Mediolanum International Funds Ltd Sells 9,671 Shares of Pure Storage, Inc. (NYSE:PSTG)

Key Points

• Mediolanum International Funds Ltd reduced its holdings in Pure Storage, Inc. by 35.5%, owning 17,594 shares valued at $809,000 after selling 9,671 shares in the first quarter.
• Institutional investors and hedge funds collectively own 83.42% of Pure Storage, with recent investments including a $216.69 million stake from Norges Bank.
• Pure Storage reported a profit of $0.29 per share for the latest quarter, exceeding expectations and showing a 12.3% year-over-year revenue increase to $778.49 million.

Mediolanum International Funds Ltd reduced its position in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) by 35.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 17,594 shares of the technology company's stock after selling 9,671 shares during the quarter. Mediolanum International Funds Ltd's holdings in Pure Storage were worth $809,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. McIlrath & Eck LLC purchased a new stake in Pure Storage in the 4th quarter worth approximately $25,000. MassMutual Private Wealth & Trust FSB increased its position 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 worth $29,000 after purchasing an additional 233 shares during the last quarter. FNY Investment Advisers LLC raised its stake in shares of Pure Storage by 5,233.3% during the 1st quarter. FNY Investment Advisers LLC now owns 800 shares of the technology company's stock worth $35,000 after purchasing an additional 785 shares in the last quarter. TruNorth Capital Management LLC acquired a new stake in shares of Pure Storage during the 1st quarter valued at about $38,000. Finally, Nisa Investment Advisors LLC grew its stake in shares of 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 buying an additional 239 shares in the last quarter. Hedge funds and other institutional investors own 83.42% of the company's stock.

Pure Storage Trading Down 8.2%

NYSE:PSTG traded down $4.90 during trading hours on Friday, hitting $54.63. 1,134,164 shares of the company traded hands, compared to its average volume of 2,752,652. Pure Storage, Inc. has a twelve month low of $34.51 and a twelve month high of $73.67. The firm has a 50-day moving average of $55.57 and a 200 day moving average of $54.75. The stock has a market capitalization of $17.85 billion, a price-to-earnings ratio of 147.92, a P/E/G ratio of 5.63 and a beta of 1.06.

Pure Storage (NYSE:PSTG - Get Free Report) last announced its quarterly earnings data on Wednesday, May 28th. The technology company reported $0.29 EPS 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 business had revenue of $778.49 million during the quarter, compared to analyst estimates of $770.03 million. During the same quarter in the prior year, the business earned $0.32 earnings per share. The firm's revenue for the quarter was up 12.3% on a year-over-year basis. Equities research analysts predict that Pure Storage, Inc. will post 0.44 earnings per share for the current fiscal year.

Insider Transactions at Pure Storage

In other Pure Storage news, CRO Dan Fitzsimons sold 6,000 shares of Pure Storage stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $51.65, for a total transaction of $309,900.00. Following the sale, the executive owned 75,965 shares in the company, valued at $3,923,592.25. The trade was a 7.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Ajay Singh sold 22,601 shares of the business'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 completion of the sale, the insider directly owned 261,465 shares in the company, valued at $14,498,234.25. This trade represents a 7.96% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 547,666 shares of company stock worth $31,887,830 over the last 90 days. Insiders own 5.60% of the company's stock.

Analyst Ratings Changes

Several brokerages recently weighed in on PSTG. Barclays cut their price objective on shares of Pure Storage from $61.00 to $57.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 29th. Piper Sandler restated an "overweight" rating and set a $66.00 price target (up previously from $53.00) on shares of Pure Storage in a report on Thursday, May 29th. Evercore ISI lifted their price objective on shares of Pure Storage from $60.00 to $70.00 and gave the company an "outperform" rating in a research note on Friday, May 23rd. Wall Street Zen downgraded shares of Pure Storage from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. Finally, Morgan Stanley raised their target price on Pure Storage from $40.00 to $62.00 and gave the company an "equal weight" rating in a report on Tuesday, May 20th. One investment 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. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $69.95.

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.