Pinnacle Wealth Management LLC Acquires Shares of 10,815 Pure Storage, Inc. $PSTG

Key Points

• Pinnacle Wealth Management LLC acquired 10,815 shares of Pure Storage, Inc. (NYSE:PSTG) in the first quarter, with a value of approximately $479,000.
• Institutional investors own 83.42% of Pure Storage's stock, indicating significant backing from the investment community.
• Analysts have a consensus price target of $70.21 for Pure Storage, with the majority rating it a "Moderate Buy."

Pinnacle Wealth Management LLC acquired a new stake in Pure Storage, Inc. (NYSE:PSTG - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 10,815 shares of the technology company's stock, valued at approximately $479,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. McIlrath & Eck LLC bought a new position in shares of Pure Storage during the 4th quarter worth $25,000. MassMutual Private Wealth & Trust FSB raised its holdings in shares of 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 in the last quarter. FNY Investment Advisers LLC raised its holdings in shares of Pure Storage by 5,233.3% in the 1st quarter. FNY Investment Advisers LLC now owns 800 shares of the technology company's stock valued at $35,000 after acquiring an additional 785 shares in the last quarter. TruNorth Capital Management LLC purchased a new stake in shares of Pure Storage in the 1st quarter valued at about $38,000. Finally, Nisa Investment Advisors LLC raised its holdings in shares of Pure Storage by 35.6% during the 1st quarter. Nisa Investment Advisors LLC now owns 910 shares of the technology company's stock valued at $40,000 after buying an additional 239 shares in the last quarter. 83.42% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on PSTG. Wedbush reissued an "outperform" rating and set a $70.00 price objective on shares of Pure Storage in a report on Thursday, May 29th. 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 note on Friday, May 23rd. Piper Sandler reaffirmed an "overweight" rating and set a $66.00 price objective (up from $53.00) on shares of Pure Storage in a research note on Thursday, May 29th. Morgan Stanley raised their price objective on Pure Storage from $40.00 to $62.00 and gave the company an "equal weight" rating in a research note on Tuesday, May 20th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $75.00 price target on shares of Pure Storage in a research note on Friday, June 20th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $70.21.

Insider Activity at Pure Storage

In related news, CRO Dan Fitzsimons sold 6,000 shares of the company's stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $51.65, for a total value of $309,900.00. Following the sale, the executive directly owned 75,965 shares of the company's stock, valued at $3,923,592.25. This represents a 7.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John Francis Murphy sold 6,959 shares of the company's stock in a transaction on Friday, July 11th. The stock was sold at an average price of $56.17, for a total value of $390,887.03. Following the completion of the sale, the director directly owned 19,706 shares in the company, valued at approximately $1,106,886.02. The trade was a 26.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 446,794 shares of company stock valued at $26,641,913. 5.60% of the stock is currently owned by corporate insiders.

Pure Storage Stock Performance

PSTG opened at $58.60 on Monday. Pure Storage, Inc. has a 52-week low of $34.51 and a 52-week high of $73.67. The stock has a market capitalization of $19.15 billion, a PE ratio of 158.38, a price-to-earnings-growth ratio of 5.58 and a beta of 1.07. The stock's 50 day moving average price is $56.20 and its 200-day moving average price is $53.78.

Pure Storage (NYSE:PSTG - Get Free Report) last issued its quarterly earnings data on Wednesday, May 28th. The technology company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.25 by $0.04. Pure Storage had a net margin of 3.93% and a return on equity of 13.98%. The business had revenue of $778.49 million during the quarter, compared to analyst estimates of $770.03 million. During the same period last year, the business posted $0.32 earnings per share. Pure Storage's quarterly revenue was up 12.3% compared to the same quarter last year. Research analysts forecast that Pure Storage, Inc. will post 0.44 EPS for the current fiscal 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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