Atria Investments Inc Lowers Stake in Pure Storage, Inc. (NYSE:PSTG)

Atria Investments Inc cut its holdings in shares of Pure Storage, Inc. (NYSE:PSTG) by 23.6% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,506 shares of the technology company’s stock after selling 2,323 shares during the quarter. Atria Investments Inc’s holdings in Pure Storage were worth $377,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Sycomore Asset Management acquired a new position in Pure Storage during the second quarter worth about $2,259,000. MinichMacGregor Wealth Management LLC acquired a new position in Pure Storage during the third quarter worth about $6,890,000. Heritage Wealth Management Inc. acquired a new position in shares of Pure Storage in the second quarter valued at approximately $721,000. Cetera Investment Advisers raised its position in shares of Pure Storage by 284.9% in the first quarter. Cetera Investment Advisers now owns 55,801 shares of the technology company’s stock valued at $2,901,000 after buying an additional 41,305 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co raised its position in shares of Pure Storage by 182.5% in the first quarter. CANADA LIFE ASSURANCE Co now owns 216,808 shares of the technology company’s stock valued at $11,262,000 after buying an additional 140,071 shares during the last quarter. 83.42% of the stock is currently owned by institutional investors and hedge funds.

Pure Storage Stock Performance

Pure Storage stock opened at $51.64 on Friday. The firm has a market capitalization of $16.92 billion, a P/E ratio of 129.10, a PEG ratio of 6.77 and a beta of 1.10. The company has a current ratio of 1.99, a quick ratio of 1.96 and a debt-to-equity ratio of 0.07. The stock has a fifty day moving average price of $51.65 and a 200 day moving average price of $56.85. Pure Storage, Inc. has a 52 week low of $31.00 and a 52 week high of $70.41.

Pure Storage (NYSE:PSTG) last announced its quarterly earnings results on Wednesday, August 28th. The technology company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.10. Pure Storage had a return on equity of 17.41% and a net margin of 4.53%. The business had revenue of $763.77 million for the quarter, compared to the consensus estimate of $756.59 million. Equities research analysts anticipate that Pure Storage, Inc. will post 0.42 earnings per share for the current year.

Wall Street Analysts Forecast Growth

PSTG has been the subject of a number of recent analyst reports. Piper Sandler lowered their target price on shares of Pure Storage from $60.00 to $56.00 and set a “neutral” rating for the company in a report on Thursday, August 29th. Guggenheim boosted their price objective on shares of Pure Storage from $72.00 to $93.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. Lake Street Capital decreased their price objective on shares of Pure Storage from $70.00 to $68.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Raymond James decreased their price objective on shares of Pure Storage from $73.00 to $70.00 and set an “outperform” rating for the company in a research note on Thursday, August 29th. Finally, Susquehanna reiterated a “positive” rating and set a $80.00 price objective on shares of Pure Storage in a research note on Monday, August 26th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $67.95.

Insiders Place Their Bets

In other news, CRO Dan Fitzsimons sold 8,895 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $50.67, for a total value of $450,709.65. Following the completion of the transaction, the executive now owns 94,446 shares in the company, valued at $4,785,578.82. This trade represents a 8.61 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John Colgrove sold 100,000 shares of Pure Storage stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $49.94, for a total transaction of $4,994,000.00. Following the completion of the sale, the insider now owns 500,000 shares of the company’s stock, valued at approximately $24,970,000. The trade was a 16.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 354,542 shares of company stock valued at $18,599,030 over the last quarter. Insiders own 6.00% of the company’s stock.

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.