Miracle Mile Advisors LLC Raises Stock Position in Pure Storage, Inc. (NYSE:PSTG)

Miracle Mile Advisors LLC grew its holdings in shares of Pure Storage, Inc. (NYSE:PSTG) by 31.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,023 shares of the technology company’s stock after buying an additional 2,418 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Pure Storage were worth $504,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PSTG. Massmutual Trust Co. FSB ADV raised its position in Pure Storage by 61.2% during the second quarter. Massmutual Trust Co. FSB ADV now owns 424 shares of the technology company’s stock valued at $27,000 after purchasing an additional 161 shares during the period. Larson Financial Group LLC raised its holdings in Pure Storage by 242.9% during the 2nd quarter. Larson Financial Group LLC now owns 432 shares of the technology company’s stock valued at $28,000 after buying an additional 306 shares during the period. Banque Cantonale Vaudoise bought a new stake in Pure Storage in the first quarter worth $25,000. FSC Wealth Advisors LLC purchased a new position in Pure Storage during the second quarter worth $33,000. Finally, Fidelis Capital Partners LLC bought a new position in Pure Storage during the first quarter valued at $27,000. Hedge funds and other institutional investors own 83.42% of the company’s stock.

Analyst Upgrades and Downgrades

PSTG has been the subject of several analyst reports. Stifel Nicolaus lowered their target price on shares of Pure Storage from $65.00 to $60.00 and set a “hold” rating for the company in a report on Thursday, August 29th. Northland Securities restated a “market perform” rating and set a $59.00 target price (down previously from $68.00) on shares of Pure Storage in a research report on Thursday, August 29th. TD Cowen reduced their price target on Pure Storage from $80.00 to $70.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. Guggenheim restated a “buy” rating and set a $72.00 price objective on shares of Pure Storage in a report on Tuesday, June 25th. Finally, Piper Sandler reduced their target price on Pure Storage from $60.00 to $56.00 and set a “neutral” rating on the stock in a research note on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Pure Storage currently has an average rating of “Moderate Buy” and a consensus price target of $66.95.

Pure Storage Stock Up 2.3 %

Shares of NYSE PSTG opened at $52.51 on Wednesday. Pure Storage, Inc. has a 12-month low of $31.00 and a 12-month high of $70.41. The stock’s fifty day simple moving average is $53.41 and its two-hundred day simple moving average is $56.85. The stock has a market capitalization of $17.08 billion, a PE ratio of 187.54, a price-to-earnings-growth ratio of 7.83 and a beta of 1.11. The company has a current ratio of 1.99, a quick ratio of 1.96 and a debt-to-equity ratio of 0.07.

Pure Storage (NYSE:PSTG) last issued its quarterly earnings data on Wednesday, August 28th. The technology company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.10. The company had revenue of $763.77 million for the quarter, compared to the consensus estimate of $756.59 million. Pure Storage had a return on equity of 17.41% and a net margin of 4.53%. As a group, analysts expect that Pure Storage, Inc. will post 0.43 EPS for the current fiscal year.

Insider Transactions at Pure Storage

In other Pure Storage news, CAO Mona Chu sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $50.32, for a total value of $1,258,000.00. Following the completion of the sale, the chief accounting officer now directly owns 96,639 shares in the company, valued at $4,862,874.48. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider John Colgrove sold 100,000 shares of the stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $59.50, for a total value of $5,950,000.00. Following the completion of the transaction, the insider now directly owns 900,000 shares of the company’s stock, valued at $53,550,000. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Mona Chu sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $50.32, for a total transaction of $1,258,000.00. Following the transaction, the chief accounting officer now owns 96,639 shares in the company, valued at $4,862,874.48. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 543,776 shares of company stock valued at $29,754,851 in the last 90 days. Insiders own 6.00% of the company’s stock.

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.