Tobam Reduces Position in Pure Storage, Inc. (NYSE:PSTG)

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

A number of other hedge funds also recently bought and sold shares of PSTG. McIlrath & Eck LLC purchased a new stake in Pure Storage during the fourth quarter valued at approximately $25,000. Crowley Wealth Management Inc. purchased a new position in Pure Storage in the fourth quarter worth $31,000. MassMutual Private Wealth & Trust FSB grew its holdings in 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 purchasing an additional 233 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Pure Storage by 157.4% during the fourth quarter. EverSource Wealth Advisors LLC now owns 713 shares of the technology company's stock worth $44,000 after purchasing an additional 436 shares in the last quarter. Finally, Smartleaf Asset Management LLC lifted its holdings in shares of Pure Storage by 180.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 740 shares of the technology company's stock valued at $46,000 after purchasing an additional 476 shares during the last quarter. Hedge funds and other institutional investors own 83.42% of the company's stock.

Pure Storage Price Performance

PSTG stock traded down $2.91 during trading on Friday, hitting $51.58. 3,681,172 shares of the company traded hands, compared to its average volume of 2,966,181. Pure Storage, Inc. has a 1 year low of $34.51 and a 1 year high of $73.67. The company has a market cap of $16.81 billion, a PE ratio of 135.73, a P/E/G ratio of 5.12 and a beta of 1.05. The stock's 50-day simple moving average is $49.57 and its 200 day simple moving average is $56.16.

Pure Storage (NYSE:PSTG - Get Free Report) last issued its quarterly earnings data on Wednesday, May 28th. The technology company reported $0.29 EPS for the quarter, topping analysts' consensus estimates of $0.25 by $0.04. Pure Storage had a net margin of 4.22% and a return on equity of 16.06%. The business had revenue of $778.49 million for the quarter, compared to analysts' expectations of $770.03 million. During the same quarter last year, the company earned $0.32 EPS. The business's revenue was up 12.3% on a year-over-year basis. Research analysts expect that Pure Storage, Inc. will post 0.44 earnings per share for the current year.

Insider Activity

In other news, CRO Dan Fitzsimons sold 872 shares of Pure Storage stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $51.51, for a total value of $44,916.72. Following the sale, the executive now owns 89,351 shares in the company, valued at $4,602,470.01. This trade represents a 0.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director John Francis Murphy sold 11,234 shares of the company's stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $55.13, for a total transaction of $619,330.42. Following the transaction, the director now owns 21,930 shares of the company's stock, valued at approximately $1,209,000.90. This trade represents a 33.87% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 119,083 shares of company stock worth $6,150,676 in the last ninety days. Company insiders own 5.60% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Barclays reduced their target price on Pure Storage from $61.00 to $57.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 29th. Piper Sandler restated an "overweight" rating and set a $66.00 price objective (up previously from $53.00) on shares of Pure Storage in a report on Thursday, May 29th. Morgan Stanley lifted their target price on shares of Pure Storage from $40.00 to $62.00 and gave the stock an "equal weight" rating in a research note on Tuesday, May 20th. Wedbush reissued an "outperform" rating and set a $70.00 target price on shares of Pure Storage in a research report on Thursday, May 29th. Finally, Evercore ISI raised 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 investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $69.95.

Pure Storage Company 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.