City State Bank Raises Stake in Pure Storage, Inc. (NYSE:PSTG)

City State Bank raised its position in Pure Storage, Inc. (NYSE:PSTG) by 175.0% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 550 shares of the technology company’s stock after purchasing an additional 350 shares during the period. City State Bank’s holdings in Pure Storage were worth $35,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Naples Money Management LLC purchased a new position in Pure Storage in the fourth quarter valued at $25,000. Banque Cantonale Vaudoise purchased a new position in shares of Pure Storage in the 1st quarter valued at about $25,000. Fidelis Capital Partners LLC acquired a new stake in shares of Pure Storage during the 1st quarter worth about $27,000. Massmutual Trust Co. FSB ADV lifted its stake 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 worth $27,000 after purchasing an additional 161 shares during the last quarter. Finally, Principal Securities Inc. acquired a new position in Pure Storage in the fourth quarter valued at approximately $31,000. 83.42% of the stock is currently owned by institutional investors and hedge funds.

Pure Storage Stock Performance

NYSE:PSTG traded up $0.97 during mid-day trading on Tuesday, reaching $53.83. The stock had a trading volume of 1,813,021 shares, compared to its average volume of 4,025,754. Pure Storage, Inc. has a twelve month low of $31.00 and a twelve month high of $70.41. The business has a 50 day simple moving average of $62.88 and a 200 day simple moving average of $54.56. The firm has a market capitalization of $17.51 billion, a price-to-earnings ratio of 194.21, a PEG ratio of 5.72 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 2.00.

Pure Storage (NYSE:PSTG) last posted its quarterly earnings results on Wednesday, May 29th. The technology company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.02. Pure Storage had a return on equity of 15.34% and a net margin of 3.19%. The business had revenue of $693.48 million during the quarter, compared to analysts’ expectations of $681.37 million. On average, analysts expect that Pure Storage, Inc. will post 0.47 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

PSTG has been the topic of a number of research analyst reports. Barclays raised their price objective on shares of Pure Storage from $51.00 to $56.00 and gave the stock an “equal weight” rating in a report on Thursday, May 30th. Evercore ISI boosted their price target on shares of Pure Storage from $65.00 to $75.00 and gave the company an “outperform” rating in a research report on Thursday, May 30th. Northland Capmk downgraded shares of Pure Storage from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 30th. Bank of America boosted their target price on Pure Storage from $57.00 to $68.00 and gave the company a “neutral” rating in a report on Thursday, May 30th. Finally, Northland Securities cut Pure Storage from an “outperform” rating to a “market perform” rating and upped their target price for the company from $58.00 to $68.00 in a research report on Thursday, May 30th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $69.11.

Insider Buying and Selling at Pure Storage

In other Pure Storage news, insider John Colgrove sold 100,000 shares of the company’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $59.50, for a total transaction of $5,950,000.00. Following the transaction, the insider now directly owns 900,000 shares in the company, valued at $53,550,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, insider John Colgrove sold 100,000 shares of Pure Storage stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $59.50, for a total transaction 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. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Mallun Yen sold 4,818 shares of the business’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $64.78, for a total value of $312,110.04. Following the sale, the director now owns 35,498 shares in the company, valued at $2,299,560.44. The disclosure for this sale can be found here. Over the last quarter, insiders sold 119,114 shares of company stock valued at $7,174,052. 6.00% of the stock is owned by company insiders.

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.