Pure Storage, Inc. (NYSE:PSTG) Shares Sold by Gateway Investment Advisers LLC

Gateway Investment Advisers LLC trimmed its stake in Pure Storage, Inc. (NYSE:PSTG - Free Report) by 72.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 13,771 shares of the technology company's stock after selling 35,517 shares during the quarter. Gateway Investment Advisers LLC's holdings in Pure Storage were worth $610,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in PSTG. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in shares of Pure Storage by 2.2% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 51,640 shares of the technology company's stock valued at $3,172,000 after buying an additional 1,093 shares during the last quarter. Golden State Wealth Management LLC purchased a new stake in Pure Storage in the 4th quarter worth approximately $66,000. Empowered Funds LLC purchased a new position in shares of Pure Storage during the 4th quarter worth $282,000. Stephens Inc. AR increased its stake in Pure Storage by 4.3% in the fourth quarter. Stephens Inc. AR now owns 9,913 shares of the technology company's stock valued at $609,000 after purchasing an additional 410 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. increased its stake in shares of Pure Storage by 5,204.5% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 1,167 shares of the technology company's stock valued at $72,000 after acquiring an additional 1,145 shares during the last quarter. 83.42% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PSTG has been the subject of a number of recent analyst reports. Citigroup boosted their target price on shares of Pure Storage from $55.00 to $65.00 and gave the company a "buy" rating in a report on Friday, May 16th. Piper Sandler reiterated an "overweight" rating and issued a $66.00 price target (up previously from $53.00) on shares of Pure Storage in a report on Thursday, May 29th. Needham & Company LLC restated a "buy" rating and set a $75.00 price objective on shares of Pure Storage in a report on Thursday, May 29th. JPMorgan Chase & Co. cut their target price on Pure Storage from $75.00 to $70.00 and set an "overweight" rating on the stock in a research report on Thursday, May 29th. Finally, UBS Group boosted their price target on Pure Storage from $47.00 to $50.00 and gave the company a "sell" rating in a research report on Thursday, February 27th. One analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat.com, Pure Storage has an average rating of "Moderate Buy" and a consensus target price of $69.95.

Pure Storage Stock Down 0.4%

Shares of PSTG traded down $0.24 during mid-day trading on Wednesday, reaching $54.88. 1,835,541 shares of the stock traded hands, compared to its average volume of 2,970,071. The stock has a fifty day simple moving average of $48.64 and a 200 day simple moving average of $56.19. Pure Storage, Inc. has a 12-month low of $34.51 and a 12-month high of $73.67. The firm has a market cap 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 released its quarterly earnings results on Wednesday, May 28th. The technology company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.04. Pure Storage had a net margin of 4.22% and a return on equity of 16.06%. The firm had revenue of $778.49 million for the quarter, compared to the consensus estimate of $770.03 million. During the same quarter in the previous year, the firm posted $0.32 EPS. The firm's quarterly revenue was up 12.3% on a year-over-year basis. On average, equities research analysts expect that Pure Storage, Inc. will post 0.44 earnings per share for the current fiscal year.

Insider Transactions at Pure Storage

In other Pure Storage news, CRO Dan Fitzsimons sold 6,977 shares of the firm's stock in a transaction that occurred on Monday, April 21st. The stock was sold at an average price of $40.91, for a total transaction of $285,429.07. Following the completion of the sale, the executive now owns 90,223 shares in the company, valued at $3,691,022.93. This trade represents a 7.18% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John Francis Murphy sold 11,234 shares of the stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $55.13, for a total value of $619,330.42. Following the transaction, the director now owns 21,930 shares of the company's stock, valued at approximately $1,209,000.90. This trade represents a 33.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 119,083 shares of company stock valued at $6,150,676. 5.60% of the stock is currently owned by insiders.

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.