ARK Investment Management LLC Sells 24,286 Shares of Pure Storage, Inc. (NYSE:PSTG)

ARK Investment Management LLC lessened its holdings in Pure Storage, Inc. (NYSE:PSTG - Free Report) by 11.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 195,173 shares of the technology company's stock after selling 24,286 shares during the period. ARK Investment Management LLC owned about 0.06% of Pure Storage worth $9,805,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Bank of New York Mellon Corp increased its stake in Pure Storage by 56.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,696,390 shares of the technology company's stock valued at $237,345,000 after buying an additional 1,327,873 shares during the last quarter. Vanguard Group Inc. increased its stake in Pure Storage by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 31,789,480 shares of the technology company's stock valued at $1,652,735,000 after buying an additional 495,183 shares during the last quarter. American International Group Inc. increased its stake in Pure Storage by 9,131.0% in the 1st quarter. American International Group Inc. now owns 394,996 shares of the technology company's stock valued at $20,536,000 after buying an additional 390,717 shares during the last quarter. AQR Capital Management LLC increased its stake in Pure Storage by 52.0% in the 2nd quarter. AQR Capital Management LLC now owns 917,804 shares of the technology company's stock valued at $58,932,000 after buying an additional 314,164 shares during the last quarter. Finally, Driehaus Capital Management LLC purchased a new stake in Pure Storage in the 2nd quarter valued at about $19,278,000. Institutional investors and hedge funds own 83.42% of the company's stock.

Wall Street Analyst Weigh In

PSTG has been the subject of several analyst reports. Needham & Company LLC decreased their price objective on shares of Pure Storage from $80.00 to $62.00 and set a "buy" rating for the company in a research note on Thursday, August 29th. Lake Street Capital reduced their target price on shares of Pure Storage from $70.00 to $68.00 and set a "buy" rating for the company in a research report on Thursday, August 29th. UBS Group reduced their target price on shares of Pure Storage from $47.00 to $45.00 and set a "sell" rating for the company in a research report on Thursday, August 29th. Northland Securities reissued a "market perform" rating and set a $59.00 target price (down from $68.00) on shares of Pure Storage in a research report on Thursday, August 29th. Finally, Stifel Nicolaus reduced their target price on shares of Pure Storage from $65.00 to $60.00 and set a "hold" rating for the company in a research report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $68.05.

Insider Activity

In other news, insider John Colgrove sold 100,000 shares of the firm's stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $49.94, for a total transaction of $4,994,000.00. Following the sale, the insider now owns 500,000 shares in the company, valued at approximately $24,970,000. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider John Colgrove sold 100,000 shares of Pure Storage stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $49.94, for a total value of $4,994,000.00. Following the transaction, the insider now owns 500,000 shares in the company, valued at $24,970,000. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CRO Dan Fitzsimons sold 8,895 shares of Pure Storage stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $50.67, for a total transaction of $450,709.65. Following the completion of the transaction, the executive now owns 94,446 shares in the company, valued at approximately $4,785,578.82. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 454,542 shares of company stock worth $24,775,030. 6.00% of the stock is currently owned by corporate insiders.

Pure Storage Price Performance

Shares of Pure Storage stock traded down $1.02 on Friday, hitting $52.91. 2,664,914 shares of the company traded hands, compared to its average volume of 3,663,872. The firm's 50-day simple moving average is $51.19 and its 200 day simple moving average is $56.94. The company has a current ratio of 1.99, a quick ratio of 1.96 and a debt-to-equity ratio of 0.07. The company has a market cap of $17.34 billion, a P/E ratio of 132.27, a P/E/G ratio of 8.48 and a beta of 1.10. Pure Storage, Inc. has a 12-month low of $31.00 and a 12-month high of $70.41.

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

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.