Janney Montgomery Scott LLC Trims Stock Position in Pure Storage, Inc. (NYSE:PSTG)

Janney Montgomery Scott LLC decreased its position in shares of Pure Storage, Inc. (NYSE:PSTG) by 3.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 62,538 shares of the technology company’s stock after selling 2,154 shares during the period. Janney Montgomery Scott LLC’s holdings in Pure Storage were worth $2,769,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of PSTG. Bank Pictet & Cie Europe AG increased its stake in Pure Storage by 23.3% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 9,201 shares of the technology company’s stock valued at $565,000 after purchasing an additional 1,740 shares during the period. Truist Financial Corp increased its position in Pure Storage by 6.8% in the 4th quarter. Truist Financial Corp now owns 14,032 shares of the technology company’s stock valued at $862,000 after acquiring an additional 890 shares during the period. Atria Wealth Solutions Inc. raised its stake in Pure Storage by 1.5% during the 4th quarter. Atria Wealth Solutions Inc. now owns 17,358 shares of the technology company’s stock valued at $1,066,000 after acquiring an additional 258 shares during the last quarter. Global Retirement Partners LLC lifted its position in Pure Storage by 48.7% during the 4th quarter. Global Retirement Partners LLC now owns 1,981 shares of the technology company’s stock worth $122,000 after acquiring an additional 649 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in shares of Pure Storage by 0.3% in the 4th quarter. Bank of New York Mellon Corp now owns 3,508,029 shares of the technology company’s stock valued at $215,498,000 after purchasing an additional 9,985 shares during the last quarter. Hedge funds and other institutional investors own 83.42% of the company’s stock.

Insider Transactions at Pure Storage

In other news, CRO Dan Fitzsimons sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $51.65, for a total transaction of $309,900.00. Following the completion of the transaction, the executive now directly owns 75,965 shares of the company’s stock, valued at $3,923,592.25. This trade represents a 7.32% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider John Colgrove sold 100,000 shares of Pure Storage stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $52.01, for a total value of $5,201,000.00. Following the transaction, the insider now owns 801,959 shares of the company’s stock, valued at $41,709,887.59. This represents a 11.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 125,083 shares of company stock valued at $6,460,576 in the last 90 days. 5.60% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research firms have recently commented on PSTG. Wall Street Zen upgraded Pure Storage from a “hold” rating to a “buy” rating in a research note on Friday, May 30th. Needham & Company LLC reissued a “buy” rating and issued a $75.00 price objective on shares of Pure Storage in a research note on Friday, June 20th. Evercore ISI upped their price objective on shares of Pure Storage from $60.00 to $70.00 and gave the stock an “outperform” rating in a research report on Friday, May 23rd. Barclays reduced their target price on shares of Pure Storage from $61.00 to $57.00 and set an “equal weight” rating for the company in a research note on Thursday, May 29th. Finally, Citigroup boosted their price target on shares of Pure Storage from $55.00 to $65.00 and gave the stock a “buy” rating in a research note on Friday, May 16th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat, Pure Storage has a consensus rating of “Moderate Buy” and an average target price of $69.95.

Pure Storage Price Performance

PSTG opened at $54.75 on Wednesday. Pure Storage, Inc. has a 1-year low of $34.51 and a 1-year high of $73.67. The stock has a market cap of $17.89 billion, a P/E ratio of 147.97, a P/E/G ratio of 5.08 and a beta of 1.05. The stock’s 50 day simple moving average is $51.07 and its 200 day simple moving average is $55.94.

Pure Storage (NYSE:PSTG) last posted its earnings results on Wednesday, May 28th. The technology company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.04. The company had revenue of $778.49 million for the quarter, compared to the consensus estimate of $770.03 million. Pure Storage had a return on equity of 13.98% and a net margin of 3.93%. Pure Storage’s quarterly revenue was up 12.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.32 earnings per share. Research analysts expect that Pure Storage, Inc. will post 0.44 EPS for the current fiscal year.

Pure Storage 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.