Strengthening Families & Communities LLC Makes New $1.85 Million Investment in Pure Storage, Inc. (NYSE:PSTG)

Key Points

• Strengthening Families & Communities LLC invested approximately $1.85 million to acquire 41,695 shares in Pure Storage, Inc. during the first quarter of the year.
• In a significant insider activity, CRO Dan Fitzsimons sold 6,000 shares, reducing his stake by 7.32%, while Director John Francis Murphy sold 6,959 shares, cutting his position by 26.10%.
• Pure Storage's stock opened at $58.64, showing a 52-week low of $34.51 and a high of $73.67, with an upcoming consensus EPS forecast of 0.44 for the current year.

Strengthening Families & Communities LLC bought a new position in Pure Storage, Inc. (NYSE:PSTG - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 41,695 shares of the technology company's stock, valued at approximately $1,846,000.

Other large investors also recently added to or reduced their stakes in the company. McIlrath & Eck LLC bought a new stake in Pure Storage in the fourth quarter worth approximately $25,000. MassMutual Private Wealth & Trust FSB lifted its stake in shares of Pure Storage by 55.9% in the first 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 last quarter. FNY Investment Advisers LLC lifted its stake in shares of Pure Storage by 5,233.3% in the first 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 last quarter. TruNorth Capital Management LLC acquired a new stake in shares of Pure Storage in the first quarter worth $38,000. Finally, Nisa Investment Advisors LLC lifted its stake in shares of Pure Storage by 35.6% in the first quarter. Nisa Investment Advisors LLC now owns 910 shares of the technology company's stock worth $40,000 after buying an additional 239 shares during the last quarter. 83.42% of the stock is owned by institutional investors.

Insider Activity

In related news, CRO Dan Fitzsimons sold 6,000 shares of the stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $51.65, for a total transaction of $309,900.00. Following the completion of the sale, the executive owned 75,965 shares in the company, valued at $3,923,592.25. This trade represents a 7.32% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director John Francis Murphy sold 6,959 shares of the stock in a transaction dated Friday, July 11th. The stock was sold at an average price of $56.17, for a total transaction of $390,887.03. Following the sale, the director owned 19,706 shares of the company's stock, valued at $1,106,886.02. This trade represents a 26.10% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 547,666 shares of company stock worth $31,887,830. Company insiders own 5.60% of the company's stock.

Pure Storage Stock Performance

Shares of PSTG stock opened at $58.64 on Friday. 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 $19.17 billion, a price-to-earnings ratio of 158.49, a P/E/G ratio of 5.57 and a beta of 1.07. The firm has a fifty day moving average of $55.81 and a 200-day moving average of $54.24.

Pure Storage (NYSE:PSTG - Get Free Report) last announced its quarterly earnings data on Wednesday, May 28th. The technology company reported $0.29 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.25 by $0.04. The company had revenue of $778.49 million during the quarter, compared to analysts' expectations of $770.03 million. Pure Storage had a net margin of 3.93% and a return on equity of 13.98%. The business's revenue was up 12.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.32 EPS. On average, sell-side analysts predict that Pure Storage, Inc. will post 0.44 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have recently weighed in on PSTG. Needham & Company LLC restated a "buy" rating and issued a $75.00 price objective on shares of Pure Storage in a research note on Friday, June 20th. Evercore ISI boosted their price objective on shares of Pure Storage from $60.00 to $70.00 and gave the stock an "outperform" rating in a research note on Friday, May 23rd. Citigroup boosted their price objective on shares of Pure Storage from $55.00 to $65.00 and gave the stock a "buy" rating in a research note on Friday, May 16th. Piper Sandler restated an "overweight" rating and issued a $66.00 price objective (up from $53.00) on shares of Pure Storage in a research note on Thursday, May 29th. Finally, JPMorgan Chase & Co. cut their target price on shares of Pure Storage from $75.00 to $70.00 and set an "overweight" rating for the company in a research note on Thursday, May 29th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $69.95.

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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