Intech Investment Management LLC Takes $10.57 Million Position in Pure Storage, Inc. (NYSE:PSTG)

Intech Investment Management LLC bought a new position in shares of Pure Storage, Inc. (NYSE:PSTG) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 164,583 shares of the technology company’s stock, valued at approximately $10,568,000. Intech Investment Management LLC owned approximately 0.05% of Pure Storage at the end of the most recent quarter.

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

Insider Buying and Selling at Pure Storage

In other news, CRO Dan Fitzsimons sold 9,881 shares of the business’s stock in a transaction on Friday, July 19th. The shares were sold at an average price of $59.32, for a total transaction of $586,140.92. Following the transaction, the executive now directly owns 115,601 shares of the company’s stock, valued at $6,857,451.32. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Pure Storage news, CRO Dan Fitzsimons sold 9,881 shares of the company’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $59.32, for a total value of $586,140.92. Following the transaction, the executive now directly owns 115,601 shares of the company’s stock, valued at approximately $6,857,451.32. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO P. Kevan Krysler sold 14,296 shares of the company’s stock in a transaction on Friday, July 5th. The shares were sold at an average price of $63.79, for a total transaction of $911,941.84. Following the completion of the sale, the chief financial officer now directly owns 518,623 shares in the company, valued at $33,082,961.17. The disclosure for this sale can be found here. Insiders sold 324,177 shares of company stock valued at $18,863,083 over the last 90 days. 6.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on PSTG. Susquehanna restated a “positive” rating and set a $80.00 price objective on shares of Pure Storage in a research report on Monday, August 26th. Wells Fargo & Company upped their price objective on Pure Storage from $70.00 to $75.00 and gave the company an “overweight” rating in a research report on Thursday, May 30th. Evercore ISI dropped their price objective on Pure Storage from $75.00 to $70.00 and set an “outperform” rating for the company in a research report on Thursday, August 29th. Lake Street Capital reduced their target price on shares of Pure Storage from $70.00 to $68.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. Finally, Northland Capmk cut shares of Pure Storage from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 30th. One analyst has rated the stock with a sell rating, seven have given a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $66.95.

Pure Storage Price Performance

PSTG stock opened at $50.72 on Friday. The firm has a market cap of $16.50 billion, a P/E ratio of 181.14, a price-to-earnings-growth ratio of 7.69 and a beta of 1.11. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.96 and a current ratio of 1.99. Pure Storage, Inc. has a 1 year low of $31.00 and a 1 year high of $70.41. The stock has a 50-day simple moving average of $55.66 and a 200-day simple moving average of $57.01.

About Pure Storage

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.