Mitsubishi UFJ Asset Management Co. Ltd. Boosts Holdings in Pure Storage, Inc. (NYSE:PSTG)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Pure Storage, Inc. by 13.4%, holding 275,796 shares worth approximately $12.2 million.
• Several institutional investors also made significant moves, with MassMutual Private Wealth & Trust FSB raising its holdings by 55.9%.
• Pure Storage reported a 12.3% year-over-year revenue increase, posting $778.49 million for the quarter and beating EPS expectations.

Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) by 13.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 275,796 shares of the technology company's stock after acquiring an additional 32,611 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.08% of Pure Storage worth $12,209,000 as of its most recent filing with the Securities & Exchange Commission.

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

Pure Storage Stock Performance

PSTG stock opened at $57.35 on Tuesday. The firm has a market cap of $18.74 billion, a PE ratio of 155.01, a P/E/G ratio of 5.57 and a beta of 1.07. The firm's fifty day moving average is $55.88 and its 200 day moving average is $54.01. Pure Storage, Inc. has a one year low of $34.51 and a one year high of $73.67.

Pure Storage (NYSE:PSTG - Get Free Report) last released its quarterly earnings results 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 company had revenue of $778.49 million for the quarter, compared to analyst estimates of $770.03 million. Pure Storage had a net margin of 3.93% and a return on equity of 13.98%. The firm's revenue was up 12.3% on a year-over-year basis. During the same quarter last year, the business earned $0.32 earnings per share. Research analysts predict that Pure Storage, Inc. will post 0.44 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

PSTG has been the subject of a number of research analyst reports. Wall Street Zen raised shares of Pure Storage from a "hold" rating to a "buy" rating in a report on Saturday. Piper Sandler reaffirmed an "overweight" rating and issued a $66.00 price target (up previously from $53.00) on shares of Pure Storage in a report on Thursday, May 29th. Evercore ISI raised their price target on shares of Pure Storage from $60.00 to $70.00 and gave the stock an "outperform" rating in a report on Friday, May 23rd. Wedbush reaffirmed an "outperform" rating and issued a $70.00 price target on shares of Pure Storage in a report on Thursday, May 29th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Pure Storage from $75.00 to $70.00 and set an "overweight" rating for the company in a report on Thursday, May 29th. One research analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat, Pure Storage currently has an average rating of "Moderate Buy" and a consensus target price of $70.21.

Insider Activity

In related news, Director John Francis Murphy sold 6,959 shares of the firm's stock in a transaction on Friday, July 11th. The shares were sold at an average price of $56.17, for a total transaction of $390,887.03. Following the sale, the director owned 19,706 shares in the company, valued at approximately $1,106,886.02. This trade represents a 26.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 transaction of $1,253,225.45. Following the sale, the insider owned 261,465 shares in the company, valued at approximately $14,498,234.25. This represents a 7.96% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 446,794 shares of company stock worth $26,641,913 in the last ninety days. Corporate insiders own 5.60% of the company's stock.

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.

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