The Manufacturers Life Insurance Company increased its stake in Pure Storage, Inc. (NYSE:PSTG) by 33.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 75,526 shares of the technology company’s stock after acquiring an additional 18,918 shares during the quarter. The Manufacturers Life Insurance Company ‘s holdings in Pure Storage were worth $968,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of PSTG. UBS Asset Management Americas Inc. lifted its stake in shares of Pure Storage by 52.3% in the first quarter. UBS Asset Management Americas Inc. now owns 26,500 shares of the technology company’s stock worth $260,000 after acquiring an additional 9,100 shares during the period. Ameriprise Financial Inc. lifted its stake in shares of Pure Storage by 32.7% in the first quarter. Ameriprise Financial Inc. now owns 26,350 shares of the technology company’s stock worth $259,000 after acquiring an additional 6,500 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Pure Storage by 56.0% in the first quarter. JPMorgan Chase & Co. now owns 69,105 shares of the technology company’s stock worth $679,000 after acquiring an additional 24,817 shares during the period. American International Group Inc. lifted its stake in shares of Pure Storage by 17.3% in the first quarter. American International Group Inc. now owns 41,184 shares of the technology company’s stock worth $405,000 after acquiring an additional 6,076 shares during the period. Finally, Teachers Advisors LLC lifted its stake in shares of Pure Storage by 538.1% in the first quarter. Teachers Advisors LLC now owns 783,785 shares of the technology company’s stock worth $7,705,000 after acquiring an additional 660,954 shares during the period. 35.17% of the stock is currently owned by institutional investors.
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In related news, President David Hatfield sold 30,000 shares of the company’s stock in a transaction on Monday, September 18th. The stock was sold at an average price of $14.66, for a total transaction of $439,800.00. Following the completion of the sale, the president now owns 215,190 shares in the company, valued at $3,154,685.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Timothy Riitters sold 55,000 shares of the company’s stock in a transaction on Friday, September 1st. The stock was sold at an average price of $14.82, for a total value of $815,100.00. Following the sale, the chief financial officer now owns 332,200 shares of the company’s stock, valued at approximately $4,923,204. The disclosure for this sale can be found here. Insiders have sold 242,028 shares of company stock valued at $3,773,235 in the last quarter. 41.47% of the stock is currently owned by corporate insiders.
Shares of Pure Storage, Inc. (NYSE PSTG) opened at $16.78 on Tuesday. Pure Storage, Inc. has a 1-year low of $9.12 and a 1-year high of $16.87.
Pure Storage (NYSE:PSTG) last announced its quarterly earnings results on Thursday, August 24th. The technology company reported ($0.11) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.31) by $0.20. Pure Storage had a negative return on equity of 46.12% and a negative net margin of 29.55%. The business had revenue of $224.50 million during the quarter, compared to the consensus estimate of $217.97 million. During the same quarter in the prior year, the company posted ($0.16) earnings per share. Pure Storage’s revenue was up 37.6% compared to the same quarter last year. equities research analysts predict that Pure Storage, Inc. will post -0.97 EPS for the current year.
A number of equities analysts recently commented on PSTG shares. JMP Securities lifted their price objective on Pure Storage from $16.00 to $22.00 and gave the stock an “outperform” rating in a research note on Friday, October 13th. Jefferies Group LLC reissued a “hold” rating and issued a $13.50 price target on shares of Pure Storage in a research note on Friday, August 25th. Susquehanna Bancshares Inc reissued a “positive” rating and issued a $20.00 price target (up from $18.00) on shares of Pure Storage in a research note on Thursday, October 5th. ValuEngine raised Pure Storage from a “sell” rating to a “hold” rating in a research note on Saturday, August 26th. Finally, Morgan Stanley reissued an “equal weight” rating on shares of Pure Storage in a research note on Saturday, September 23rd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $16.36.
Pure Storage Company Profile
Pure Storage, Inc provides a data platform. The Company is focused on delivering software-defined all-flash solutions that are fast and cloud-capable for customers, enabling customers to put data to work for their businesses. Its data platform replaces storage systems designed for mechanical disk with all-flash systems optimized end-to-end for solid-state memory.
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