Invesco Ltd. Trims Stock Position in Pure Storage, Inc. (NYSE:PSTG)

Invesco Ltd. cut its stake in Pure Storage, Inc. (NYSE:PSTG - Free Report) by 32.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,813,598 shares of the technology company's stock after selling 1,348,483 shares during the period. Invesco Ltd. owned about 0.86% of Pure Storage worth $124,558,000 as of its most recent SEC filing.

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

Insider Activity at Pure Storage

In other news, insider Ajay Singh sold 22,601 shares of the firm's stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $55.45, for a total value of $1,253,225.45. Following the transaction, the insider owned 261,465 shares of the company's stock, valued at approximately $14,498,234.25. This trade represents a 7.96% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider John Colgrove sold 198,749 shares of Pure Storage stock in a transaction on Thursday, July 31st. The stock was sold at an average price of $60.32, for a total transaction of $11,988,539.68. Following the sale, the insider directly owned 500,000 shares in the company, valued at $30,160,000. This trade represents a 28.44% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 446,794 shares of company stock worth $26,641,913. 5.60% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PSTG. Morgan Stanley boosted their price target on shares of Pure Storage from $40.00 to $62.00 and gave the stock an "equal weight" rating in a research note on Tuesday, May 20th. Needham & Company LLC reiterated a "buy" rating and set a $75.00 price target on shares of Pure Storage in a research note on Friday, June 20th. JPMorgan Chase & Co. lowered their target price 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. Wall Street Zen upgraded shares of Pure Storage from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Finally, Citigroup upped their price target on shares of Pure Storage from $65.00 to $70.00 and gave the company a "buy" rating in a report on Monday. One equities 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.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $70.21.

Pure Storage Stock Performance

Shares of PSTG stock opened at $57.97 on Friday. Pure Storage, Inc. has a one year low of $34.51 and a one year high of $73.67. The company has a 50 day moving average price of $56.14 and a 200 day moving average price of $54.03. The firm has a market capitalization of $18.95 billion, a price-to-earnings ratio of 156.67, a price-to-earnings-growth ratio of 5.66 and a beta of 1.07.

Pure Storage (NYSE:PSTG - Get Free Report) last issued its quarterly earnings results on Wednesday, May 28th. The technology company reported $0.29 EPS for the quarter, topping the consensus estimate 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 analyst estimates of $770.03 million. During the same quarter in the prior year, the business posted $0.32 earnings per share. Pure Storage's revenue for the quarter was up 12.3% compared to the same quarter last year. As a group, equities analysts forecast that Pure Storage, Inc. will post 0.44 EPS for the current fiscal 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.

Want to see what other hedge funds are holding PSTG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pure Storage, Inc. (NYSE:PSTG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.