AlphaQuest LLC Has $56,000 Position in Pure Storage, Inc. $PSTG

AlphaQuest LLC cut its holdings in shares of Pure Storage, Inc. (NYSE:PSTG) by 96.9% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 668 shares of the technology company’s stock after selling 20,681 shares during the quarter. AlphaQuest LLC’s holdings in Pure Storage were worth $56,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in Pure Storage in the 2nd quarter valued at approximately $225,203,000. Atreides Management LP acquired a new position in shares of Pure Storage in the 2nd quarter worth approximately $204,552,000. Federated Hermes Inc. boosted its stake in shares of Pure Storage by 1,560.9% in the 2nd quarter. Federated Hermes Inc. now owns 1,343,658 shares of the technology company’s stock valued at $77,368,000 after purchasing an additional 1,262,758 shares during the last quarter. AQR Capital Management LLC increased its position in shares of Pure Storage by 158.4% during the second quarter. AQR Capital Management LLC now owns 1,938,125 shares of the technology company’s stock worth $110,473,000 after buying an additional 1,188,126 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in Pure Storage by 75.0% during the second quarter. JPMorgan Chase & Co. now owns 2,525,955 shares of the technology company’s stock worth $145,445,000 after buying an additional 1,082,606 shares during the last quarter. 83.42% of the stock is owned by institutional investors.

Pure Storage Trading Up 4.4%

Pure Storage stock opened at $73.93 on Monday. The firm has a market capitalization of $24.41 billion, a price-to-earnings ratio of 194.56, a price-to-earnings-growth ratio of 5.76 and a beta of 1.27. The firm’s fifty day moving average price is $70.30 and its two-hundred day moving average price is $76.82. Pure Storage, Inc. has a 1-year low of $34.51 and a 1-year high of $100.59.

Pure Storage (NYSE:PSTG) last posted its earnings results on Tuesday, December 2nd. The technology company reported $0.58 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.58. Pure Storage had a net margin of 3.74% and a return on equity of 10.60%. The company had revenue of $964.45 million for the quarter, compared to analyst estimates of $955.60 million. During the same quarter in the prior year, the business posted $0.50 EPS. The firm’s revenue was up 16.1% compared to the same quarter last year. On average, research analysts forecast that Pure Storage, Inc. will post 0.44 EPS for the current year.

Insider Buying and Selling

In related news, insider Ajay Singh sold 7,178 shares of the stock in a transaction on Tuesday, December 23rd. The stock was sold at an average price of $67.14, for a total value of $481,930.92. Following the completion of the sale, the insider directly owned 215,091 shares of the company’s stock, valued at approximately $14,441,209.74. This represents a 3.23% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider John Colgrove sold 100,000 shares of the firm’s stock in a transaction on Monday, December 8th. The shares were sold at an average price of $71.31, for a total value of $7,131,000.00. The SEC filing for this sale provides additional information. 5.60% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

PSTG has been the topic of a number of research analyst reports. 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 research report on Wednesday, December 3rd. Lake Street Capital upped their target price on Pure Storage from $80.00 to $92.00 and gave the company a “buy” rating in a research report on Wednesday, December 3rd. Northland Securities set a $77.00 target price on Pure Storage in a report on Wednesday, December 3rd. Susquehanna set a $105.00 price target on Pure Storage in a report on Wednesday, December 3rd. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Pure Storage from $110.00 to $105.00 and set an “overweight” rating for the company in a research report on Wednesday, December 3rd. Twelve research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $95.26.

Pure Storage Company Profile

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.