Glassy Mountain Advisors Inc. Buys Shares of 41,738 Pure Storage, Inc. (NYSE:PSTG)

Glassy Mountain Advisors Inc. purchased a new stake in Pure Storage, Inc. (NYSE:PSTG - Free Report) in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 41,738 shares of the technology company's stock, valued at approximately $1,848,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Krane Funds Advisors LLC lifted its stake in Pure Storage by 16.6% during the first quarter. Krane Funds Advisors LLC now owns 6,152 shares of the technology company's stock valued at $272,000 after buying an additional 875 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in shares of Pure Storage by 4.5% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 53,945 shares of the technology company's stock worth $2,388,000 after purchasing an additional 2,305 shares during the period. Peregrine Capital Management LLC grew its position in Pure Storage by 3.5% during the first quarter. Peregrine Capital Management LLC now owns 164,595 shares of the technology company's stock valued at $7,287,000 after purchasing an additional 5,503 shares in the last quarter. KBC Group NV increased its stake in Pure Storage by 6.5% in the 1st quarter. KBC Group NV now owns 42,097 shares of the technology company's stock valued at $1,864,000 after buying an additional 2,574 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. increased its stake in Pure Storage by 3.0% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,010,210 shares of the technology company's stock valued at $88,992,000 after buying an additional 58,054 shares during the period. 83.42% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on PSTG shares. Wall Street Zen raised shares of Pure Storage from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. Evercore ISI lifted their target price on shares of Pure Storage from $60.00 to $70.00 and gave the company an "outperform" rating in a research note on Friday, May 23rd. Citigroup raised their price objective on shares of Pure Storage from $55.00 to $65.00 and gave the company a "buy" rating in a research report on Friday, May 16th. Needham & Company LLC reaffirmed a "buy" rating and set a $75.00 price objective on shares of Pure Storage in a research report on Friday, June 20th. Finally, Barclays cut their price objective on shares of Pure Storage from $61.00 to $57.00 and set an "equal weight" 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 assigned a hold rating and fifteen have given a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $69.95.

Insiders Place Their Bets

In other Pure Storage news, Director John Francis Murphy sold 11,234 shares of Pure Storage stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $55.13, for a total transaction of $619,330.42. Following the completion of the transaction, the director directly owned 21,930 shares of the company's stock, valued at $1,209,000.90. The trade was a 33.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CRO Dan Fitzsimons sold 6,977 shares of Pure Storage stock in a transaction 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 transaction, the executive directly owned 90,223 shares of the company's stock, valued at approximately $3,691,022.93. This trade represents a 7.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 125,083 shares of company stock valued at $6,460,576 over the last ninety days. 5.60% of the stock is currently owned by company insiders.

Pure Storage Stock Up 1.4%

Shares of NYSE:PSTG traded up $0.80 during midday trading on Thursday, hitting $56.80. The stock had a trading volume of 1,217,759 shares, compared to its average volume of 2,921,272. Pure Storage, Inc. has a 12 month low of $34.51 and a 12 month high of $73.67. The business's 50-day simple moving average is $52.81 and its 200-day simple moving average is $55.71. The company has a market cap of $18.56 billion, a P/E ratio of 103.70, a PEG ratio of 5.31 and a beta of 1.06.

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

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.