Trail Ridge Investment Advisors LLC Makes New Investment in Pure Storage, Inc. (NYSE:PSTG)

Trail Ridge Investment Advisors LLC purchased a new position in Pure Storage, Inc. (NYSE:PSTG) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 8,388 shares of the technology company’s stock, valued at approximately $214,000.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Stifel Financial Corp boosted its stake in Pure Storage by 7.0% in the 1st quarter. Stifel Financial Corp now owns 60,543 shares of the technology company’s stock worth $1,544,000 after buying an additional 3,943 shares during the last quarter. Boulder Hill Capital Management LP acquired a new position in shares of Pure Storage in the 1st quarter valued at about $245,000. Franklin Resources Inc. lifted its stake in shares of Pure Storage by 15.8% in the 1st quarter. Franklin Resources Inc. now owns 157,313 shares of the technology company’s stock valued at $4,013,000 after purchasing an additional 21,437 shares in the last quarter. Inceptionr LLC lifted its stake in shares of Pure Storage by 180.9% in the 1st quarter. Inceptionr LLC now owns 52,682 shares of the technology company’s stock valued at $1,344,000 after purchasing an additional 33,929 shares in the last quarter. Finally, Champlain Investment Partners LLC lifted its stake in shares of Pure Storage by 4.0% in the 1st quarter. Champlain Investment Partners LLC now owns 14,395,833 shares of the technology company’s stock valued at $367,238,000 after purchasing an additional 557,025 shares in the last quarter. 82.98% of the stock is owned by institutional investors and hedge funds.

Pure Storage Trading Up 0.4 %

Shares of PSTG stock traded up $0.16 during mid-day trading on Friday, reaching $39.12. The stock had a trading volume of 839,374 shares, compared to its average volume of 4,657,184. The firm’s 50 day simple moving average is $37.44 and its 200 day simple moving average is $30.89. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.69 and a quick ratio of 1.64. Pure Storage, Inc. has a one year low of $22.14 and a one year high of $40.50.

Insider Buying and Selling

In related news, CAO Mona Chu sold 5,387 shares of the firm’s stock in a transaction that occurred on Monday, July 17th. The stock was sold at an average price of $38.49, for a total transaction of $207,345.63. Following the completion of the transaction, the chief accounting officer now owns 147,188 shares in the company, valued at approximately $5,665,266.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CAO Mona Chu sold 5,387 shares of Pure Storage stock in a transaction dated Monday, July 17th. The stock was sold at an average price of $38.49, for a total value of $207,345.63. Following the completion of the transaction, the chief accounting officer now directly owns 147,188 shares of the company’s stock, valued at $5,665,266.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Ajay Singh sold 37,084 shares of Pure Storage stock in a transaction dated Tuesday, June 13th. The shares were sold at an average price of $36.42, for a total value of $1,350,599.28. Following the completion of the transaction, the insider now directly owns 414,393 shares of the company’s stock, valued at $15,092,193.06. The disclosure for this sale can be found here. Insiders sold 148,320 shares of company stock worth $5,453,744 in the last 90 days. 6.50% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

PSTG has been the topic of several research analyst reports. Wells Fargo & Company lifted their price objective on Pure Storage from $37.00 to $45.00 in a research note on Friday, June 16th. Raymond James raised their target price on Pure Storage from $41.00 to $45.00 and gave the company a “strong-buy” rating in a report on Thursday, August 31st. UBS Group raised their target price on Pure Storage from $31.00 to $38.00 and gave the company a “neutral” rating in a report on Thursday, August 31st. Lake Street Capital raised their target price on Pure Storage from $34.00 to $40.00 in a report on Friday, June 16th. Finally, Barclays raised their target price on Pure Storage from $38.00 to $42.00 and gave the company an “overweight” rating in a report on Wednesday, August 30th. Two equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Pure Storage presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.59.

Pure Storage Profile

Pure Storage, Inc, together with its subsidiaries, 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.