GAMMA Investing LLC Buys 223,364 Shares of Pure Storage, Inc. (NYSE:PSTG)

GAMMA Investing LLC boosted its position in Pure Storage, Inc. (NYSE:PSTG - Free Report) by 6,958.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 226,574 shares of the technology company's stock after purchasing an additional 223,364 shares during the quarter. GAMMA Investing LLC owned about 0.07% of Pure Storage worth $10,030,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. McIlrath & Eck LLC purchased a new stake in Pure Storage in the 4th quarter worth approximately $25,000. Compass Financial Services Inc purchased a new stake in Pure Storage in the 4th quarter worth approximately $29,000. MassMutual Private Wealth & Trust FSB lifted its stake in Pure Storage by 55.9% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 650 shares of the technology company's stock worth $29,000 after purchasing an additional 233 shares in the last quarter. Crowley Wealth Management Inc. purchased a new stake in Pure Storage in the 4th quarter worth approximately $31,000. Finally, EverSource Wealth Advisors LLC lifted its stake in Pure Storage by 157.4% in the 4th quarter. EverSource Wealth Advisors LLC now owns 713 shares of the technology company's stock worth $44,000 after purchasing an additional 436 shares in the last quarter. 83.42% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have issued reports on PSTG shares. Barclays lowered their target price 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. Bank of America lowered their price objective on shares of Pure Storage from $77.00 to $73.00 and set a "neutral" rating on the stock in a research report on Thursday, February 27th. Evercore ISI raised their price objective on shares of Pure Storage from $60.00 to $70.00 and gave the company an "outperform" rating in a research report on Friday, May 23rd. Needham & Company LLC restated a "buy" rating and set a $75.00 price objective on shares of Pure Storage in a research report on Thursday, May 29th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Pure Storage from $75.00 to $70.00 and set an "overweight" rating on the stock in a research report on Thursday, May 29th. 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. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $69.95.

Pure Storage Stock Performance

Shares of PSTG stock traded down $0.24 on Wednesday, hitting $54.88. 1,835,541 shares of the company's stock traded hands, compared to its average volume of 2,970,071. Pure Storage, Inc. has a one year low of $34.51 and a one year high of $73.67. The company's fifty day simple moving average is $48.99 and its 200 day simple moving average is $56.18. The stock has a market capitalization of $17.89 billion, a price-to-earnings ratio of 144.42, a P/E/G ratio of 5.12 and a beta of 1.05.

Pure Storage (NYSE:PSTG - Get Free Report) last announced its quarterly earnings results on Wednesday, May 28th. The technology company reported $0.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.25 by $0.04. The business had revenue of $778.49 million for the quarter, compared to analyst estimates of $770.03 million. Pure Storage had a net margin of 4.22% and a return on equity of 16.06%. The company's revenue was up 12.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.32 EPS. As a group, sell-side analysts anticipate that Pure Storage, Inc. will post 0.44 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director John Francis Murphy sold 11,234 shares of Pure Storage stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $55.13, for a total transaction of $619,330.42. Following the sale, the director now owns 21,930 shares of the company's stock, valued at approximately $1,209,000.90. The trade was a 33.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CRO Dan Fitzsimons sold 6,977 shares of Pure Storage stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $40.91, for a total transaction of $285,429.07. Following the sale, the executive now directly owns 90,223 shares in the company, valued at $3,691,022.93. The trade was a 7.18% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 119,083 shares of company stock valued at $6,150,676 in the last quarter. Insiders own 5.60% of the company's stock.

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.