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

Several other large investors have also added to or reduced their stakes in the stock. Invesco Ltd. raised its position in shares of Pure Storage by 18.8% during the 4th quarter. Invesco Ltd. now owns 4,162,081 shares of the technology company's stock valued at $255,677,000 after buying an additional 657,175 shares in the last quarter. Raiffeisen Bank International AG bought a new position in Pure Storage in the fourth quarter valued at $33,925,000. Allspring Global Investments Holdings LLC purchased a new stake in Pure Storage during the first quarter valued at about $24,462,000. Baird Financial Group Inc. lifted its stake in Pure Storage by 9,041.4% during the fourth quarter. Baird Financial Group Inc. now owns 521,516 shares of the technology company's stock worth $32,037,000 after purchasing an additional 515,811 shares during the last quarter. Finally, Northern Trust Corp boosted its holdings 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 purchasing an additional 443,728 shares in the last quarter. Institutional investors own 83.42% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Wedbush reaffirmed an "outperform" rating and set a $70.00 target price on shares of Pure Storage in a report on Thursday, May 29th. Wall Street Zen cut Pure Storage from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. Citigroup lifted their price objective on Pure Storage from $55.00 to $65.00 and gave the stock a "buy" rating in a report on Friday, May 16th. Piper Sandler reaffirmed an "overweight" rating and issued a $66.00 target price (up from $53.00) on shares of Pure Storage in a research note on Thursday, May 29th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $75.00 target price on shares of Pure Storage in a research note on Friday, June 20th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have issued a buy rating to the company's stock. Based on data from MarketBeat, Pure Storage has an average rating of "Moderate Buy" and an average target price of $69.95.

Insider Activity at Pure Storage

In other news, insider John Colgrove sold 198,749 shares of Pure Storage stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $60.32, for a total value of $11,988,539.68. Following the completion of the transaction, the insider owned 500,000 shares in the company, valued at approximately $30,160,000. The trade was a 28.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John Francis Murphy sold 11,234 shares of the firm's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $55.13, for a total value of $619,330.42. Following the completion of the sale, the director owned 21,930 shares of the company's stock, valued at approximately $1,209,000.90. This represents a 33.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 547,666 shares of company stock worth $31,887,830 over the last 90 days. Company insiders own 5.60% of the company's stock.

Pure Storage Price Performance

Shares of NYSE:PSTG traded up $0.70 during midday trading on Friday, hitting $58.51. The company had a trading volume of 1,051,483 shares, compared to its average volume of 2,725,305. Pure Storage, Inc. has a 12-month low of $34.51 and a 12-month high of $73.67. The company has a fifty day moving average of $55.62 and a two-hundred day moving average of $54.50. The company has a market cap of $19.12 billion, a price-to-earnings ratio of 158.17, a PEG ratio of 5.46 and a beta of 1.07.

Pure Storage (NYSE:PSTG - Get Free Report) last released its earnings results on Wednesday, May 28th. The technology company reported $0.29 earnings per share for the quarter, beating 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 company had revenue of $778.49 million for the quarter, compared to analysts' expectations of $770.03 million. During the same quarter in the previous year, the company earned $0.32 EPS. Pure Storage's revenue for the quarter was up 12.3% on a year-over-year basis. Research analysts expect that Pure Storage, Inc. will post 0.44 earnings per share for the current fiscal 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.