Mutual of America Capital Management LLC Has $7.06 Million Position in Pure Storage, Inc. (NYSE:PSTG)

Key Points

• Mutual of America Capital Management LLC reduced its stake in Pure Storage by 3%, holding 159,513 shares valued at approximately $7.06 million at the end of the first quarter.
• Analysts have given mixed ratings on Pure Storage, with 14 buy ratings and a consensus target price of about $69.95, indicating positive future performance expectations.
• Insider John Colgrove sold 198,749 shares for nearly $12 million, reducing his ownership by 28.44%, while several other investors have recently increased their holdings.

Mutual of America Capital Management LLC lessened its position in Pure Storage, Inc. (NYSE:PSTG - Free Report) by 3.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 159,513 shares of the technology company's stock after selling 4,932 shares during the period. Mutual of America Capital Management LLC's holdings in Pure Storage were worth $7,062,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Peapack Gladstone Financial Corp raised its position in shares of Pure Storage by 2.7% in the fourth quarter. Peapack Gladstone Financial Corp now owns 5,775 shares of the technology company's stock valued at $355,000 after purchasing an additional 150 shares during the period. MassMutual Private Wealth & Trust FSB raised its holdings in Pure Storage by 55.9% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 650 shares of the technology company's stock valued at $29,000 after acquiring an additional 233 shares during the period. Nisa Investment Advisors LLC raised its holdings in Pure Storage by 35.6% in the 1st quarter. Nisa Investment Advisors LLC now owns 910 shares of the technology company's stock valued at $40,000 after acquiring an additional 239 shares during the period. Mutual Advisors LLC lifted its position in Pure Storage by 5.1% during the first quarter. Mutual Advisors LLC now owns 5,173 shares of the technology company's stock worth $236,000 after acquiring an additional 252 shares during the last quarter. Finally, MBM Wealth Consultants LLC boosted its holdings in shares of Pure Storage by 2.3% during the first quarter. MBM Wealth Consultants LLC now owns 11,372 shares of the technology company's stock worth $503,000 after acquiring an additional 252 shares during the period. 83.42% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PSTG. Needham & Company LLC reiterated a "buy" rating and set a $75.00 target price on shares of Pure Storage in a research note on Friday, June 20th. Evercore ISI increased their price objective on Pure Storage from $60.00 to $70.00 and gave the stock an "outperform" rating in a research report on Friday, May 23rd. JPMorgan Chase & Co. dropped their target price on Pure Storage from $75.00 to $70.00 and set an "overweight" rating for the company in a report on Thursday, May 29th. Piper Sandler restated an "overweight" rating and issued a $66.00 price target (up from $53.00) on shares of Pure Storage in a research note on Thursday, May 29th. Finally, Wedbush reiterated an "outperform" rating and issued a $70.00 price objective on shares of Pure Storage in a research note on Thursday, May 29th. One equities research 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. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $69.95.

Insider Activity at Pure Storage

In other Pure Storage news, insider John Colgrove sold 198,749 shares of the stock in a transaction dated 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 directly owned 500,000 shares in the company, valued at approximately $30,160,000. This trade represents a 28.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Ajay Singh sold 22,601 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the insider directly owned 261,465 shares of the company's stock, valued at $14,498,234.25. This represents a 7.96% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 547,666 shares of company stock worth $31,887,830. Corporate insiders own 5.60% of the company's stock.

Pure Storage Stock Up 0.7%

Pure Storage stock opened at $57.84 on Friday. The stock has a market cap of $18.90 billion, a PE ratio of 156.33, a P/E/G ratio of 5.46 and a beta of 1.07. Pure Storage, Inc. has a 12-month low of $34.51 and a 12-month high of $73.67. The business's 50-day moving average price is $55.62 and its two-hundred day moving average price is $54.50.

Pure Storage (NYSE:PSTG - Get Free Report) last posted its quarterly 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. The company 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 firm's quarterly revenue was up 12.3% compared to the same quarter last year. During the same period last year, the company posted $0.32 EPS. As a group, analysts expect that Pure Storage, Inc. will post 0.44 earnings per share for the current 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.

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