Charles Schwab Investment Management Inc. Boosts Stake in Pure Storage, Inc. $PSTG

Key Points

• Charles Schwab Investment Management Inc. increased its holdings in Pure Storage by 6.2%, owning 1,461,500 shares valued at $64.7 million, with institutional investors owning 83.42% of the stock overall.
• Pure Storage's stock recently opened at $57.97, down 2.7%, with a market cap of $18.95 billion and a 52-week range between $34.51 and $73.67.
• The company reported $0.29 earnings per share for the last quarter, surpassing analysts' estimates, with a revenue of $778.49 million, up 12.3% year-over-year.

Charles Schwab Investment Management Inc. boosted its position in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) by 6.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,461,500 shares of the technology company's stock after acquiring an additional 85,851 shares during the period. Charles Schwab Investment Management Inc. owned 0.45% of Pure Storage worth $64,701,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. McIlrath & Eck LLC acquired a new position in Pure Storage in the fourth quarter worth about $25,000. MassMutual Private Wealth & Trust FSB grew its position in shares of Pure Storage by 55.9% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 650 shares of the technology company's stock worth $29,000 after buying an additional 233 shares during the period. FNY Investment Advisers LLC grew its position 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 buying an additional 785 shares during the period. TruNorth Capital Management LLC bought a new position in shares of Pure Storage during the first quarter worth $38,000. Finally, Nisa Investment Advisors LLC boosted its position in shares of Pure Storage by 35.6% during the first quarter. Nisa Investment Advisors LLC now owns 910 shares of the technology company's stock worth $40,000 after purchasing an additional 239 shares in the last quarter. Institutional investors and hedge funds own 83.42% of the company's stock.

Pure Storage Trading Down 0.1%

Shares of PSTG traded down $0.06 on Monday, reaching $58.57. The company's stock had a trading volume of 729,328 shares, compared to its average volume of 2,696,735. Pure Storage, Inc. has a twelve month low of $34.51 and a twelve month high of $73.67. The stock has a market capitalization of $19.14 billion, a PE ratio of 158.17, a PEG ratio of 5.58 and a beta of 1.07. The firm has a fifty day moving average of $56.20 and a 200-day moving average of $53.78.

Pure Storage (NYSE:PSTG - Get Free Report) last announced its 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. Pure Storage had a return on equity of 13.98% and a net margin of 3.93%. The firm had revenue of $778.49 million for the quarter, compared to the consensus estimate of $770.03 million. During the same quarter in the previous year, the business earned $0.32 EPS. The company's revenue was up 12.3% compared to the same quarter last year. As a group, equities analysts anticipate that Pure Storage, Inc. will post 0.44 EPS for the current fiscal year.

Insider Activity at Pure Storage

In related news, Director John Francis Murphy sold 6,959 shares of the firm's stock in a transaction that occurred on Friday, July 11th. The shares were sold at an average price of $56.17, for a total value of $390,887.03. Following the completion of the transaction, the director directly owned 19,706 shares of the company's stock, valued at approximately $1,106,886.02. This trade represents a 26.10% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 completion of the transaction, the insider directly owned 261,465 shares of the company's stock, valued at approximately $14,498,234.25. The trade was a 7.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 446,794 shares of company stock worth $26,641,913. 5.60% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts recently commented on PSTG shares. Wedbush reiterated an "outperform" rating and set a $70.00 price target on shares of Pure Storage in a report on Thursday, May 29th. Needham & Company LLC reissued a "buy" rating and issued a $75.00 price objective on shares of Pure Storage in a research note on Friday, June 20th. Wall Street Zen upgraded shares of Pure Storage from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Barclays lowered their price target on shares of Pure Storage from $61.00 to $57.00 and set an "equal weight" rating for the company in a report on Thursday, May 29th. Finally, Evercore ISI upped their price target on shares of Pure Storage from $60.00 to $70.00 and gave the stock an "outperform" rating in a report on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, Pure Storage has an average rating of "Moderate Buy" and an average 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.