Pure Storage, Inc. $PSTG Shares Purchased by ARK Investment Management LLC

Key Points

• ARK Investment increased its stake in Pure Storage by 12.6% in Q3, buying an additional 38,768 shares to hold 347,093 shares worth about $29.09 million.
• Insiders reduced holdings recently, including Ajay Singh selling 7,178 shares and John Colgrove selling 100,000 shares (the latter for roughly $7.13 million), leaving insiders with about 5.6% ownership.
• Pure Storage beat the quarter's expectations with $0.69 EPS (vs. $0.65 est.) and $1.06 billion revenue (up 20.4% year-over-year), and analysts have a consensus rating of "Moderate Buy" with an average target of $94.32.

ARK Investment Management LLC increased its position in Pure Storage, Inc. (NYSE:PSTG - Free Report) by 12.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 347,093 shares of the technology company's stock after acquiring an additional 38,768 shares during the period. ARK Investment Management LLC owned approximately 0.11% of Pure Storage worth $29,090,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also added to or reduced their stakes in the company. Winnow Wealth LLC purchased a new position in shares of Pure Storage in the third quarter worth about $26,000. Provenance Wealth Advisors LLC acquired a new position in Pure Storage in the 3rd quarter worth approximately $27,000. Assetmark Inc. raised its position in Pure Storage by 186.6% during the 3rd quarter. Assetmark Inc. now owns 341 shares of the technology company's stock worth $29,000 after buying an additional 222 shares during the last quarter. Smartleaf Asset Management LLC lifted its stake in Pure Storage by 40.1% during the 3rd quarter. Smartleaf Asset Management LLC now owns 468 shares of the technology company's stock valued at $39,000 after acquiring an additional 134 shares during the period. Finally, CoreCap Advisors LLC lifted its stake in Pure Storage by 123.7% during the 3rd quarter. CoreCap Advisors LLC now owns 510 shares of the technology company's stock valued at $43,000 after acquiring an additional 282 shares during the period. Hedge funds and other institutional investors own 83.42% of the company's stock.

Insider Buying and Selling at Pure Storage

In other news, insider Ajay Singh sold 7,178 shares of the business's stock in a transaction dated Tuesday, December 23rd. The shares were sold at an average price of $67.14, for a total transaction of $481,930.92. Following the completion of the sale, the insider owned 215,091 shares of the company's stock, valued at $14,441,209.74. The trade was a 3.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider John Colgrove sold 100,000 shares of the firm's stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $71.31, for a total transaction of $7,131,000.00. The SEC filing for this sale provides additional information. 5.60% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on PSTG shares. Northland Securities set a $77.00 price objective on shares of Pure Storage in a research note on Wednesday, December 3rd. Piper Sandler reaffirmed a "buy" rating on shares of Pure Storage in a report on Thursday, February 26th. Lake Street Capital increased their price target on Pure Storage from $80.00 to $92.00 and gave the stock a "buy" rating in a research report on Wednesday, December 3rd. Weiss Ratings reissued a "hold (c)" rating on shares of Pure Storage in a report on Thursday, January 22nd. Finally, Morgan Stanley set a $83.00 target price on Pure Storage in a research note on Wednesday, December 3rd. Twelve equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Pure Storage presently has a consensus rating of "Moderate Buy" and an average target price of $94.32.

Pure Storage Stock Down 0.6%

NYSE:PSTG opened at $61.35 on Thursday. Pure Storage, Inc. has a 52 week low of $34.51 and a 52 week high of $100.59. The stock has a market capitalization of $20.26 billion, a PE ratio of 111.55, a price-to-earnings-growth ratio of 4.62 and a beta of 1.29. The stock's 50-day moving average price is $70.09 and its 200-day moving average price is $77.70.

Pure Storage (NYSE:PSTG - Get Free Report) last released its quarterly earnings results on Wednesday, February 25th. The technology company reported $0.69 earnings per share for the quarter, topping analysts' consensus estimates of $0.65 by $0.04. Pure Storage had a return on equity of 14.36% and a net margin of 5.14%.The company had revenue of $1.06 billion during the quarter, compared to analysts' expectations of $1.03 billion. During the same quarter in the prior year, the firm posted $0.45 EPS. Pure Storage's quarterly revenue was up 20.4% compared to the same quarter last year. Sell-side analysts expect that Pure Storage, Inc. will post 0.44 earnings per share for the current fiscal year.

Pure Storage Company Profile

Pure Storage, Inc NYSE: PSTG is a technology company that designs and sells data storage hardware and software for enterprise and cloud environments. The company is best known for its all-flash storage arrays that are engineered to deliver high performance, low latency and simplified management compared with traditional disk-based systems. Its product portfolio includes purpose-built arrays and software aimed at transactional databases, virtualized infrastructures, analytics and large-scale file/object workloads.

Key product and software offerings include the FlashArray family for block storage and FlashBlade for file and object workloads, together with Purity, the company's storage operating environment.

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