Steward Partners Investment Advisory LLC cut its stake in shares of Pure Storage, Inc. (NYSE:PSTG – Get Rating) by 97.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 986 shares of the technology company’s stock after selling 40,130 shares during the quarter. Steward Partners Investment Advisory LLC’s holdings in Pure Storage were worth $35,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors also recently bought and sold shares of PSTG. Catalyst Capital Advisors LLC purchased a new stake in Pure Storage during the 4th quarter valued at about $27,000. UMB Bank N A MO purchased a new stake in Pure Storage during the 4th quarter valued at about $33,000. Signaturefd LLC boosted its holdings in Pure Storage by 234.3% during the 1st quarter. Signaturefd LLC now owns 1,207 shares of the technology company’s stock valued at $43,000 after acquiring an additional 846 shares during the period. CWM LLC purchased a new stake in Pure Storage during the 4th quarter valued at about $45,000. Finally, Counterpoint Mutual Funds LLC purchased a new stake in Pure Storage during the 1st quarter valued at about $65,000. 80.13% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several research firms have weighed in on PSTG. UBS Group dropped their price objective on Pure Storage from $36.00 to $32.00 and set a “neutral” rating for the company in a report on Tuesday. StockNews.com upgraded Pure Storage from a “hold” rating to a “buy” rating in a report on Wednesday. Evercore ISI dropped their price objective on Pure Storage from $40.00 to $33.00 and set an “outperform” rating for the company in a report on Tuesday, June 28th. Bank of America cut Pure Storage from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $34.00 to $27.00 in a report on Friday, May 20th. Finally, Cowen dropped their price objective on Pure Storage to $30.00 in a report on Friday, May 27th. Five equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $35.71.
Pure Storage Stock Up 1.5 %
Pure Storage (NYSE:PSTG – Get Rating) last posted its earnings results on Wednesday, June 1st. The technology company reported $0.01 EPS for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.24. The business had revenue of $620.41 million during the quarter, compared to analyst estimates of $521.81 million. Pure Storage had a positive return on equity of 4.26% and a negative net margin of 2.96%. The company’s quarterly revenue was up 50.3% compared to the same quarter last year. During the same quarter last year, the company earned ($0.22) EPS. On average, research analysts expect that Pure Storage, Inc. will post -0.14 earnings per share for the current fiscal year.
About Pure Storage
Pure Storage, Inc provides data storage technologies, products, and services in the United States and internationally. The company's Purity software is shared across its products and provides enterprise-class data services, such as data reduction, data protection, and encryption, as well as storage protocols, including block, file, and object.
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