Wesbanco Bank Inc. Trims Stock Position in Pure Storage, Inc. (NYSE:PSTG)

Wesbanco Bank Inc. decreased its stake in Pure Storage, Inc. (NYSE:PSTG - Free Report) by 24.3% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 35,095 shares of the technology company's stock after selling 11,288 shares during the quarter. Wesbanco Bank Inc.'s holdings in Pure Storage were worth $1,763,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Massmutual Trust Co. FSB ADV boosted its position in shares of Pure Storage by 61.2% during the second quarter. Massmutual Trust Co. FSB ADV now owns 424 shares of the technology company's stock valued at $27,000 after buying an additional 161 shares during the period. Harbour Investments Inc. increased its stake in Pure Storage by 3.0% in the second quarter. Harbour Investments Inc. now owns 6,912 shares of the technology company's stock worth $444,000 after purchasing an additional 202 shares during the period. Michael S. Ryan Inc. lifted its position in shares of Pure Storage by 4.8% during the second quarter. Michael S. Ryan Inc. now owns 4,542 shares of the technology company's stock worth $292,000 after purchasing an additional 208 shares during the last quarter. Bank Pictet & Cie Europe AG grew its holdings in shares of Pure Storage by 3.2% in the second quarter. Bank Pictet & Cie Europe AG now owns 7,202 shares of the technology company's stock worth $462,000 after purchasing an additional 223 shares during the last quarter. Finally, Hanseatic Management Services Inc. increased its stake in Pure Storage by 2.4% in the 2nd quarter. Hanseatic Management Services Inc. now owns 12,579 shares of the technology company's stock worth $808,000 after buying an additional 296 shares during the period. Institutional investors own 83.42% of the company's stock.

Insider Buying and Selling

In other Pure Storage news, CRO Dan Fitzsimons sold 9,881 shares of the stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $59.32, for a total transaction of $586,140.92. Following the transaction, the executive now owns 115,601 shares in the company, valued at approximately $6,857,451.32. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CRO Dan Fitzsimons sold 9,881 shares of the business's stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $59.32, for a total transaction of $586,140.92. Following the completion of the sale, the executive now owns 115,601 shares of the company's stock, valued at $6,857,451.32. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Mona Chu sold 20,647 shares of the firm's stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $51.50, for a total transaction of $1,063,320.50. Following the completion of the transaction, the chief accounting officer now directly owns 75,992 shares in the company, valued at $3,913,588. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 564,423 shares of company stock valued at $30,818,171. Corporate insiders own 6.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PSTG. Wedbush restated an "outperform" rating and issued a $80.00 target price on shares of Pure Storage in a research note on Monday, August 26th. Needham & Company LLC dropped their price target on Pure Storage from $80.00 to $62.00 and set a "buy" rating on the stock in a research report on Thursday, August 29th. Piper Sandler cut their price target on Pure Storage from $60.00 to $56.00 and set a "neutral" rating on the stock in a research note on Thursday, August 29th. TD Cowen lowered their price objective on shares of Pure Storage from $80.00 to $70.00 and set a "buy" rating for the company in a research note on Thursday, August 29th. Finally, UBS Group cut their target price on shares of Pure Storage from $47.00 to $45.00 and set a "sell" rating on the stock in a research report on Thursday, August 29th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $66.95.

Pure Storage Stock Performance

NYSE:PSTG traded up $0.82 during midday trading on Wednesday, hitting $53.41. The company's stock had a trading volume of 2,164,609 shares, compared to its average volume of 3,763,857. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.99 and a quick ratio of 1.96. Pure Storage, Inc. has a fifty-two week low of $31.00 and a fifty-two week high of $70.41. The firm's 50 day moving average is $53.11 and its 200-day moving average is $56.86. The firm has a market cap of $17.37 billion, a P/E ratio of 190.75, a P/E/G ratio of 8.33 and a beta of 1.11.

Pure Storage (NYSE:PSTG - Get Free Report) last posted its quarterly earnings results on Wednesday, August 28th. The technology company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.10 by $0.10. Pure Storage had a net margin of 4.53% and a return on equity of 17.41%. The company had revenue of $763.77 million for the quarter, compared to analyst estimates of $756.59 million. Equities analysts anticipate that Pure Storage, Inc. will post 0.43 earnings per share for the current fiscal year.

About Pure Storage

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.