Tobam Lowers Stake in Pure Storage, Inc. (NYSE:PSTG)

Tobam reduced its position in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) by 93.0% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,441 shares of the technology company's stock after selling 19,046 shares during the quarter. Tobam's holdings in Pure Storage were worth $64,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Empowered Funds LLC bought a new position in shares of Pure Storage during the fourth quarter valued at $282,000. Stephens Inc. AR raised its position in Pure Storage by 4.3% in the 4th quarter. Stephens Inc. AR now owns 9,913 shares of the technology company's stock worth $609,000 after buying an additional 410 shares during the last quarter. Savant Capital LLC lifted its stake in Pure Storage by 2.0% during the 4th quarter. Savant Capital LLC now owns 18,359 shares of the technology company's stock valued at $1,128,000 after acquiring an additional 358 shares during the period. Asset Management One Co. Ltd. lifted its stake in Pure Storage by 1.5% during the 4th quarter. Asset Management One Co. Ltd. now owns 117,208 shares of the technology company's stock valued at $7,460,000 after acquiring an additional 1,742 shares during the period. Finally, Banque Pictet & Cie SA boosted its holdings in shares of Pure Storage by 12.7% during the 4th quarter. Banque Pictet & Cie SA now owns 159,796 shares of the technology company's stock valued at $9,816,000 after acquiring an additional 18,028 shares during the last quarter. 83.42% of the stock is owned by hedge funds and other institutional investors.

Pure Storage Trading Up 1.3%

Shares of PSTG traded up $0.67 during trading hours on Tuesday, reaching $52.34. 2,442,623 shares of the stock traded hands, compared to its average volume of 2,974,127. The company has a market cap of $17.06 billion, a P/E ratio of 141.46, a price-to-earnings-growth ratio of 4.92 and a beta of 1.05. The company's 50-day moving average price is $49.99 and its two-hundred day moving average price is $56.17. Pure Storage, Inc. has a 52-week low of $34.51 and a 52-week high of $73.67.

Pure Storage (NYSE:PSTG - Get Free Report) last announced its quarterly earnings data on Wednesday, May 28th. The technology company reported $0.29 EPS for the quarter, beating 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 earnings per share. The business's revenue was up 12.3% on a year-over-year basis. On average, research analysts forecast that Pure Storage, Inc. will post 0.44 EPS for the current year.

Wall Street Analysts Forecast Growth

PSTG has been the topic of several research analyst reports. Morgan Stanley increased their price target on Pure Storage from $40.00 to $62.00 and gave the company an "equal weight" rating in a report on Tuesday, May 20th. Evercore ISI upped their price objective on Pure Storage from $60.00 to $70.00 and gave the company an "outperform" rating in a research report on Friday, May 23rd. Piper Sandler reissued an "overweight" rating and issued a $66.00 target price (up from $53.00) on shares of Pure Storage in a research report on Thursday, May 29th. Bank of America reduced their price target on shares of Pure Storage from $77.00 to $73.00 and set a "neutral" rating for the company in a research report on Thursday, February 27th. Finally, Wall Street Zen upgraded shares of Pure Storage from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Pure Storage currently has an average rating of "Moderate Buy" and a consensus price target of $69.95.

Insider Buying and Selling at Pure Storage

In related news, CRO Dan Fitzsimons sold 6,977 shares of Pure Storage stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $40.91, for a total transaction of $285,429.07. Following the completion of the sale, the executive now owns 90,223 shares in the company, valued at $3,691,022.93. This trade represents a 7.18% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider John Colgrove sold 100,000 shares of the company's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $52.01, for a total value of $5,201,000.00. Following the completion of the sale, the insider now owns 801,959 shares of the company's stock, valued at $41,709,887.59. This represents a 11.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 119,083 shares of company stock worth $6,150,676 over the last 90 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.