Arcadia Investment Management Corp MI Raises Holdings in Pure Storage, Inc. (NYSE:PSTG)

Arcadia Investment Management Corp MI lifted its holdings in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) by 1,191.7% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 39,140 shares of the technology company's stock after acquiring an additional 36,110 shares during the period. Arcadia Investment Management Corp MI's holdings in Pure Storage were worth $2,035,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Raymond James & Associates grew its stake in shares of Pure Storage by 2.1% during the first quarter. Raymond James & Associates now owns 313,407 shares of the technology company's stock worth $16,294,000 after acquiring an additional 6,545 shares during the last quarter. EFG Asset Management Americas Corp. purchased a new stake in shares of Pure Storage during the first quarter worth about $850,000. Maryland State Retirement & Pension System grew its stake in shares of Pure Storage by 5.4% during the first quarter. Maryland State Retirement & Pension System now owns 22,628 shares of the technology company's stock worth $1,188,000 after acquiring an additional 1,164 shares during the last quarter. Veracity Capital LLC purchased a new stake in shares of Pure Storage during the first quarter worth about $521,000. Finally, Norden Group LLC purchased a new stake in Pure Storage in the first quarter valued at approximately $458,000. Hedge funds and other institutional investors own 83.42% of the company's stock.

Pure Storage Price Performance

Shares of PSTG stock traded up $1.29 during trading hours on Thursday, hitting $51.42. 1,705,429 shares of the company's stock were exchanged, compared to its average volume of 4,455,650. The firm has a 50 day moving average of $51.67 and a two-hundred day moving average of $42.18. Pure Storage, Inc. has a fifty-two week low of $22.14 and a fifty-two week high of $58.46. The company has a quick ratio of 1.80, a current ratio of 1.83 and a debt-to-equity ratio of 0.08. The firm has a market cap of $16.71 billion, a P/E ratio of 302.49, a P/E/G ratio of 6.55 and a beta of 1.14.

Pure Storage (NYSE:PSTG - Get Free Report) last posted its quarterly earnings data on Wednesday, February 28th. The technology company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.17 by $0.10. Pure Storage had a return on equity of 12.60% and a net margin of 2.17%. The firm had revenue of $789.81 million during the quarter, compared to the consensus estimate of $784.31 million. During the same period in the prior year, the company earned $0.27 EPS. The firm's revenue was down 2.5% compared to the same quarter last year. Sell-side analysts forecast that Pure Storage, Inc. will post 0.44 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Wedbush reiterated an "outperform" rating and issued a $50.00 target price on shares of Pure Storage in a research report on Thursday, February 29th. Susquehanna upped their target price on Pure Storage from $45.00 to $65.00 and gave the company a "positive" rating in a research report on Thursday, April 11th. JPMorgan Chase & Co. upped their target price on Pure Storage from $45.00 to $50.00 and gave the company an "overweight" rating in a research report on Thursday, February 29th. Stifel Nicolaus upped their target price on Pure Storage from $41.00 to $46.00 and gave the company a "hold" rating in a research report on Thursday, February 29th. Finally, TD Cowen upped their target price on Pure Storage from $42.00 to $60.00 and gave the company an "outperform" rating in a research report on Thursday, February 29th. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Pure Storage has a consensus rating of "Moderate Buy" and an average target price of $51.63.

Insider Activity at Pure Storage

In related news, insider Ajay Singh sold 37,588 shares of the stock in a transaction on Friday, April 5th. The stock was sold at an average price of $53.54, for a total value of $2,012,461.52. Following the completion of the transaction, the insider now directly owns 380,834 shares of the company's stock, valued at approximately $20,389,852.36. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Pure Storage news, insider Ajay Singh sold 37,588 shares of the company's stock in a transaction on Friday, April 5th. The stock was sold at an average price of $53.54, for a total value of $2,012,461.52. Following the completion of the sale, the insider now directly owns 380,834 shares in the company, valued at approximately $20,389,852.36. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CRO Dan Fitzsimons sold 29,283 shares of the company's stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $52.14, for a total value of $1,526,815.62. Following the completion of the sale, the executive now owns 138,105 shares of the company's stock, valued at $7,200,794.70. The disclosure for this sale can be found here. In the last ninety days, insiders sold 286,581 shares of company stock valued at $15,266,704. 6.50% of the stock is owned by insiders.

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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