Bank of New York Mellon Corp Cuts Stock Holdings in Pure Storage, Inc. (NYSE:PSTG)

Bank of New York Mellon Corp reduced its holdings in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) by 2.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,405,034 shares of the technology company's stock after selling 102,995 shares during the period. Bank of New York Mellon Corp owned 1.04% of Pure Storage worth $150,741,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Victory Capital Management Inc. grew its stake in shares of Pure Storage by 23.5% in the 4th quarter. Victory Capital Management Inc. now owns 284,649 shares of the technology company's stock valued at $17,486,000 after buying an additional 54,256 shares during the period. Franklin Resources Inc. boosted its stake in Pure Storage by 0.5% during the 4th quarter. Franklin Resources Inc. now owns 2,566,374 shares of the technology company's stock valued at $157,652,000 after purchasing an additional 12,972 shares during the last quarter. Fifth Third Bancorp boosted its stake in Pure Storage by 11.3% during the 1st quarter. Fifth Third Bancorp now owns 5,339 shares of the technology company's stock valued at $236,000 after purchasing an additional 542 shares during the last quarter. Oppenheimer & Co. Inc. boosted its stake in Pure Storage by 8.4% during the 1st quarter. Oppenheimer & Co. Inc. now owns 7,327 shares of the technology company's stock valued at $324,000 after purchasing an additional 570 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC boosted its stake in Pure Storage by 20.8% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 5,414 shares of the technology company's stock valued at $333,000 after purchasing an additional 932 shares during the last quarter. 83.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

PSTG has been the topic of several recent analyst reports. JPMorgan Chase & Co. dropped their target price on shares of Pure Storage from $75.00 to $70.00 and set an "overweight" rating on the stock in a research report on Thursday, May 29th. Citigroup lifted their price target on shares of Pure Storage from $55.00 to $65.00 and gave the stock a "buy" rating in a report on Friday, May 16th. Wedbush reaffirmed an "outperform" rating and issued a $70.00 price target on shares of Pure Storage in a report on Thursday, May 29th. Wall Street Zen upgraded shares of Pure Storage from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. Finally, Morgan Stanley boosted their price target on shares of Pure Storage from $40.00 to $62.00 and gave the company an "equal weight" rating in a research report on Tuesday, May 20th. One research 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. Based on data from MarketBeat, Pure Storage currently has an average rating of "Moderate Buy" and an average price target of $69.95.

Insider Activity

In other news, 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 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John Francis Murphy sold 11,234 shares of the firm's stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $55.13, for a total transaction of $619,330.42. Following the sale, the director owned 21,930 shares in the company, valued at $1,209,000.90. The trade was a 33.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 147,684 shares of company stock valued at $7,713,802 over the last 90 days. Company insiders own 5.60% of the company's stock.

Pure Storage Stock Performance

Shares of NYSE:PSTG traded down $1.17 during trading on Friday, reaching $56.39. 2,250,341 shares of the stock traded hands, compared to its average volume of 2,921,481. The stock has a 50-day moving average of $54.37 and a two-hundred day moving average of $55.35. Pure Storage, Inc. has a 52-week low of $34.51 and a 52-week high of $73.67. The stock has a market cap of $18.43 billion, a P/E ratio of 152.41, a price-to-earnings-growth ratio of 5.34 and a beta of 1.06.

Pure Storage (NYSE:PSTG - Get Free Report) last released its quarterly earnings results on Wednesday, May 28th. The technology company reported $0.29 earnings per share 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 for the quarter, compared to the consensus estimate of $770.03 million. During the same period last year, the firm earned $0.32 earnings per share. The company's quarterly revenue was up 12.3% on a year-over-year basis. Sell-side analysts expect that Pure Storage, Inc. will post 0.44 earnings per share for the current year.

Pure Storage Company 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.