. reduced its holdings in Pure Storage, Inc. (NYSE:PSTG - Free Report) by 14.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 225,530 shares of the technology company's stock after selling 38,566 shares during the quarter. Envestnet Asset Management Inc. owned about 0.07% of Pure Storage worth $9,984,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of Pure Storage by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 33,443,732 shares of the technology company's stock worth $2,054,448,000 after buying an additional 615,931 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its stake in shares of Pure Storage by 5.9% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 7,207,162 shares of the technology company's stock valued at $442,736,000 after purchasing an additional 401,035 shares during the period. Geode Capital Management LLC lifted its stake in shares of Pure Storage by 25.4% in the 4th quarter. Geode Capital Management LLC now owns 6,748,553 shares of the technology company's stock valued at $413,982,000 after purchasing an additional 1,366,458 shares during the period. Champlain Investment Partners LLC lifted its stake in shares of 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 valued at $363,751,000 after purchasing an additional 174,449 shares during the period. Finally, Invesco Ltd. lifted its stake in shares of Pure Storage by 18.8% in the 4th quarter. Invesco Ltd. now owns 4,162,081 shares of the technology company's stock valued at $255,677,000 after purchasing an additional 657,175 shares during the period. 83.42% of the stock is currently owned by institutional investors.

Pure Storage Trading Up 1.6%

Pure Storage stock opened at $58.16 on Monday. The firm has a market cap of $19.01 billion, a price-to-earnings ratio of 157.19, a PEG ratio of 5.51 and a beta of 1.06. The stock has a fifty day simple moving average of $55.14 and a two-hundred day simple moving average of $54.99. 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 EPS for the quarter, topping analysts' consensus estimates of $0.25 by $0.04. The business had revenue of $778.49 million during the quarter, compared to analyst estimates of $770.03 million. Pure Storage had a return on equity of 13.98% and a net margin of 3.93%. The company's quarterly revenue was up 12.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.32 EPS. On average, equities research analysts forecast that Pure Storage, Inc. will post 0.44 EPS for the current fiscal year.

Insider Transactions at Pure Storage

In related news, insider Ajay Singh sold 22,601 shares of Pure Storage stock in a transaction on Wednesday, July 2nd. The stock was 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. The trade was a 7.96% 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 Pure Storage stock in a transaction on Monday, May 12th. The stock was sold at an average price of $52.01, for a total value of $5,201,000.00. Following the completion of the sale, the insider directly owned 801,959 shares of the company's stock, valued at $41,709,887.59. The trade was a 11.09% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 147,666 shares of company stock worth $7,819,260. 5.60% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on PSTG shares. Barclays lowered their target price on Pure Storage from $61.00 to $57.00 and set an "equal weight" rating for the company in a research note on Thursday, May 29th. Morgan Stanley raised their target price on Pure Storage from $40.00 to $62.00 and gave the company an "equal weight" rating in a research note on Tuesday, May 20th. Wedbush restated an "outperform" rating and issued a $70.00 target price on shares of Pure Storage in a research note on Thursday, May 29th. Wall Street Zen upgraded Pure Storage from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. Finally, Citigroup raised their target price on Pure Storage from $55.00 to $65.00 and gave the company a "buy" rating in a research note on Friday, May 16th. One research analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have issued a buy rating to the company's stock. According to MarketBeat, Pure Storage has a consensus rating of "Moderate Buy" and an average target price of $69.95.

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.

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