Mackenzie Financial Corp Sells 91,391 Shares of Pure Storage, Inc. (NYSE:PSTG)

Key Points

• Mackenzie Financial Corp sold 91,391 shares of Pure Storage, Inc., reducing its holdings by 69.7% in Q1, leaving it with 39,636 shares valued at approximately $1.76 million.
• Overall, institutional investors own 83.42% of Pure Storage's stock, with various firms like T. Rowe Price and Invesco increasing their stakes in the company.
• Analyst ratings are mixed, with a consensus of "Moderate Buy" and an average target price of $69.95 per share, despite recent price adjustments from firms like JPMorgan and Needham & Company.

Mackenzie Financial Corp lessened its holdings in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) by 69.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 39,636 shares of the technology company's stock after selling 91,391 shares during the quarter. Mackenzie Financial Corp's holdings in Pure Storage were worth $1,755,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. T. Rowe Price Investment Management Inc. grew its stake in shares of Pure Storage by 5.9% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 7,207,162 shares of the technology company's stock worth $442,736,000 after acquiring an additional 401,035 shares in the last quarter. Champlain Investment Partners LLC grew its stake in shares of Pure Storage by 3.0% in the 4th quarter. Champlain Investment Partners LLC now owns 5,921,392 shares of the technology company's stock worth $363,751,000 after acquiring an additional 174,449 shares in the last quarter. Invesco Ltd. grew its stake in shares of Pure Storage by 18.8% in the 4th quarter. Invesco Ltd. now owns 4,162,081 shares of the technology company's stock worth $255,677,000 after acquiring an additional 657,175 shares in the last quarter. First Trust Advisors LP grew its stake in shares of Pure Storage by 3.0% in the 4th quarter. First Trust Advisors LP now owns 3,118,774 shares of the technology company's stock worth $191,586,000 after acquiring an additional 91,368 shares in the last quarter. Finally, Northern Trust Corp grew its stake in shares of Pure Storage by 18.2% in the 4th quarter. Northern Trust Corp now owns 2,888,060 shares of the technology company's stock worth $177,414,000 after acquiring an additional 443,728 shares in the last quarter. Institutional investors own 83.42% of the company's stock.

Insider Buying and Selling at Pure Storage

In other news, CRO Dan Fitzsimons sold 6,000 shares of the company's stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $51.65, for a total transaction of $309,900.00. Following the sale, the executive directly owned 75,965 shares in the company, valued at $3,923,592.25. This represents a 7.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider John Colgrove sold 198,749 shares of the company's stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $60.32, for a total value of $11,988,539.68. Following the sale, the insider owned 500,000 shares in the company, valued at approximately $30,160,000. This represents a 28.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 547,666 shares of company stock valued at $31,887,830 in the last three months. 5.60% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

PSTG has been the subject of several recent analyst reports. Wedbush reiterated an "outperform" rating and issued a $70.00 target price on shares of Pure Storage in a research note on Thursday, May 29th. Wall Street Zen lowered shares of Pure Storage from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. Piper Sandler reissued an "overweight" rating and issued a $66.00 price target (up from $53.00) on shares of Pure Storage in a report on Thursday, May 29th. JPMorgan Chase & Co. cut their price target on shares of Pure Storage from $75.00 to $70.00 and set an "overweight" rating on the stock in a report on Thursday, May 29th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $75.00 price target on shares of Pure Storage in a report on Friday, June 20th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and fourteen have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $69.95.

Pure Storage Stock Down 8.4%

NYSE PSTG opened at $54.54 on Monday. The company has a market cap of $17.83 billion, a PE ratio of 147.41, a price-to-earnings-growth ratio of 5.19 and a beta of 1.07. Pure Storage, Inc. has a 52 week low of $34.51 and a 52 week high of $73.67. The firm's 50-day simple moving average is $55.55 and its two-hundred day simple moving average is $54.54.

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, beating the consensus estimate of $0.25 by $0.04. The business had revenue of $778.49 million for the quarter, compared to the consensus estimate of $770.03 million. Pure Storage had a net margin of 3.93% and a return on equity of 13.98%. The company's revenue was up 12.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.32 earnings per share. As a group, equities research analysts anticipate that Pure Storage, Inc. will post 0.44 EPS for the current year.

About Pure Storage

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.

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.