Highland Capital Management LLC Acquires 3,110 Shares of Pure Storage, Inc. (NYSE:PSTG)

Highland Capital Management LLC grew its position in Pure Storage, Inc. (NYSE:PSTGGet Rating) by 4.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 72,512 shares of the technology company’s stock after purchasing an additional 3,110 shares during the quarter. Highland Capital Management LLC’s holdings in Pure Storage were worth $1,864,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Pure Storage by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 27,369,119 shares of the technology company’s stock valued at $966,403,000 after purchasing an additional 203,732 shares during the last quarter. Disciplined Growth Investors Inc. MN boosted its stake in shares of Pure Storage by 1.7% in the 1st quarter. Disciplined Growth Investors Inc. MN now owns 5,066,185 shares of the technology company’s stock valued at $178,887,000 after purchasing an additional 83,091 shares during the last quarter. Polar Capital Holdings Plc lifted its position in shares of Pure Storage by 5.5% during the 1st quarter. Polar Capital Holdings Plc now owns 3,919,672 shares of the technology company’s stock valued at $138,404,000 after acquiring an additional 205,037 shares during the period. Loomis Sayles & Co. L P lifted its position in shares of Pure Storage by 11.8% during the 1st quarter. Loomis Sayles & Co. L P now owns 3,653,513 shares of the technology company’s stock valued at $129,006,000 after acquiring an additional 385,140 shares during the period. Finally, Geode Capital Management LLC lifted its position in shares of Pure Storage by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 3,253,085 shares of the technology company’s stock valued at $105,887,000 after acquiring an additional 44,422 shares during the period. 82.91% of the stock is owned by institutional investors.

Pure Storage Price Performance

Shares of PSTG stock opened at $26.50 on Friday. The company has a market cap of $7.84 billion, a P/E ratio of -441.59, a P/E/G ratio of 7.33 and a beta of 1.36. The firm has a 50-day moving average of $28.92 and a 200-day moving average of $28.74. Pure Storage, Inc. has a one year low of $21.90 and a one year high of $36.71.

Pure Storage (NYSE:PSTGGet Rating) last posted its quarterly earnings results on Wednesday, August 31st. The technology company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.10. The company had revenue of $646.80 million during the quarter, compared to analyst estimates of $636.06 million. Pure Storage had a negative net margin of 0.57% and a positive return on equity of 8.41%. The firm’s revenue for the quarter was up 30.2% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.06) earnings per share. As a group, research analysts expect that Pure Storage, Inc. will post 0.11 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

PSTG has been the topic of a number of research reports. The Goldman Sachs Group boosted their target price on shares of Pure Storage to $44.00 in a research report on Tuesday, September 6th. Wedbush boosted their target price on shares of Pure Storage from $30.00 to $35.00 and gave the company a “neutral” rating in a research report on Thursday, September 1st. Raymond James boosted their target price on shares of Pure Storage from $39.00 to $42.00 and gave the company a “strong-buy” rating in a research report on Thursday, September 1st. KeyCorp boosted their target price on shares of Pure Storage from $34.00 to $39.00 and gave the company an “overweight” rating in a research report on Thursday, September 1st. Finally, Evercore ISI boosted their target price on shares of Pure Storage from $33.00 to $38.00 and gave the company an “outperform” rating in a research report on Monday, August 29th. Four equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $38.00.

Insider Activity at Pure Storage

In related news, Director Andrew William Fraser Brown sold 12,637 shares of the stock in a transaction dated Monday, September 12th. The shares were sold at an average price of $30.18, for a total transaction of $381,384.66. Following the completion of the transaction, the director now owns 55,448 shares in the company, valued at $1,673,420.64. The transaction was disclosed in a document filed with the SEC, which is available through this link. 6.80% of the stock is owned by company insiders.

Pure Storage Profile

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Pure Storage, Inc provides data storage technologies, products, and services in the United States and internationally. The company's Purity software is shared across its products and provides enterprise-class data services, such as data reduction, data protection, and encryption, as well as storage protocols, including block, file, and object.

Further Reading

Institutional Ownership by Quarter for Pure Storage (NYSE:PSTG)

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