TD Asset Management Inc Buys 161,832 Shares of Pure Storage, Inc. (NYSE:PSTG)

Key Points

• TD Asset Management Inc increased its holdings in Pure Storage, Inc. by 28.4% during Q1, now owning approximately 0.22% of the company valued at $32.4 million.
• A number of hedge funds, including T. Rowe Price and Invesco Ltd., also raised their stakes in Pure Storage, reflecting significant institutional interest as they own 83.42% of the company's stock.
• Analysts have mixed ratings for Pure Storage, with a current average target price of $69.95 and varying opinions ranging from sell to outperform based on recent performance and market conditions.

TD Asset Management Inc raised its position in Pure Storage, Inc. (NYSE:PSTG - Free Report) by 28.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 732,462 shares of the technology company's stock after purchasing an additional 161,832 shares during the quarter. TD Asset Management Inc owned approximately 0.22% of Pure Storage worth $32,426,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. McIlrath & Eck LLC bought a new stake in shares of Pure Storage during the 4th quarter worth about $25,000. MassMutual Private Wealth & Trust FSB boosted its stake 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 acquiring an additional 233 shares in the last quarter. FNY Investment Advisers LLC boosted 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 acquiring an additional 785 shares in the last quarter. TruNorth Capital Management LLC bought a new stake in shares of Pure Storage during the 1st quarter worth about $38,000. Finally, Nisa Investment Advisors LLC boosted its stake in shares of Pure Storage by 35.6% during the 1st quarter. Nisa Investment Advisors LLC now owns 910 shares of the technology company's stock worth $40,000 after acquiring an additional 239 shares in the last quarter. Hedge funds and other institutional investors own 83.42% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. JPMorgan Chase & Co. decreased their price target on Pure Storage from $75.00 to $70.00 and set an "overweight" rating for the company in a research note on Thursday, May 29th. Morgan Stanley upped their price target on Pure Storage from $40.00 to $62.00 and gave the stock an "equal weight" rating in a research note on Tuesday, May 20th. Barclays decreased their price target on Pure Storage from $61.00 to $57.00 and set an "equal weight" rating for the company in a research note on Thursday, May 29th. Piper Sandler restated an "overweight" rating and set a $66.00 target price (up previously from $53.00) on shares of Pure Storage in a research note on Thursday, May 29th. Finally, Evercore ISI increased their target price on Pure Storage from $60.00 to $70.00 and gave the company an "outperform" rating in a research note on Friday, May 23rd. One analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, Pure Storage currently has an average rating of "Moderate Buy" and a consensus price target of $69.95.

Pure Storage Price Performance

Shares of PSTG traded down $4.83 during mid-day trading on Friday, reaching $54.69. The company had a trading volume of 1,309,821 shares, compared to its average volume of 2,753,387. Pure Storage, Inc. has a twelve month low of $34.51 and a twelve month high of $73.67. The company's 50-day moving average is $55.57 and its 200-day moving average is $54.75. The company has a market capitalization of $17.87 billion, a P/E ratio of 148.03, a P/E/G ratio of 5.63 and a beta of 1.06.

Pure Storage (NYSE:PSTG - Get Free Report) last announced its earnings results on Wednesday, May 28th. The technology company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.25 by $0.04. Pure Storage had a return on equity of 13.98% and a net margin of 3.93%. The business had revenue of $778.49 million for the quarter, compared to the consensus estimate of $770.03 million. During the same period in the previous year, the business earned $0.32 EPS. Pure Storage's revenue was up 12.3% compared to the same quarter last year. As a group, equities analysts expect that Pure Storage, Inc. will post 0.44 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CRO Dan Fitzsimons sold 6,000 shares of the stock in a transaction on Monday, June 23rd. The stock was 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 approximately $3,923,592.25. This represents a 7.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Ajay Singh sold 22,601 shares of the stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $55.45, for a total value of $1,253,225.45. Following the sale, the insider owned 261,465 shares in the company, valued at $14,498,234.25. The trade was 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 ninety days. Company insiders own 5.60% of the company's stock.

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.