Connor Clark & Lunn Investment Management Ltd. Lowers Stock Holdings in Pure Storage, Inc. (NYSE:PSTG)

Connor Clark & Lunn Investment Management Ltd. lessened its holdings in Pure Storage, Inc. (NYSE:PSTG - Free Report) by 2.5% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,226,936 shares of the technology company's stock after selling 31,970 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.37% of Pure Storage worth $61,641,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in PSTG. Massmutual Trust Co. FSB ADV boosted its position in Pure Storage by 61.2% during the 2nd 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. Larson Financial Group LLC lifted its stake in shares of Pure Storage by 242.9% during the 2nd quarter. Larson Financial Group LLC now owns 432 shares of the technology company's stock worth $28,000 after acquiring an additional 306 shares during the last quarter. ORG Wealth Partners LLC bought a new stake in Pure Storage during the third quarter valued at about $31,000. FSC Wealth Advisors LLC purchased a new stake in Pure Storage in the second quarter valued at approximately $33,000. Finally, City State Bank boosted its stake in shares of Pure Storage by 175.0% during the 2nd quarter. City State Bank now owns 550 shares of the technology company's stock worth $35,000 after acquiring an additional 350 shares in the last quarter. Institutional investors own 83.42% of the company's stock.

Pure Storage Stock Down 0.2 %

Pure Storage stock traded down $0.12 during midday trading on Wednesday, reaching $49.78. The company's stock had a trading volume of 1,306,862 shares, compared to its average volume of 3,656,908. The company has a market cap of $16.31 billion, a P/E ratio of 124.75, a P/E/G ratio of 6.54 and a beta of 1.10. The business has a 50-day simple moving average of $51.54 and a 200-day simple moving average of $56.94. The company has a quick ratio of 1.96, a current ratio of 1.99 and a debt-to-equity ratio of 0.07. Pure Storage, Inc. has a fifty-two week low of $31.00 and a fifty-two week high of $70.41.

Pure Storage (NYSE:PSTG - Get Free Report) last announced its earnings results 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 business had revenue of $763.77 million during the quarter, compared to the consensus estimate of $756.59 million. Pure Storage had a net margin of 4.53% and a return on equity of 17.41%. On average, research analysts expect that Pure Storage, Inc. will post 0.42 earnings per share for the current fiscal year.

Insider Activity at Pure Storage

In other news, CAO Mona Chu sold 20,647 shares of the company'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 sale, the chief accounting officer now owns 75,992 shares of the company's stock, valued at $3,913,588. This represents a 21.37 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 transaction, the insider now directly owns 500,000 shares of the company's stock, valued at $24,970,000. The trade was a 16.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 354,542 shares of company stock worth $18,599,030. 6.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Oppenheimer assumed coverage on Pure Storage in a research report on Wednesday, November 13th. They set an "outperform" rating and a $70.00 price target on the stock. Raymond James lowered their price objective on Pure Storage from $73.00 to $70.00 and set an "outperform" rating for the company in a research note on Thursday, August 29th. William Blair restated an "outperform" rating on shares of Pure Storage in a report on Thursday, November 14th. UBS Group decreased their price objective on Pure Storage from $47.00 to $45.00 and set a "sell" rating on the stock in a report on Thursday, August 29th. Finally, Wedbush reissued an "outperform" rating and set a $80.00 target price on shares of Pure Storage in a research note on Monday, August 26th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $67.95.

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.