New Age Alpha Advisors LLC Has $2.79 Million Stock Position in Pure Storage, Inc. (NYSE:PSTG)

Key Points

• New Age Alpha Advisors LLC has reduced its stake in Pure Storage, Inc. by 6.5%, owning 63,094 shares after selling 4,374 shares in the first quarter, valued at approximately $2.79 million.
• Other institutional investors increased their holdings in Pure Storage, with notable increases from D.A. Davidson & CO. (7.7%), Fifth Third Bancorp (11.3%), and Oppenheimer & Co. Inc. (8.4%), contributing to a total institutional ownership of 83.42%.
• Pure Storage recently reported an earnings per share (EPS) of $0.29 for the last quarter, surpassing analysts' estimates, with a revenue of $778.49 million, marking a 12.3% increase year-over-year.

New Age Alpha Advisors LLC reduced its stake in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) by 6.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 63,094 shares of the technology company's stock after selling 4,374 shares during the quarter. New Age Alpha Advisors LLC's holdings in Pure Storage were worth $2,793,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Invesco Ltd. raised its stake in shares of Pure Storage by 18.8% during the fourth 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. Raiffeisen Bank International AG purchased a new position in Pure Storage during the 4th quarter valued at about $33,925,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Pure Storage in the 1st quarter valued at $24,462,000. Baird Financial Group Inc. grew its holdings in shares of Pure Storage by 9,041.4% in the fourth quarter. Baird Financial Group Inc. now owns 521,516 shares of the technology company's stock valued at $32,037,000 after purchasing an additional 515,811 shares during the period. Finally, Northern Trust Corp boosted its stake in shares of Pure Storage by 18.2% in the fourth quarter. Northern Trust Corp now owns 2,888,060 shares of the technology company's stock valued at $177,414,000 after purchasing an additional 443,728 shares during the period. Institutional investors and hedge funds own 83.42% of the company's stock.

Insider Activity at Pure Storage

In other Pure Storage news, CRO Dan Fitzsimons sold 6,000 shares of the firm's stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $51.65, for a total value of $309,900.00. Following the completion of the sale, the executive directly owned 75,965 shares in the company, valued at approximately $3,923,592.25. This trade represents a 7.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider John Colgrove sold 198,749 shares of Pure Storage stock in a transaction dated 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 completion of the transaction, the insider owned 500,000 shares of the company's stock, valued at $30,160,000. The trade was a 28.44% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 446,794 shares of company stock valued at $26,641,913. Insiders own 5.60% of the company's stock.

Pure Storage Stock Down 0.9%

Shares of NYSE PSTG traded down $0.54 during mid-day trading on Monday, reaching $58.05. 244,732 shares of the company were exchanged, compared to its average volume of 2,713,765. The stock has a market cap of $18.97 billion, a price-to-earnings ratio of 157.04, a P/E/G ratio of 5.57 and a beta of 1.07. Pure Storage, Inc. has a 1 year low of $34.51 and a 1 year high of $73.67. The firm has a 50-day moving average of $55.81 and a 200 day moving average of $54.11.

Pure Storage (NYSE:PSTG - Get Free Report) last issued its quarterly earnings results on Wednesday, May 28th. The technology company reported $0.29 earnings per share for the quarter, topping analysts' consensus estimates 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 return on equity of 13.98% and a net margin of 3.93%. The business's revenue for the quarter was up 12.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.32 EPS. On average, equities analysts forecast that Pure Storage, Inc. will post 0.44 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on PSTG shares. Barclays lowered their target price on Pure Storage from $61.00 to $57.00 and set an "equal weight" rating on the stock in a report on Thursday, May 29th. JPMorgan Chase & Co. cut their price target on Pure Storage from $75.00 to $70.00 and set an "overweight" rating on the stock in a research note on Thursday, May 29th. Citigroup raised their price target on Pure Storage from $65.00 to $70.00 and gave the stock a "buy" rating in a research report on Monday. Evercore ISI raised their price objective on Pure Storage from $60.00 to $70.00 and gave the company an "outperform" rating in a research report on Friday, May 23rd. Finally, Wall Street Zen raised Pure Storage from a "hold" rating to a "buy" rating in a report on Saturday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $70.21.

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.