Pure Storage, Inc. $PSTG Shares Sold by DAVENPORT & Co LLC

DAVENPORT & Co LLC cut its stake in shares of Pure Storage, Inc. (NYSE:PSTG) by 14.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 70,483 shares of the technology company’s stock after selling 11,741 shares during the quarter. DAVENPORT & Co LLC’s holdings in Pure Storage were worth $5,907,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Mechanics Financial Corp acquired a new stake in Pure Storage during the 2nd quarter worth about $25,000. True Wealth Design LLC raised its stake in shares of Pure Storage by 402.8% in the second quarter. True Wealth Design LLC now owns 548 shares of the technology company’s stock worth $32,000 after purchasing an additional 439 shares during the last quarter. SouthState Corp lifted its holdings in shares of Pure Storage by 474.8% during the second quarter. SouthState Corp now owns 592 shares of the technology company’s stock worth $34,000 after purchasing an additional 489 shares during the period. REAP Financial Group LLC boosted its position in Pure Storage by 49.0% in the second quarter. REAP Financial Group LLC now owns 611 shares of the technology company’s stock valued at $35,000 after buying an additional 201 shares during the last quarter. Finally, Ramirez Asset Management Inc. increased its holdings in Pure Storage by 40.0% in the 2nd quarter. Ramirez Asset Management Inc. now owns 700 shares of the technology company’s stock worth $40,000 after buying an additional 200 shares during the period. Hedge funds and other institutional investors own 83.42% of the company’s stock.

Insider Activity

In related news, CAO Mona Chu sold 9,091 shares of the business’s stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $84.91, for a total value of $771,916.81. Following the completion of the sale, the chief accounting officer owned 107,353 shares of the company’s stock, valued at approximately $9,115,343.23. The trade was a 7.81% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Ajay Singh sold 7,178 shares of the company’s stock in a transaction on Tuesday, December 23rd. The stock was sold at an average price of $67.14, for a total transaction of $481,930.92. Following the transaction, the insider owned 215,091 shares of the company’s stock, valued at $14,441,209.74. This represents a 3.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 316,269 shares of company stock worth $26,792,848 over the last three months. 5.60% of the stock is currently owned by corporate insiders.

Pure Storage Stock Performance

PSTG opened at $67.01 on Friday. The company has a fifty day moving average of $82.84 and a two-hundred day moving average of $72.80. The stock has a market capitalization of $22.12 billion, a price-to-earnings ratio of 176.34, a PEG ratio of 7.48 and a beta of 1.27. Pure Storage, Inc. has a fifty-two week low of $34.51 and a fifty-two week high of $100.59.

Pure Storage (NYSE:PSTG) last posted its earnings results on Tuesday, September 9th. The technology company reported $0.44 EPS for the quarter. The firm had revenue of $763.77 million for the quarter. Pure Storage had a return on equity of 10.60% and a net margin of 3.74%. On average, equities research analysts forecast that Pure Storage, Inc. will post 0.44 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have commented on PSTG. Bank of America lifted their price objective on shares of Pure Storage from $76.00 to $80.00 and gave the company a “neutral” rating in a research note on Thursday, August 28th. Susquehanna set a $105.00 target price on shares of Pure Storage in a research report on Wednesday, December 3rd. UBS Group upped their price target on shares of Pure Storage from $55.00 to $60.00 and gave the company a “sell” rating in a report on Wednesday, December 3rd. Weiss Ratings reiterated a “hold (c)” rating on shares of Pure Storage in a research note on Wednesday, October 8th. Finally, Piper Sandler set a $92.00 price objective on Pure Storage and gave the company an “overweight” rating in a report on Thursday, September 25th. Thirteen equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $95.26.

About Pure Storage

Pure Storage, Inc (NYSE: PSTG) is a technology company that designs and sells data storage hardware and software for enterprise and cloud environments. The company is best known for its all-flash storage arrays that are engineered to deliver high performance, low latency and simplified management compared with traditional disk-based systems. Its product portfolio includes purpose-built arrays and software aimed at transactional databases, virtualized infrastructures, analytics and large-scale file/object workloads.

Key product and software offerings include the FlashArray family for block storage and FlashBlade for file and object workloads, together with Purity, the company’s storage operating environment.