6,415 Shares in Pure Storage, Inc. (NYSE:PSTG) Bought by Intrust Bank NA

Key Points

• Intrust Bank NA acquired 6,415 shares in Pure Storage, valued around $284,000, during the first quarter of 2023.
• Pure Storage reported an earnings per share (EPS) of $0.29 for the last quarter, exceeding analyst expectations of $0.25, with a revenue of $778.49 million.
• Research analysts remain bullish, with 14 analysts giving the stock a buy rating and an average target price of $69.95.

Intrust Bank NA purchased a new stake in Pure Storage, Inc. (NYSE:PSTG - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 6,415 shares of the technology company's stock, valued at approximately $284,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. McIlrath & Eck LLC purchased a new stake in shares of Pure Storage during the 4th quarter valued at $25,000. MassMutual Private Wealth & Trust FSB increased its position in shares of Pure Storage by 55.9% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 650 shares of the technology company's stock valued at $29,000 after buying an additional 233 shares during the period. FNY Investment Advisers LLC increased its position in shares of Pure Storage by 5,233.3% during the first quarter. FNY Investment Advisers LLC now owns 800 shares of the technology company's stock valued at $35,000 after buying an additional 785 shares during the period. TruNorth Capital Management LLC purchased a new stake in Pure Storage in the first quarter worth about $38,000. Finally, Nisa Investment Advisors LLC grew its holdings in Pure Storage by 35.6% in the first quarter. Nisa Investment Advisors LLC now owns 910 shares of the technology company's stock worth $40,000 after purchasing an additional 239 shares during the period. 83.42% of the stock is owned by institutional investors.

Pure Storage Stock Performance

Shares of NYSE:PSTG traded up $1.61 during trading on Tuesday, hitting $58.95. 601,812 shares of the stock were exchanged, compared to its average volume of 2,707,750. The company has a market capitalization of $19.27 billion, a price-to-earnings ratio of 158.98, a price-to-earnings-growth ratio of 5.57 and a beta of 1.07. The company's fifty day simple moving average is $55.88 and its 200-day simple moving average is $54.01. Pure Storage, Inc. has a 1-year low of $34.51 and a 1-year high of $73.67.

Pure Storage (NYSE:PSTG - Get Free Report) last issued its quarterly earnings results on Wednesday, May 28th. The technology company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.04. Pure Storage had a return on equity of 13.98% and a net margin of 3.93%. The business had revenue of $778.49 million for the quarter, compared to analyst estimates of $770.03 million. During the same quarter in the prior year, the firm posted $0.32 earnings per share. The firm's revenue for the quarter was up 12.3% compared to the same quarter last year. On average, research analysts forecast that Pure Storage, Inc. will post 0.44 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PSTG. JPMorgan Chase & Co. decreased their target price on Pure Storage from $75.00 to $70.00 and set an "overweight" rating for the company in a research report on Thursday, May 29th. 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. Morgan Stanley boosted their price target on shares of Pure Storage from $40.00 to $62.00 and gave the company an "equal weight" rating in a report on Tuesday, May 20th. Wedbush reaffirmed an "outperform" rating and issued a $70.00 price objective on shares of Pure Storage in a research report on Thursday, May 29th. Finally, Wall Street Zen raised shares of Pure Storage from a "hold" rating to a "buy" rating in a research report on Saturday. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Pure Storage currently has a consensus rating of "Moderate Buy" and an average target price of $70.21.

Insiders Place Their Bets

In other Pure Storage news, Director John Francis Murphy sold 6,959 shares of the firm's stock in a transaction that occurred on Friday, July 11th. The stock was sold at an average price of $56.17, for a total value of $390,887.03. Following the completion of the transaction, the director directly owned 19,706 shares in the company, valued at $1,106,886.02. This trade represents a 26.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CRO Dan Fitzsimons sold 6,000 shares of the firm's stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $51.65, for a total value of $309,900.00. Following the completion of the transaction, the executive owned 75,965 shares of the company's stock, valued at approximately $3,923,592.25. This represents a 7.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 446,794 shares of company stock worth $26,641,913. 5.60% of the stock is owned by company 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.