Raymond James & Associates Lowers Stock Position in Pure Storage, Inc. (NYSE:PSTG)

Raymond James & Associates decreased its stake in shares of Pure Storage, Inc. (NYSE:PSTG - Free Report) by 27.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 238,334 shares of the technology company's stock after selling 91,937 shares during the period. Raymond James & Associates owned about 0.07% of Pure Storage worth $11,974,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Pure Storage by 1.6% in the first quarter. Vanguard Group Inc. now owns 31,789,480 shares of the technology company's stock worth $1,652,735,000 after acquiring an additional 495,183 shares during the period. Bank of New York Mellon Corp raised its position in Pure Storage by 56.1% in the second quarter. Bank of New York Mellon Corp now owns 3,696,390 shares of the technology company's stock worth $237,345,000 after acquiring an additional 1,327,873 shares during the period. Blair William & Co. IL raised its position in Pure Storage by 0.7% in the second quarter. Blair William & Co. IL now owns 2,357,962 shares of the technology company's stock worth $151,405,000 after acquiring an additional 15,747 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its position in Pure Storage by 12.6% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,234,382 shares of the technology company's stock worth $143,470,000 after acquiring an additional 249,761 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in shares of Pure Storage by 22.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,303,863 shares of the technology company's stock valued at $83,728,000 after purchasing an additional 235,356 shares during the period. Institutional investors own 83.42% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on PSTG shares. Needham & Company LLC decreased their price objective on shares of Pure Storage from $80.00 to $62.00 and set a "buy" rating on the stock in a research report on Thursday, August 29th. Raymond James decreased their price objective on shares of Pure Storage from $73.00 to $70.00 and set an "outperform" rating on the stock in a research report on Thursday, August 29th. Stifel Nicolaus decreased their price objective on shares of Pure Storage from $65.00 to $60.00 and set a "hold" rating on the stock in a research report on Thursday, August 29th. TD Cowen decreased their price objective on shares of Pure Storage from $80.00 to $70.00 and set a "buy" rating on the stock in a research report on Thursday, August 29th. Finally, Citigroup decreased their price objective on shares of Pure Storage from $75.00 to $67.00 and set a "buy" rating on the stock in a research report on Thursday, August 29th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, Pure Storage currently has a consensus rating of "Moderate Buy" and a consensus price target of $68.05.

Pure Storage Price Performance

Shares of Pure Storage stock traded up $1.05 during trading hours on Tuesday, reaching $55.12. The company's stock had a trading volume of 1,521,002 shares, compared to its average volume of 3,712,778. The firm has a 50 day moving average price of $52.35 and a 200-day moving average price of $56.98. Pure Storage, Inc. has a one year low of $31.00 and a one year high of $70.41. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.99 and a quick ratio of 1.96. The stock has a market cap of $18.06 billion, a P/E ratio of 137.68, a P/E/G ratio of 8.47 and a beta of 1.11.

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

Insider Activity at Pure Storage

In related news, insider John Colgrove sold 100,000 shares of the company's stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $52.39, for a total transaction of $5,239,000.00. Following the transaction, the insider now directly owns 800,000 shares in the company, valued at approximately $41,912,000. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Pure Storage news, CAO Mona Chu sold 25,000 shares of the business's stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $50.32, for a total value of $1,258,000.00. Following the completion of the sale, the chief accounting officer now directly owns 96,639 shares of the company's stock, valued at $4,862,874.48. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John Colgrove sold 100,000 shares of the business's stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $52.39, for a total transaction of $5,239,000.00. Following the completion of the sale, the insider now directly owns 800,000 shares of the company's stock, valued at approximately $41,912,000. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 554,542 shares of company stock worth $30,014,030. Insiders own 6.00% of the company's stock.

Pure Storage Company 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.